The latest news and price moves to start the Asian day on Wednesday July 11.Base metals prices on the London Metal Exchange ended predominantly lower on Tuesday July 10, led by a more than 2% drop in zinc prices while ongoing uncertainty around Sino-US trade relations hampers the complex. Read more in our live futures report.Here are how prices looked at the close of trading:Comex copper...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Tuesday July 10.Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Tuesday, with most of the complex oscillating either side of unchanged, while zinc was the early session's weakest performer with a drop of 1.7%.Check Metal Bulletin's live futures re...Read More
Gold normally correlates negatively to the dollar, the USD/JPY pair, and Treasury interest rates, while correlating positively to TIP.Lately, gold has reversed its correlation with interest rates and TIP.A reversion to the mean should occur when gold resumes its downtrend.Gold normally correlates negatively to the dollar, the USD/JPY FOREX ratio, and interest rates, while correlating positively to...Read More
Gold ETF hits major support level while reaching "oversold" extreme.This, combined with currency factors, increase odds of a relief rally.Burden of proof remains with gold bulls, however, to confirm a bottom.The chances for a July rally for gold have increased in recent days, as a number of indications have shown. In Monday's commentary, we looked at the improvement in gold's currency co...Read More
Isolated fundamental theories carry little weight as to what is actually occurring in the market itself.A market in motion tends to stay in motion unless a new force acts upon it.We must constantly assess where we are from a technical standpoint if we hope to catch trend-changing signals as they arrive.By Christopher Aaron It is our hope that you will understand the scope and place of these articl...Read More
After our first interview with Steven Hatzakis, today we’ll continue with our interview series to crypto traders and talk with @Crypto_Ed_NL. Living in the Netherlands, Ed has been working in International Sales Projects for most of his career. Always interested in financial markets, cryptocurrency trading became his profession 4 years ago. He manages a Trading group where he trains other c...Read More
• A goodish pickup in the USD demand prompts some fresh selling on Tuesday. • Fading safe-haven demand/positive US bond yields adds to the downward pressure. • Technical studies suggest a follow-through weakness amid thin economic calendar. Gold extended overnight retracement slide from near two-week tops and maintained its offe...Read More
• A combination of factors kept exerting downward pressure on Tuesday. • Short-covering helps rebound sharply and recover a major part of early losses. Gold continued losing ground through the mid-European session and tumbled to a one-week low in the last hour, albeit quickly recovered thereafter. The precious metal extended overnight retracement slid...Read More
Gold futures ended lower Tuesday, following moves in the dollar that have weighed on the precious metal in recent weeks amid concerns about trade wars between economic superpowers and tightening monetary policy in the U.S. August gold GCQ8, -0.35% lost $4.20, or 0.3%, to settle at $1,255.40 an ounce after tacking on about the same percentage amount on Monday. The most popular fund tracking gold,...Read More
• The precious metal extended overnight retracement slide from two-week lows and was weighed down by a combination of negative factors - a goodish pickup in the USD demand and fading safe-haven demand. • With short-term technical indicators already seemed losing positive momentum, the fact that it has slipped back below 100-hour SMA, for the first ti...Read More
Comex copper prices slipped in morning trading on Tuesday July 10, with the threat of further tit-for-tat tariffs between the United States and China exacerbating concerns about demand for metals.Copper for September settlement on the Comex division of the New York Mercantile Exchange fell 1.3 cents or 0.5% to trade recently at $2.8370 per lb. Continued uncertainty surrounding trade relations...Read More
The physical iron ore market stayed rangebound while steel prices rose on Tuesday July 10 amid more concerns over potential restrictions on blast furnaces in China's steelmaking hub.Metal Bulletin 62% Fe Iron Ore Index: $63.91 per tonne cfr Qingdao, down $0.01 per tonneMetal Bulletin 62% Fe Pilbara Blend fines Index: $62.82 per tonne cfr Qingdao, up $0.21 per tonneMetal Bulletin 58% Fe Premium Ind...Read More
The seaborne coking coal market remained enveloped in bearish sentiment on Tuesday July 10 despite transactions concluded at higher levels a day earlier. "Those trades were clearly tailor-made and not repeatable," an ex-China trader source said, referring to the transactions on Monday.A second such source questioned the "sustainability of the high prices in the ex-China market" because the "Chines...Read More
Silver may or may not have technically bottomed, but the next major event is a sharp move higher in price. Here's why...by Captain Ewave of CaptainEwaveGOLD: Short Term Update:Gold traded sideways in Friday's day session, and nicely higher in the overnight session! We have now reached a high of 1266.90. Gold has rallied within our 23.6 to 38.2% retracement zone for all of our current wave !iv!...Read More
Peter KrauthLast week, I asked if the price of silver's decline since the Fed rate hike had been enough. I believe it has, and it's a turning point for silver…At the time, I suspected we were very close. After all, the metal had lost as much as 7.5% in just two and a half weeks. It seemed like the bottom should be near.In the silver futures market, that bottom came on July 2. In the sp...Read More
By Rhiannon Hoyle SYDNEY--Rio Tinto PLC (RIO.LN) said it has signed a new US$156 million contract with Westug for tug boat services at its iron-ore ports at Cape Lambert and Dampier in remote northwest Australia. Under the five-year deal, Perth-based Westug will handle the operations and maintenance of Rio Tinto's 11-vessel tug fleet at those sites, as well as four smaller craft, the mining compa...Read More
(Bloomberg) - China's goal of putting more electric cars on the road is proving a bonanza for a South Korean tycoon.Huh Chin-kyu, the 77-year-old founder and chairman of Seoul-based Iljin Group, has become his country's latest billionaire thanks to increasing demand for the firm's copper coils, a key component of rechargeable batteries used in electric vehicles. The company's Iljin Materials unit...Read More
HAMBURG, July 10 (Reuters) - A final deal has been signed for the sale of German copper products company Mansfelder Kupfer und Messing (MKM) for 80 million euros ($94 million) to fellow German copper producer KME, MKM said on Tuesday.MKM last year produced over 270,000 tonnes of copper products at its plant in Hettstedt including rolled products, tubes, copper rods and wire rods.Osnabrueck-based K...Read More
On July 6, 2018, Zald?-var signed a new power plant supply agreement with Colb??n, a Chilean electric power utility company. The copper mine will be the first to operate with 100% renewable energy: a combination of hydro, solar, and wind power.The Copper Mine, located in Northern Chile, is a 50% joint venture between Barrick Gold and Antofagasta since December 2015. Antofagasta's official website...Read More
(Bloomberg) -- China’s goal of putting more electric cars on the road is proving a bonanza for a South Korean tycoon.Huh Chin-kyu, the 77-year-old founder and chairman of Seoul-based Iljin Group, has become his country’s latest billionaire thanks to increasing demand for the firm’s copper coils, a key component of rechargeable batteries used in electric vehicles. The company&rsqu...Read More