The Italian steel distribution network faces a shake-up from ArcelorMittal's efforts to meet its anti-trust obligations to acquire steelmaker Ilva.The European Commission (EC) EC has requested the "sale availability" of four ArcelorMittal CLN Distribuzione Italia (AM CLN) steel service centers (SSCs), Cesare Vigan??, the managing director of ArcelorMittal CLN Distribuzione Italia (AM CLN), said."T...Read More
Prices for CIS export billet fell on Thursday June 28 due to slow trading in the country's key markets of Turkey and the wider Middle East, sources told Metal Bulletin.Metal Bulletin's CIS billet export index was $518 per tonne fob Black Sea on Thursday, compared with $520 per tonne fob Black Sea on June 27.CIS mill offers were predominantly around $520-525...Read More
The latest news and price moves to start the Asian day on Friday June 29.Base metals prices on the London Metal Exchange closed mostly in negative territory on Thursday June 28, with only zinc defying the trend. Read more in our live futures report.Here are how prices looked at the close of trading:Worldwide Warehouse Solutions (WWS) is closing down its European operations by the end of...Read More
The latest metal markets news and price moves for the start of the North American day on Thursday June 28.Zinc prices on the London Metal Exchange climbed 1.5% during morning trading, buoyed by a fresh cancelation of more than 15,000 tonnes in New Orleans, while a healthy US dollar index adds further pressure to the complex.Pushing back above $2,900 per tonne over the morning, zinc prices are taki...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday June 28.Base metals prices on the Shanghai Futures Exchange were generally up during Asian morning trading on Thursday, with the complex continuing to benefit from easing concerns surrounding global trade tensions. Check Metal Bulletin's live futures report here.Steel and aluminium pu...Read More
Downside for gold is extremely limited.Holding bullion vs mining stocks.Silver promising with demand from electric vehicles and renewable energy.Electric vehicles - an inevitable trend.SBTV spoke with Daniel Ameduri of Future Money Trends to discuss gold, silver, mining stocks and the future for cryptocurrencies. Daniel also shares about how silver demand from electric vehicle applications and ren...Read More
DAKAR, June 28 (Reuters) - AngloGold Ashanti said on Thursday that there has been no production impact at its Siguiri gold mine in Guinea despite two days of violent protests over prolonged electricity outages by communities around the mine.Youths barricaded roads, clashed with security forces and tried to force through the gates of the mine on Wednesday as around one thousand demonstrators surrou...Read More
Shares in Canadian gold junior Lumina Gold (TSX-V:LUM) (OTC:LUMAF) jumped Thursday after the company announced it had received positive results of the Preliminary Economic Assessment (PEA) for its Cangrejos gold-copper project in southern Ecuador.Based on the PEA, the asset has gained a place in the list of top 15 undeveloped gold projects in the world based on its average annual production pote...Read More
The SPDR Gold Trust ETF suffers a "death cross" and sets a new 2018 low.Nymex crude oil held my annual value level of $63.81 last week with a pivot at $70.38 and risky level of $74.21.The commodities ETF is above its technical "reversion to the mean" as crude oil recovers.The long dollar ETF is above its technical "reversion to the mean," trending above my annual pivo...Read More
• Near-term oversold conditions prompt some short-covering move amid a modest USD retracement and from a short-term descending trend-channel support on the 1-hourly chart. • Technical indicators on the said chart hold in negative territory and hence, a move towards 50-hour SMA immediate hurdle might still be looked upon as a selling opportunity. &nbs...Read More
SHANGHAI, Jun 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped and closed at 95.3 overnight as the country’s economic growth in the first quarter was slower than previously estimated.During January-March, the US gross domestic product (GDP) grew 2% year on year, slower than the estimated 2.2%. Growth in...Read More
SHANGHAI, Jun 28 (SMM) – Nonferrous metals futures rose across the board on Thursday June 28 except for SHFE tin. Lead led the gains again with a rise of nearly 3%. Zinc went up nearly 1.5%, nickel rose over 1%, while aluminium and copper inched up.The ferrous complex mostly gained, except for coking coal. Rebar, coke, and hot-rolled coil rose over 1%. Iron ore went up 0.86%.Copper: The SHFE...Read More
Gold remains vulnerable to a strengthening U.S. dollar.Dollar/gold ratio continues to say "stay away" from gold for now.However, gold mining stocks are showing relative strength.The gold price continues to slide and investors are wondering when the bleeding will finally be stanched. While this is still anyone's guess, there is a definite sign that when gold finally does bottom out, inves...Read More
SHANGHAI, Jun 28 (SMM) – Silicon producers in Yunnan province showed less enthusiasm in production as silicon prices have been in a downward trend for over a month, SMM learned on Thursday June 28.In fact, prices are approaching the costs of production of these plants. As of Thursday, #553 non-oxygen silicon metal traded at 11,300 yuan/mt at Kunming port in Yunnan, down 100 yuan/mt...Read More
Gold has dropped 8 percent in the since early April. However, risk reversals still show rising demand for XAU put options (bearish bets), i.e. investors are likely expecting a further drop in prices. Gold fell to 2018 low of $1,352 yesterday and was last seen trading at $1,255 - down more than 8 percent from the April high of $1,366. The 14-day relative strength index (RSI) shows oversold condit...Read More
Gold on its way to test Dec 2017 lows amid broad-based US dollar strength Losing safe-haven status, despite trade war fears? Gold prices on Comex extend its declines for the fourth straight session, with the bears now looking to crack the key psychological support at $ 1250 amid persisting broad-based US dollar buying across the board. The demand for the US dollar remains unabated across its mai...Read More
SHANGHAI, Jun 28 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index went up 0.64% to 95.3 overnight, on track for its second day of gains as trade-related worries eased following Washington’s less confrontational approach to Chinese investment. The upbeat economic data released on Wednesday also accounted for the g...Read More
Silver is fighting to remain above $16, but there's two reasons the whole number support might not hold. Here's the details...Update: Silver just lost $16:We really want to stay above the December 11, 2017 closing price of $15.72.Support zones are around $15.92 and $15.75.Silver just went on it's summer sale.See the Monday SD Outlook and Wednesday SD Midweek for fundamental arguments on why we may...Read More
Base metals prices on the London Metal Exchange closed mostly in negative territory on Thursday June 28, with lead edging 1.5% lower amid broad downward trends in tin and copper. Although lead had previous shown some resilience to the recent slowdown across the complex, prices dropped below $2,400 per tonne for the first time since May 18. Broad strength in the dollar continues to weigh on th...Read More
One of the first decisions investors make when buying Silver Bullion is whether to go with a "round" or a "coin". But, what are those in the first place?Silver Coins vs RoundsIs there is difference?Yes indeed, there's a key difference.A silver coin, such as 1 oz American Silver Eagles, contain a minimum of one troy ounce of .999 fine silver. Being a silver coin, by definition, the American Silver...Read More