Base metals on the London Metal Exchange were split at the close of trading on Wednesday May 2, with aluminium and nickel prices climbing more than 2%. Aluminium's three-month price made the largest gains over the afternoon, reaching a high of $2,330 per tonne and closing 2.6% higher. Despite continued volatility, the price has held above $2,200 per tonne.News today of the United States' extension...Read More

The seaborne iron ore market picked up after the May 1 public holiday, following the announcement by steel mills of price hikes for early May shipments. Metal Bulletin 62% Fe Iron Ore Index: $66.98 tonne cfr Qingdao, up by $1.55 per tonne Metal Bulletin 58% Fe Premium Index: $55.94 per tonne cfr Qingdao, up by $0.46 per tonne  Metal Bulletin 65% Fe Iron Ore Index: $85.30 per tonne cfr Qi...Read More

The seaborne coking coal spot market was stable on Wednesday May 2, although market sentiment was generally more positive."The market had earlier fallen too much, and this is a normal correction," a trading source said. Premium low-vol cargoes with May and June laycan were heard offered against index with 4% premium, according to a northeastern end user. "We haven't started offering yet...Read More

South African gold producers are expected to sing this week a settlement in a lawsuit over fatal lung disease and tuberculosis miners contracted while working for them, ending this way the country's largest ever class action against mining companies.Speaking to Reuters, lawyer Richard Spoor, who represents about half a million workers and their families, said the companies would sign the out-of-...Read More

   •  Resurgent USD demand prompts some fresh selling during the early NA session.   •  Weaker opening in the US equity markets/retracing US bond yields help limit downside.   •  Investors await FOMC announcement before positioning for near-term direction. Gold finally broke down of its European session consolidation phase and has now sur...Read More

   •  A follow-through pickup in the US bond yields helps limit USD slide and cap gains.   •  Fading safe-haven demand also does little to provide any additional boost.    •  The highly anticipated FOMC statement would help determine the near-term trajectory. Gold held on to its recovery gains and now seems to have entered a bullish...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 68 cents to $67.93 on the New York Merc, while Brent for June gained 23 cents to $73.36 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.55 to...Read More

Investing.com - Gold prices rebounded from two-month lows on Wednesday as the dollar pulled away from multi-month highs amid profit taking ahead of the conclusion of the Federal Reserve policy meeting later in the day.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were up $4.10 or 0.31% to $1,310.90 a troy ounce by 04:10 AM ET (08:10 AM GMT).Prices of the...Read More

Silver looked bullish for a week.The dollar ruined the bullish party.Silver goes back into hibernation.Technical support and resistance levels are narrowing.The path of least resistance for silver is in the hands of the U.S. dollar.Silver tends to provide market participants with many head-fake moves over time. Silver is typically the precious metal that displays the highest level of price volatil...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 3.35 points to 772.11 Wednesday. Brian Bayley and Murray Sinclair have listed their 24th capital pool shell, Norwick Capital Corp. (NWK), following a $202,500 initial public offering at 15 cents through Ha...Read More

Gold still under pressure from dollar strength, Treasury yield spike.All-important test of the 200-day MA will determine its immediate fate.Relative strength factor still lacking for gold, however.With the dust not yet having settled from the recent rally failure of the gold price, the yellow metal has returned to a position all too familiar with gold bulls. The bulls are now searching for a catal...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 rose $1.00 to $1,304.60 on Tuesday. The TSX Venture Exchange fell 3.35 points to 772.11 while the TSX Gold Index rose 0.38 point to 189.84. Yamana Gold Inc. (YRI) led Canadian gold miners higher. It added 13 cents to...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 Wednesday was an upbeat 89-64-131. The TSX Venture Exchange fell three points to 772 while polished diamond prices fell 0.1 per cent. Ken MacNeill and George Read's Star Diamond Corp. (DIAM) was...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 CaswellDennis Verderosa, a New York man charged for his part in a boiler room scheme that boosted former Canadian Securities Exchange listing Intelligent Content Enterprises Inc., has pleaded guilty to a criminal fraud charge. The government claimed that Mr....Read More

Gold (XAU/USD) fell to $1,301 on Tuesday - the lowest level since Dec. 29.  Risk reversals show a drop in demand for XAU calls.  Gold (XAU/USD) nearly dropped to $1,300 yesterday as the American dollar turned positive on a year-to-date basis. As of writing, the metal is trading at $1,307, representing a 4.25 percent drop from the recent high of $1365 (April 11 high).  Further...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 CaswellBrian Robert Sodi, the Florida stock tout known as the "Mailman," has won a legal battle over the ankle bracelet that he has been wearing since his arrest on fraud charges. Alabama Judge Herman Johnson has ordered the removal of the bracelet, which ha...Read More

Domestic prices for hot-rolled coil (HRC) in Southern Europe have fallen slightly this week, sources told Metal Bulletin on Wednesday May 2, although the direction in which prices are moving is not entirely clear because the market has been slowed by holidays in Europe early in the week.Domestic prices remained under pressure, with end-users still resisting price rises from distributors because th...Read More

Egyptian billionaire Naguib Sawiris isn't your typical gold bug. The chairman of Orascom Telecom Media and Technology Holding S.A.E. told Bloomberg in an interview from Cairo this week that he sees gold GCM8, +0.33% surging up to $1,800 an ounce while the "overvalued" stock market hits the skids. At last check, gold was down almost 1% at $1,307 an ounce while the Dow DJIA, -0.72% and S&P S...Read More

Metals market veteran Michael Hutchinson has joined the board of Switzerland-based Tiberius group as non-executive chairman, Tiberius told Metal Bulletin on Wednesday May 2. "Mike is an experienced and very successful metal man who will help us achieve our ambitious growth targets," Chris Eibl, founder and chief executive office of Tiberius, said. "He has tremendous amounts of knowledge in all are...Read More

The latest news and price moves to start the Asian day on Thursday May 3.Base metals on the London Metal Exchange were split at the close of trading on Wednesday May 2, with aluminium and nickel prices climbing more than 2%. Read more in our live futures report.Here are how prices looked at Wednesday's close:The United States has given investors an additional month to divest or transfer their hold...Read More