Gold's main driver, fear, is a double-sided coin.Gold's price can suffer during stock market declines, but not for long.Latest bout of global market jitters paves the way for next gold rally.It's widely known among gold investors that one of the metal's biggest drivers is safety-related demand among investors who worry about the outlook for equities or the economy. Indeed, we've witnessed...Read More
• USD firmness continues to weigh on the commodity. • Fed rate hike prospects add to the downward pressure. • Investors keenly wait for the second round of Powell’s testimony. After yesterday's brief pause, gold came under some renewed selling pressure on Thursday and dropped to three-week lows in the last hour....Read More
Gold pour at Porcupine mine. Image: GoldcorpAccording to the World Gold Council primary gold production hit another record in 2017 after nine years of growth in output, albeit at a much slower pace.Global gold production totalled roughly 105m troy ounces in 2017. Output is up 525 tonnes or nearly 17m ounces since the start of the decade.The top 10 listed, non-state owned gold miners are responsibl...Read More
Several different tools and charts suggest that a new major low for gold could be established this spring.This May, options delta and gamma are pricing in a pullback before May.Time cycle analysis suggests that a major low could occur in mid-May.Introduction Without a doubt, gold continues to be in an uptrend since late 2015. While this uptrend continues, we can expect to see higher highs and high...Read More
No takers for gold despite risk aversion. The implied volatility premium for XAU puts (bearish bets) continues to rise. Despite being a classic safe-haven asset, the bearish sentiment in the gold (XAU/USD) options market continues to strengthen. The S&P 500 fell 30.45 points, or 1.1 percent, to 2,713.83 yesterday and the Dow Jones industrial average lost 380.83, or 1.5 percent, to 25,029.20....Read More
The UK inter-merchant price range for austenitic alloy steel scrap has gone unchanged this week because a rise in nickel prices at the end of last week was offset by a later drop this week, sources said on Friday March 2.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?950-990 ($1,306-1,361) per tonne delivered on Friday, unchanged over the week."The ni...Read More
The base price assessments for flat and long stainless steel products in Europe were unchanged this week on reduced market activity, sources told Metal Bulletin on Friday March 2.Metal Bulletin's weekly base price assessment on Friday for 2mm, grade-304 CR stainless steel sheet was ?,?1,060-1,110 ($1,294-1,355) per tonne delivered in Northern Europe on March 2, steady over the week."Market activit...Read More
Hydro has declared force majeure at its Alunorte alumina refinery in Brazil's northern state of Par?? following an order by the country's authorities to cut output by 50%. The Norwegian company said it had issued the notice due to the production cut as well as a lack of clarity into what measures it would take to return Alunorte to normal. "Contingency plans are being implemented, and Alunorte is...Read More
Brazil's aluminium industry is concerned about a potential surge of Chinese sheet and foil shipments into the country following US President Donald Trump's decision to enact a 10% tariff on US aluminium imports under Section 232."The biggest question is what China will do now... The idea of China looking for new destinations for its aluminium products is very concerning to us," Milton Rego, presid...Read More
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:by Stockwatch Business ReporterNew York spot gold gained $5.60 to $1,322.60 on Friday. The TSX Venture Exchange lost 3.30 points to 826.02 while the TSX Gold Index rose 0.31 point to 181.41. Barrick Gold Corp. (ABX), down 18 cents yesterday, led Canadian gold miners...Read More
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:by Mike CaswellU.S. authorities have arrested two Florida men accused of arranging a pump-and-dump with HD View 360 Inc., a purported surveillance systems provider. The government claims that the men were plotting a $2-million scheme, and that some of the related or...Read More
Refining charges (RCs) on blister copper imported into China stayed at high levels in February, with buyers snapping up tonnages on the well-supplied domestic spot market.China purchased several thousand tonnes of 98-99% blister copper, mainly from African producers, at RCs of $200-210 per tonne cif last month, according to Metal Bulletin's assessment.Metal Bulletin introduced its monthly RC asses...Read More
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:by Stockwatch Business ReporterThe TSX Venture Exchange lost 3.30 points to 826.02 Friday. Damian Kettlewell's Blissco Cannabis Corp. (BLIS) has completed its qualifying transaction. The stock, which is listed on the Canadian Securities Exchange, began trading today...Read More
The Kamoa-Kakula copper project in the Democratic Republic of Congo (DRC) has increased its mineral resource estimate by 50%, which could bring around 21.5 billion lb (9.8 million tonnes) of copper into the market, Ivanhoe Mines said earlier this week. Research conducted in 2017 revealed Kakula's mineral resources at the Kamoa-Kakula mine stand at an estimated 174 million tonnes of which 5.62% is...Read More
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:by Stockwatch Business Reporter West Texas Intermediate crude for April delivery lost 65 cents to $60.99 on the New York Merc, while Brent for May lost $1.95 to $63.83 (all figures in this para U.S.). Western Canadian Select traded at a discount of $28 to WTI ($32.9...Read More
The European aluminium market still faces many unknown influences following US President Donald Trump's latest announcement on the imposition of trade tariffs under Section 232.Trump announced on Thursday March 1 that he would impose tariffs of 25% on steel imports and 10% on aluminium imports into the US for an indefinite period. Section 232 allows him to take such action when he believes that na...Read More
Spain, Europe's third largest zinc consumer, used almost a third less zinc last year compared with 2016, according to the World Bureau of Metal Statistics (WBMS). In 2017, the country's annual consumption dropped 28% to 203,900 tonnes, versus 283,400 tonnes a year earlier, the data released on Wednesday February 28 showed. Spanish demand was affected in large part due to the bankruptcy of Agalsa,...Read More
The latest metal markets news and price moves to start the North American day on Friday March 2.Base metals prices on the London Metal Exchange were little changed during morning trading with the complex restricted by thin liquidity and a firmer dollar.Here's how base metals prices look at 12.19pm London time: Read our live futures report here.In other exchange news, deliverable copper stocks at S...Read More
The export price assessment of Brazilian slab remained unchanged this week, but sparse offers of material for May shipment were heard at soaring prices. Metal Bulletin's weekly price assessment of Brazilian export slab was $540-545 per tonne fob on Friday March 2, unchanged from the previous week. After the assessment was closed, sources confirmed that at least one booking of slab was made to the...Read More
Turkish steel exports to the United States will not be seriously affected by trade sanctions under Section 232 as long as the 25% tariff is applied equally to all countries, the Turkish Steel Exporters Assn (??IB) said on Friday March 2.US President Donald Trump announced his much-anticipated decision on whether to impose trade sanctions under Section 232 before the deadline of April 11, bowing to...Read More