The price of steel billet imported into Egypt increased slightly this week while local rebar prices were unchanged, sources told Metal Bulletin on Thursday May 3.The country's biggest producer, Ezz Steel, is still offering rebar at E ?12,528 ($707) per tonne ex-works, including 14% VAT, while Beshay Steel, also a major domestic producer, is offering rebar...Read More
Wall Street is aghast at Elon Musk's dismissive attitude toward analysts' probing following a quarter of record (but less than expected) losses for Tesla, but the electric vehicle maker did provide some answers to questions that's been vexing the mining industry.Benchmark Mineral Intelligence, a provider of price information and research on battery supply chains, parsed the numbers after Tesla gav...Read More
Source: Michael J. Ballanger for Streetwise Reports 05/02/2018 Precious metals expert Michael Ballanger discusses recent moves in gold and silver. -->For me, the greatest asset my dog Fido, a German Rottweiler and French Poodle mix, is his uncanny ability to sense when the gold and silver markets are going to turn. Whenever gold runs into its generally accepted waves of interventionalist pr...Read More
The Dow is pacing for a fifth straight loss on simmering trade tensionsTheDow Jones Industrial Average (DJI) is 277 points lower at midday, as anxiety over U.S.-China trade talks keeps buyers at bay. As a result, the Dow is on pace for a fifth straight daily loss, and at risk of closing below its 200-day moving average for the first time since the June 2016 Brexit sell-off. The S&P 500 Index (SPX...Read More
By Oliver Griffin Glencore PLC (GLEN.LN) said Thursday that production in the first quarter of 2018 was largely in line with views across all commodity groups, with full year guidance unchanged. The Anglo-Swiss commodity trading and mining company said its own-sourced copper production rose to 345,400 tons, from 342,100 tons in the first quarter of 2017, reflecting the commissioning of the first...Read More
By Ira EpsteinStrong afternoon Dollar tanks gold.http://iraepstein.com/ Read More
Goldman Sachs is moving forward with plans to establish what appears to be the first Bitcoin trading operation at a Wall Street bank.Continue...Read More
Turkish domestic prices for rebar and wire rod have recovered by $10-15 per tonne because of stronger demand over the past week, sources said on Thursday May 3.Metal Bulletin's weekly price assessment for domestic rebar in Turkey was $570-580 per tonne ex-works, compared with last week's $555-570 per tonne.The domestic prices climbed in line with the strengthening of the US dollar against the Turk...Read More
BRUSSELS/FRANKFURT (Reuters) - Euro zone inflation unexpectedly slowed last month, adding to a string of data that points to a cooling economy and possibly makes it more difficult for the European Central Bank to curb its lavish monetary stimulus later this year.Last month the rate slipped to an annual 1.2 percent, missing economists’ expectations in a Reuters poll that it would remain at th...Read More
SHANGHAI, May 4 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index traded rangebound around 92.4 overnight, buoyed by the upbeat economic data. The market was also looking more cues from US-China trade talks.Most LME metals fell, but copper rebounded and hit a weekly high as inventories declined. LME zinc tumbled 1.3% to...Read More
Eight of the thirteen gold miners trapped underground at Sibanye-Stillwater's (JSE:SGL) (NYSE:SBGL) Masakhane mine in South Africa remain missing, the company said after a seismic event caused a fall of ground in an operating stope at one of the company's gold mines.Contact was made with six workers earlier on Thursday and two two were brought to surface safely, the firm said, but one of them reg...Read More
All of the asteroid plays have so far been private companies, so their promises are light on the detail required of those going to the public for money.This week, astrophysics researcher at Liverpool John Moores University and Asteroid Mining consultant Amanda Jane Hughes described in The Conversation what it might take for her employer to get to the mining stage.As usual, the key part is finding...Read More
Previous pullbacks to PSTG's 80-day moving average have preceded major ralliesData storage specialist Pure Storage Inc (NYSE:PSTG) has been a standout over the past year, from a technical perspective. The stock has gained 83% year-over-year, with key support coming into play from its 80-day moving average. And based on previous returns, now may be the time to trade the latest PSTG pullback to this...Read More
With all of the hype about autonomous driving focused on companies like Uber and Tesla, one big name has been left off the list of consideration in the Continue...Read More
Eight of the thirteen gold miners trapped underground at Sibanye-Stillwater's (JSE:SGL) (NYSE:SBGL) Masakhane mine in South Africa remain missing, the company said after a seismic event caused a fall of ground in an operating stope at one of the company's gold mines.Contact was made with six workers earlier on Thursday and two two were brought to surface safely, the firm said, but one of them reg...Read More
(Kitco News) -This year's gold price action has been a “two-steps-forward,one-step-back” kind of scene, according to one commodity strategist, who seesthe $1,300 level holding firm following the Federal Reserve’s dovish rateannouncement on Wednesday. “[The yellow metal] saw a knee-jerk reaction to the Fed announcement on what appeared to be a more dovish stance. B...Read More
Export prices for pig iron from the Commonwealth of Independent States have weakened again because of low demand in key markets, sources have told Metal Bulletin.Trading activity was also affected by May Day public holidays in Europe and the CIS region.Metal Bulletin's export price assessment for high-manganese pig iron from the CIS region was $365-385 per tonne fob Black Sea on Thursday May 3, na...Read More
Miner and commodities trader Glencore is embroiled in a legal tangle over its copper and cobalt operations in Democratic Republic of Congo, where conflict and changes to regulations have deterred many mining firms.U.S. sanctions on Glencore's former Israeli partner in Congo have been a trigger for litigation. At the same time, relations with the Congolese authorities are under strain from a disput...Read More
SHANGHAI, May 3 (SMM) – Just one company received approval to import copper scrap in the 11th batch of approvals for restricted solid scrap material imports released on Thursday May 3, SMM learned.The company, located in Qingyuan city in Guangdong province, was approved to import 6,862 mt of copper scrap this year. Overall approved copper scrap imports in the 11 batches this y...Read More