Gold futures marked a third decline in a row, and another settlement at their lowest in more than six months on Wednesday, as the U.S. dollar's strength weighed on the precious metal. August goldGCQ8, -0.16% lost $3.80, or 0.3%, to settle at $1,256.10 an ounce, for the lowest settlement since Dec. 13, according to FactSet data. The dollar-pegged commodity has been on a persistent downtrend lately,...Read More
Mainstream iron ore prices stayed rangebound on Thursday June 28 while high-grade lumps and fines were able to fetch higher premiums.Metal Bulletin 62% Fe Iron Ore Index: $64.44 per tonne cfr Qingdao, down $0.16 per tonneMetal Bulletin 58% Fe Premium Index: $52.02 per tonne cfr Qingdao, down $0.47 per tonneMetal Bulletin 65% Fe Iron Ore Index: $91.10 per tonne cfr Qingdao, up $0.50 per tonneMetal...Read More
Harvey says were fast closing in on the 'Exchange for Physical' record setting month of April. Here's the details...by Harvey Organ of Harvey Organ BlogJUNE 27/HUGE CHANGES IN THE GLD IN ONE DAY: FIRST A DEPOSIT OF 4.42 TONNES AND THEN A WITHDRAWAL OF 2.94 TONNES/NO CHANGE IN SILVER INVENTORY AT THE SLV/GOLD WHACKED AGAIN DOWN $3.60 TO $1254.60 WITH SILVER DOWN ANOTHER 8 CENTS TO $16.18 AS OPTIONS...Read More
A cargo of premium hard coking coal fetched a significantly higher price on Thursday June 28, though market participants have dismissed the transaction as one-off. The August-laycan cargo of a top Australian brand was sold at $211 per tonne cfr China to an end-user in northeastern China.Market participants were unanimous with the notion that it was "tough" for premium hard coking coal to trade any...Read More
The price of copper succumbed to renewed weakness on Thursday crashing through the $3.00 a pound level in New York in brisk trade with over 1.2m tonnes of September copper worth $8 billion exchanging hands by lunchtime.Copper touched its lowest since the beginning of October last year in morning trade at $2.9515 or $6,507 a tonne on the Comex market, down more than 11% or $770 a tonne since hittin...Read More
(Bloomberg) - Miners across Africa are increasingly using one-time payments to settle disputes with governments, a trend that's disturbing some investors.A $150 million payment by Glencore Plc's Katanga Mining Ltd. to the Democratic Republic of Congo's Gecamines earlier this month followed Freeport McMoRan Inc.'s separate $100 million settlement with the state-owned company in January 2017. Last O...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
A US law firm has filed a class action lawsuit against South Africa's Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) on behalf of shareholders over losses suffered after a series of deaths at its mines, which has caused a sharp drop of the stock price.Suit comes after a fatality at the Khomanani mine earlier this week brought the death toll on company's premises to 21 so far this year.Bernstein Liebhar...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) – The floor price of imported copper concentrate treatment charges (TCs) for the third quarter has yet to be decided by the China Smelters Purchase Team (CSPT) even though the meeting was held on Thursday June 28.In fact, there is a high probability that a floor price will not be set, for the first time, sources told SMM.In anticipation of further upward room...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
(Adds European stocks, MSCI ACWI and graphics, updates Chinese shares and levels throughout)* Asian shares hit 9-month lows as trade worries intensify* Chinese shares, yuan hit new lows before stabilizing* U.S. oil prices hit 3 1/2-year high as supply seen disruptedBy Hideyuki Sano and Tomo UetakeTOKYO, June 28 (Reuters) - Asian stocks slumped to nine-month lows on Thursday as investors worried th...Read More
Jun 28 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India ( CRISIL (NS:CRSL)) for local debt instruments as of June 27, 2018. COMPANYINSTRUMENTRATINGAMOUNT MOVEMENT(RS.MLN) --------------------------- --------- SHORT TERM RATINGS: ------------------- ABC Bearings LtdLOC & BGCRISIL A2100- (Continues on Rating Watch with Positive Implications) Abhitech Energ...Read More
BENGALURU, June 28 (Reuters) - Gold prices inched up on Thursday, but hovered close to an over six-month low hit in the previous session, as the dollar failed to build on overnight gains amid conflicting signals from Washington while the U.S.-China trade row deepened.FUNDAMENTALS* Spot gold XAU= was up 0.1 percent at $1,253.20 an ounce, as of 0127 GMT. In the prior session, it touched $1,250.30, i...Read More
SHANGHAI, Jun 28 (SMM) –Copper: The SHFE 1808 contract hit 52,050 yuan/mt overnight but pressure was seen at the 250-day moving average. While the falling Chinese yuan may provide some support, the hawkish views on US inflation would weigh on copper prices. The KDJ indicator suggested that copper prices are likely to stabilise if the trade situation does not deteriorate. We expect LME copper...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
European alloy steel surcharges for July deliveries of grade-304 cold-rolled (CR) stainless steel sheet have risen for the sixth consecutive month on an increase in nickel costs to reach their highest level since June 2011. The July alloy surcharge for 2mm grade-304 CR stainless steel sheet - based on data published by Outokumpu, Acerinox and Aperam - is ?,?1,624-1,648 ($1,886-1,914) per tonne. Th...Read More
Turkish rebar export prices pushed up over the past week, while wire rod prices remained largely unchanged, sources said on Thursday June 28.Steel mills in the country were offering rebar for export at around $550-560 per tonne fob on an actual weight basis, although some sources said offers for larger...Read More
Cobalt 27 Capital Corp has closed a deal to buy the equivalent of 32.6% of the cobalt production from a unit of Vale, creating the world's first pure cobalt stream. The production will come from Vale's Voisey's Bay mine, including its proposed expansion, and will start from January 2021. The electric metals investment vehicle has paid Vale an upfront cash consideration of $300 million, which repre...Read More