HONG KONG/SHANGHAI (Reuters) - China’s state-backed semiconductor fund is near to closing a 120 billion yuan ($18.98 billion)investment round for a second fund to support the domestic chip sector and help cut reliance on imports amid a bruising trade standoff with the United States.The National Integrated Circuitry Investment Fund, also known as the “Big Fund”, is close to announ...Read More

Losses in job and output terms in metals-consuming sectors in the United States in the fallout from the Section 232 probe threaten to outweigh any benefits to domestic metal-producing industries from the tariffs the US government subsequently introduced.In turn, the prices of metals that are strongly correlated to the performance of metal-consuming sectors - such as AISI 4130, a widely used medium...Read More

FRANKFURT (Reuters) - Deutsche Bank’s (DBKGn.DE) new chief executive Christian Sewing took firm action on its long-troubled investment bank on Thursday, cutting back bond and equities trading after a dramatic drop in quarterly profit.“Deutsche Bank is deeply rooted in Europe - here we want to provide our clients access to global financing and treasury solutions,” Sewing said, jus...Read More

LONDON (Reuters) - Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and ongoing strong demand.Brent crude oil futures LCOc1 were last up 60 cents at $74.60 a barrel at 0930 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 43 cents at $68.48 per barrel.The oil price has risen by 15 percent in the last four weeks than...Read More

David Rawlinson, Mark Shaer and Darren Fowler have left the base metals trading desk of ADM Investor Services International (Admisi), Metal Bulletin understands.The London-based trading personnel will join Macquarie Bank, industry sources said.Admisi...Read More

LONDON (Reuters) - Royal Dutch Shell reported on Thursday a 42 percent rise in first-quarter profit to its highest in more than three years on stronger oil prices and production, but its shares fell as the oil major’s cash flow missed forecasts.Expectations are high for Shell to continue generating strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on bo...Read More

MILAN (Reuters) - Fiat Chrysler Automobiles (FCA) (FCHA.MI) reduced its debts by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year.Chief Executive Sergio Marchionne expects to cancel all debt during 2018 - possibly by the end of June - and generate around 4 billion euros ($5 billion) in net cash by the end of the year.Marchionne ha...Read More

ROME (Reuters) - Italy’s caretaker government on Thursday passed its latest multi-year economic plan, forecasting 1.5 percent growth this year, the same rate as in 2017 and confirming its previous projection made in September.Speaking after a Cabinet meeting, Economy Minister Pier Carlo Padoan said the government’s forecast was “prudent”.In 2019, gross domestic product is s...Read More

Lucara Diamond Corp. has found another huge diamond at its mine in Botswana.The company unearthed a 327-carat top white-gem diamond just two weeks after finding a 472-carat light brown stone. It’s the ninth-largest diamond discovered by Lucara, which now produces some of the biggest and best in the world.Lucara unearths another massive diamond from Botswana mineThe fifth-largest diamond in h...Read More

DETROIT (Reuters) - Ford Motor Co (F.N) on Wednesday outlined a plan to cut costs and boost profit margins at a faster pace than previously announced, which includes dropping traditional sedan models in North America that have become increasingly unpopular with consumers.The No. 2 U.S. automaker said it now plans to cut $25.5 billion in costs by 2022, up from $14 billion in cuts it announced last...Read More

Losses in job and output terms in metals-consuming sectors in the United States in the fallout from the Section 232 probe threaten to outweigh any benefits to domestic metal-producing industries from the tariffs the US government subsequently introduced.In turn, the prices of metals that are strongly correlated to the performance of metal-consuming sectors - such as AISI 4130, a widely used medium...Read More

Base metal prices on the London Metal Exchange steadied at the close of trading on Thursday April 26, while aluminium climbed 1.3% during the afternoon. "Afternoon news that Oleg Deripaska has no plans to restructure Rusal, sent aluminium prices quickly higher, through $2,300-2,315.20 per tonne area, adding to underlying market volatility and tightening of the spreads," Liz Grant, senior account e...Read More

While not exactly a "State-Of-The-Union" address this week, the London Metal Exchange's Update Forum in London - open to all - was a useful pit-stop event on what is gearing up to be a busy few months in its unfolding Strategic Pathway. On a widespread and varied menu, LME decisionmakers outlined current thinking and plans across the board. Among these are a couple of potentially tricky initiative...Read More

Comex copper prices were once again trading in negative territory on Thursday April 26 morning in the US, with the bolstered dollar weighing on the complex.Copper for May settlement on the Comex division of the New York Mercantile Exchange declined 1.50 cents or 0.5% to $3.1195 per lb. The contract has been unable to set a clear price direction in recent weeks. Over the past few days, the...Read More

As global growth decelerates, sentiment is weakening while the dollar is rising.When both growth and inflation are rising, the Fed tends to get hawkish.While gold signaled easy conditions last year, there is a risk the Fed goes too far today.Last week, we wrote that weakness in the US dollar is masking growing risks. As equities, commodities and corporate credit are inversely correlated to USD, in...Read More

Newmont Mining (NYSE:NEM) logged Thursday a higher-than-expected quarterly profit on the back of higher gold prices during the first three months of the year, as investors have returned to safe haven assets due to ongoing geopolitical risks.The US miner, the only gold company that forms part of the S&P500 index, earned a quarterly profit of $192 million, or 36 cents a diluted share, compared...Read More

New Gold announced a loss of $0.05 per share in Q1 2018.The company produced only 96,882 toz gold and the AISC climbed to $1,219/toz.The main problem was the Rainy Rivermine that experienced several issues that led to a production of only 39,325 toz gold, at an AISC of $2,447/toz.The management believes that the issues have been solved and the 2018 production and cost guidance will be met.In the n...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 June delivery gained 14 cents to $68.19 on the New York Merc, while Brent for June gained 74 cents to $74.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.85 to...Read More

Gold is once again trading into lows. Dedicated gold buyers are struggling to develop momentum to get Gold climbing out of 2018's consolidation trap. Gold is fumbling along the bottom near 1,320.00 after dipping lower yesterday. US Treasury yields continue to advance, and the 10-year Treasury has broken over the key 3% yield mark, sending the precious metal back into familiar lows that have...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 Will PurcellThe diamond and specialty minerals stocks box score for Thursday was a mediocre 66-81-145. The TSX Venture Exchange fell fractionally to 783 while polished diamond prices gained 0.1 per cent. Hugh Stoyell and Johnny Blizzard's Katanga Mining Ltd. (KAT...Read More