Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday July 11.Base metals prices on the Shanghai Futures Exchange fell sharply during Asian morning trading on Wednesday, with China-US trade tensions once again weighing on the market.Check Metal Bulletin's live futures report here.Global aluminium premiums were again under pressure from...Read More
Gold continues to be unable to benefit amid global trade war concerns. XAU/USD drops toward $1,240/oz, approaches last week lows. A rally of the US dollar across the board sent gold prices to the downside. The ounce was moving sideways around $1,250/oz and broke lower during the US session. Price dropped to $1,242.50 reaching the lowest in a week. As of writing, it was hovering sligh...Read More
Gold trying to bottom, but still threatened by a strong dollar.Euro currency rally is still in gold's favor, but bulls must act now.Gold still hasn't confirmed an immediate-term bottom.Gold has teased a bottoming attempt in the last few days, but, to date, that attempt has been just that - a tease. What looked like a potentially deep correction of the rally in the U.S. dollar index gave in...Read More
The precious metal is now at a major inflection point. It recently broke below its 5-year inverted H&S pattern.Gold is interesting because it acts as a barometer of global relative demand for $1 USD in earnings.And since we still believe that US markets will outperform EM into the end of the year, it then makes sense to be short gold. We've been short gold (NYSEARCA:GLD) since April and have s...Read More
Australia's Resolute Mining (ASX:RSG) said Wednesday it had added three years to the mine life of its Ravenswood gold operation in Queensland thanks to an expansion project and the reception of all required approvals to optimize processes.The updated expansion, which includes building an open pit at the site, is expected to deliver 1.5 million ounces of gold production over 13 years.Ravenswood is...Read More
A fresh wave of risk aversion swept across financial markets after the United States threatened to impose tariffs on an extra $200 billion worth of Chinese goods. This unfavorable move comes just days after the two countries slapped tit-for-tat tariffs on $34 billion worth of each other’s imports. With Beijing describingthe latest tariff threats as “totally unacceptable” and vowi...Read More
Gold bulls have had a rough go.I've been skeptical on this space for some time.See the latest charts and outlook.Gold (NYSEARCA:GLD) bulls have had a rough go of it for a few years now. I've shared my skepticism on this market in a variety of articles here at Seeking Alpha since early 2017. Over a year later, I continue to stress the concept of deciphering where we are the overall cycle. Altho...Read More
Harvey Organ says the queue jumping is now intensifying to the highest degree. Here's why it matters...by Harvey Organ of Harvey Organ BlogJULY 10.GOLD DOWN $3.85 TO $1254,95/SILVER DOWN 3 CENTS TO $16.06 AS THE RAID ORCHESTRATED BY OUR BANKER FRIENDS FAILED/BRETT KAVANAUGH NAMED AS THE REPLACEMENT FOR JUSTICE KENNEDY ON THE SUPREME COURT AND THAT CAUSED MUCH CHAOS FROM THE LEFT/BMW DECIDES TO LEA...Read More
Lead prices on the London Metal Exchange fell over 5% at the close of trading on Wednesday July 11, topping broad complex losses amid mounting pressure from the ongoing US-China trade spat. Lead prices on the London Metal Exchange fell by more than 5% at the close of trading on Wednesday July 11, topping broad complex losses amid mounting pressure from the ongoing US-China trade spat. Fueled...Read More
• A goodish pickup in the USD demand prompts some fresh selling. • Escalating US-China trade tensions fail to revive safe-haven demand. Gold remained under some selling pressure for the second consecutive day, albeit has managed to hold its neck just above one-week lows set in the previous session. Currently trading around the $1251 region, the commod...Read More
Peter Krauth"Silver is in a bull market."Admittedly, given the past year's price action, you might think I'm crazy for saying that.But the (much) bigger picture is rather bullish from here. I say that because global silver mine production has been in decline since 2016. Some analysts expect a minute increase this year of just 0.2% over 2017.Retail silver demand was down last year, but solar panel...Read More
Prices for seaborne Australian iron ore fines and lumps fell slightly on Wednesday July 11 while more details emerged over possible measures to cut emissions in China's steelmaking hub.Metal Bulletin 62% Fe Iron Ore Index: $63.34 per tonne cfr Qingdao, down $0.57 per tonneMetal Bulletin 62% Fe Pilbara Blend fines Index: $62.16 per tonne cfr Qingdao, down $0.66 per tonneMetal Bulletin 58% Fe Premiu...Read More
Seaborne coking coal prices continued to descend on Wednesday July 11 with sellers making more concessions in an attempt to speed up sales. "Chinese traders would rather reduce their offers for cargoes that are already on the water because it doesn't make sense to sell them once they have landed," a Chinese trading source said. Traders previously preferred to sell their cargoes only after they had...Read More
Gold was well bid during the equity correction but it could not breakout then and has retreated as equities have roared backContinue...Read More
- New Asian gold trading corridor could boost demand for 1 kg gold bars- Should increase turnover for yuan-denominated gold coins and bars - President- Secure supplies of physical gold from Middle East and Asia for China- China positioning itself as leading gold trading and owning nationby Karen Yeung in the SCMPThe Chinese Gold & Silver Exchange Society (CGSE), Hong Kong's gold exchange, is...Read More
BEIJING, Feb 28 (Reuters) - Growth in China's manufacturing sector in February slowed more than expected to it lowest since July 2016, as the week-long Lunar New Year holiday disrupted business activity and tougher pollution rules curtailed factory output.The official Purchasing Managers' Index (PMI) released on Wednesday fell to 50.3 in February, from 51.3 in January. But it remained just above t...Read More
China's domestic rebar prices held steady on Tuesday February 27 amid sparse trading, while export prices continued to post strong gains on mills' bullish outlook for the domestic market. Domestic Eastern China (Shanghai): 4,030-4,070 yuan ($638-644) per tonne, unchanged Northern China (Beijing): 4,100-4,140 yuan per tonne, unchanged Trading activity slowed down on Tuesday after Monday's price sur...Read More
(Adds breakdown on industrial output)* Jan output -6.6 pct m/m vs forecast -4.2 pct* Output seen +9.0 pct in Feb, -2.7 pct in March* METI changes assessment: output recovering "gradually" By Stanley WhiteTOKYO, Feb 28 (Reuters) - Japan's industrial output tumbled in January, partly hurt by a decline in the production of cars due to lower sales to the United States, raising concerns tha...Read More
Import prices for steel billet in Southeast Asia edged up over the past week while those for slab in the wider region including East Asia experienced sharp gains amid limited offers.Metal Bulletin's assessment of import prices for billet in Southeast Asia was $540-555 per tonne cfr for the week ended Monday February 26, up $5 per tonne from a week earlier.Prices increased after trading activity pi...Read More
* PREVIOUS TRADING SESSION MOVES:* SSEC -1.1 pct, CSI300 -1.4 pct, HSI -0.7 pct* HK->Shanghai Connect daily quota used 13.1 pct* HK->Shenzhen Connect daily quota used 7.6 pct* CNY official close 6.317 per dollar* FTSE China A50 -1.9 pct, BNY Mellon ADR China Select Index -2.4 pct SHANGHAI, Feb 28 (Reuters) - Following is a list of recent corporate and policy announcements, as well as other...Read More