Gold has fallen to a yearly low, as it lost around 4% in June itself (end-of period prices), contrasting sharply with the above $13000/oz. price performance in the early part of the year, points out the research team at NAB. Key Quotes “A stronger US dollar and a contractionary monetary policy stance by the US Federal Reserve (Fed) have been key drivers of this weakness.” “Invest...Read More
Former Trafigura base metals trader Ben Thomson has joined Viant Commodities to look after the company's European business, Metal Bulletin has learned. Thomson joined the Singapore-headquartered trading company last month. He was the head of the base metals Singapore desk at Trafigura until January this year, having joined in 2013...Read More
In his final column for Metal Bulletin, Lord Copper looks over the events that have shaped the metals industry during his tenure and considers and what might be in store over the coming years.ValeteWell, it's been a good run since December 2009 but now has come the parting of the ways. This is the last time Lord Copper will grace the pages - or, rather, the pixels - of Metal Bulletin. Looking back...Read More
Steve explains the gold to silver ratio in the Weimar Republic, and he also shows a present day chart with a one to one ratio using this measure...by Steve St Angelo of SRSrocco ReportThere are two crucial factors why silver will increase more in value than gold during the next financial meltdown. These factors are not well known by many precious metals analysts because they focus on antiquated...Read More
The world's largest coking coal producer, BHP, is "cautiously optimistic" about India's economic potential, with the country on the brink of becoming the top importer of the steelmaking raw material. India's coal imports are expected to hit 69 million tonnes by 2020, when it will overtake China as the top importer of coking coal, according to the Australian government's latest Energy and Resources...Read More
In his final column for Metal Bulletin, Lord Copper looks over the events that have shaped the metals industry during his tenure and considers and what might be in store over the coming years.ValeteWell, it's been a good run since December 2009 but now has come the parting of the ways. This is the last time Lord Copper will grace the pages - or, rather, the pixels - of Metal Bulletin. Looking back...Read More
Base metals on the London Metal Exchange were mixed at the close of trading on Thursday July 5, pressured by macroeconomic uncertainty amid continued sell-offs in copper, zinc and tin prices.While zinc prices continue to be hampered by a flurry of short-covering, the metal's three-month price avoided another drop below the nearby support level of $2,700 per tonne at the afternoon close. In ad...Read More
Comex copper prices crashed to a one-year low on Thursday morning in the United States with market sentiment in the red metal affected by fears of an escalating trade war as well as thin trading. Copper for September settlement on the Comex division of the New York Mercantile Exchange tumbled 6.40 cents or 2.2% to $2.8530 per lb. Earlier, the contract touched $2.8370, the lowest since July 2017. T...Read More
By Scott Patterson and Rebecca Davis O'Brien American authorities are probing ties between Glencore PLC and an Israeli diamond merchant, according to people familiar with the matter, embroiling the mining giant in foreign and U.S. investigators' deepening scrutiny of the gem trader. On Tuesday, London-listed Glencore said it received a subpoena from the U.S. Department of Justice, demanding reco...Read More
By Ira Iosebashvili Copper prices fell to their lowest level in a year Thursday, weighed down by intensifying trade tensions between the U.S. and China. Copper for September delivery was down 3.1% at $2.8260 a pound on the Comex division of the New York Mercantile Exchange, the lowest level since July 2017. Prices for the metal have fallen around 15% from their June highs, as investors worry th...Read More
By Ben St. Clair LONDON--Copper prices edged down Thursday as investors awaited tariffs from both the U.S. and China that were set to be imposed starting Friday morning. The industrial metal was down 0.17% to $6,392.50 a metric ton in late morning trade, bringing its weekly losses to 3.29%. Gold, meanwhile, fell 0.42% to $1,251.53 a troy ounce, erasing its gains from earlier in the week. After...Read More
Mining firm is asked to provide documents on business in Congo, Nigeria and Venezuela By Scott Patterson This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (July 5, 2018). LONDON -- Glencore PLC said it received a subpoena from U.S. authorities related to compliance with American corruptio...Read More
July 5 (Reuters) - Negotiations between workers and BHP Billiton Plc at the Escondida copper mine in Chile, the world's largest, are "far from reaching agreement" with less than three weeks to go before the negotiation deadline, a union official told Reuters on Thursday.The official, Carlos Allendes, said the union was preparing a $400,000 emergency fund to support workers if they opt to strike af...Read More
The price of copper suffered its seventh straight day of declines on Thursday, losing more than 3% in New York to $2.8205 or $6,220 a tonne on the Comex market, its lowest level since July last year.It was one of the busiest days of 2018 on commodity futures markets with with over 2.3m tonnes of September copper worth $14.6 billion exchanging hands by mid-afternoon. 2018 star performer nickel also...Read More
(Bloomberg) - Zambia agreed to give First Quantum Minerals Ltd. more time to complete its analysis of what the company might owe the southern African nation after it was slapped with a $7.9 billion tax bill, according to the finance minister.The Vancouver-based company is challenging the assessment from Zambia's revenue agency, which claims First Quantum incorrectly declared imports for one of its...Read More
World's second largest miner Rio Tinto (ASX, LON:RIO) said its recent decision to consolidate the sales and marketing teams in London and other European countries into one located in Frankfurt, Germany, had less to do with Brexit than with "synergies."In an interview with Australian Financial Review (subs. needed), chief executive Jean-S?(C)bastien Jacques said the plan was part of a wider reorga...Read More
SHANGHAI, Jul 6 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar fell to a three-week low ahead of the tariffs on $34 billion of Chinese imports, while the euro strengthened.Base metals mostly ceased their downward trend but remained weak. LME copper and aluminium lost over 1%, tin and zinc inched down, while lead rebounded...Read More
SHANGHAI, Jul 5 (SMM) – Both nonferrous and ferrous metals fell across the board, except for rebar, on Thursday July 5 as the imminent US tariffs on Chinese imports weighed on market sentiment.SHFE zinc led the decreases with a slump over 4%. Copper tumbled close 3% and nickel dropped over 2%. Lead and tin lost close to 2% with aluminium fell close to 1%.Coke, iron ore and cok...Read More
Investing.com - Gold prices remain near a one-week high on Thursday as the U.S. dollar weakened and traders looked ahead to meeting minutes from the Federal Reserve.Comex gold futures for August delivery increased 0.22% to $1,256.20 a troy ounce as of 10:11 AM ET (14:11 GMT).Gold was bolstered by a weaker U.S. dollar. Gold normally rises as the dollar falls, as the precious metal is denominated in...Read More