Shahnawaz Islam, who left CME Group last month, will join Amalgamated Metal Trading (AMT) in July to develop the London Metal Exchange ring-dealing member's ferrous and aluminium premium contract brokerage services. "AMT strongly believe that these contracts have a significant future on the LME and CME," managing director Nick Fellowes told Metal Bulletin in an emailed statement on Wednesday May 9...Read More

Ferrous scrap will increasingly replace natural resources as the main raw material to produce steel, according to the World Steel Association (Worldsteel) head of raw materials, Dr Baris Bekir ??ift??i.This is mainly due to ferrous scrap's increasing availability globally, as well as structural reforms in major steelmaking countries to increase the usage of electric-arc furnaces in the steel produ...Read More

Base metals prices on the London Metal Exchange kept firm at the close of trading on Wednesday May 9, with copper's 1% climb leading a positive afternoon surge across the complex. The three-month copper prices traded as low as $6,766 per tonne today, finding support throughout the afternoon and climbing back over the $6,800 per tonne support level at the close. The red metal dropped marginally aft...Read More

Shahnawaz Islam, who left CME Group last month, will join Amalgamated Metal Trading (AMT) in July to develop the London Metal Exchange ring-dealing member's ferrous and aluminium premium contract brokerage services. "AMT strongly believe that these contracts have a significant future on the LME and CME," managing director Nick Fellowes told Metal Bulletin in an emailed statement on Wednesday May 9...Read More

Aluminium stocks at London Metal Exchange-approved warehouses have fallen by over 100,000 tonnes since the United States slightly loosened sanctions against Russian producer UC Rusal, leading to traders becoming more willing to deal with old stocks. As of Wednesday May 9, total aluminium stocks on the LME have declined 108,600 tonnes, more than 7%, since the US Department of the Treasury's Office...Read More

Q1 results illustrated how my long-term bullish thesis on Barrick is beginning to play out.Debt paydown, gold price appreciation, and improving operational proficiency lead to credit rating upgrades, higher earnings, and an improved free cash flow to earnings ratio.The company is finally moving past the Acacia and Pascua-Lama quagmires and is poised to pour its large and growing cash pile into gro...Read More

Gold is the most emotional asset class.What exactly does the Midas Touch Gold model entail?The model has been neutral since February.Ascending triangle should take gold towards $1,500.Silver might celebrate a strong comeback. Final pullback before the summer rally has started We have been very patient over the last couple of months regarding gold. Now it looks as our main scenario with a pullback...Read More

   •  A modest USD profit-taking slide prompts short-covering from an important support.   •  Weaker equities underpin safe-haven demand and provide an additional boost.   •  US PPI eyed for some trading impetus ahead of Thursday’s more relevant CPI print. Gold once again managed to bounce off the very important 200-day SMA and has...Read More

Barrick Gold (NYSE, TSX:ABX), the world's top miner of the precious metal, said Tuesday is buying about $38 million in Midas Gold's (TSX-V:MAX) shares, in a deal that gives the Canadian giant an almost 20%-stake in the junior as well as access to the promising Stibnite Gold project, in Idaho, US."Midas Gold's Stibnite Gold project in Idaho offers a compelling investment proposition, with low geopo...Read More

The rising US dollar keeps gold under pressure. Yesterday's long-legged doji established 200-day MA as strong support. Gold (XAU/USD) is reporting a 0.30 percent decline in Asia as the greenback is solidly bid nears 4.5-month high. As of writing, the yellow metal is changing hands at $1,312/Oz and the dollar index, which tracks the value of the greenback against major currencies, is hovering...Read More

Prices for Iranian exports of steel billet and slab increased in the week to Wednesday May 9, with new deals reported by market participants. Market sentiment was negative because of US President Donald Trump's announcement yesterday that the United States would be withdrawing from the multi-lateral nuclear pact with Iran, with plans to reinstate trade sanctions. Recent...Read More

Peru's zinc mine production rose by 7.2% year-on-year in March, attributed to a recovery from last year's decline caused by the torrential rainfall that hit the country then. Production came to 117,753 tonnes, from 109,873 tonnes in March 2017, according to the latest figures from the country's energy and mines ministry, MEM. The increase mostly reflects the impact of weak output achieved in March...Read More

On CNBC's "Fast Money Final Trade", Tim Seymour said Amgen, Inc. AMGN, +0.68% is very cheap. He's a buyer of the stock. Brian Kelly wants to buy SPDR Gold Shares GLD, -0.21% Dan Nathan thinks NVIDIA Corporation NVDA, +2.15% is going down. He would take a short position in Market Vectors Semiconductor ETF SMH, +1.42% Guy Adami is a buyer of Halliburton Company HAL, +1.60% (C) 2018 Benzin...Read More

Tin premiums in Europe ticked higher again in the week to Tuesday May 8 on the back of a temporary supply crunch, which resulted from the halt in exports from Indonesia at the start of the quarter. Shipments have now resumed and material is already on its way to consuming regions including Europe and the United States, but it arrives later this month and supply is getting tighter meaning premiums...Read More

Copper mine production in Peru grew by 5.8% year on year in March, boosted mainly by higher volumes from Cerro Verde and Antamina mines. Output totaled 200,482 tonnes in the month, compared with 189,426 tonnes in March 2017, according to the latest figures published by the country's energy and mines ministry, MEM. Severe rainfall in Peru in March 2017 had affected copper mine production in the cou...Read More

Shahnawaz Islam, who left CME Group last month, will join Amalgamated Metal Trading (AMT) in July to develop the London Metal Exchange ring-dealing member's ferrous and aluminium premium contract brokerage services. "AMT strongly believe that these contracts have a significant future on the LME and CME," managing director Nick Fellowes told Metal Bulletin in an emailed statement on Wednesday May 9...Read More

Primary aluminium consumers in Brazil are being denied import licenses with a 6% tariff exemption because the country's quota on tax-free imported aluminium ingot has largely been depleted, Metal Bulletin understands.The current quota, which covers 353,000 tonnes of aluminium ingot imported into Brazil since August 2016, is valid until June 30 - meaning that it has almost been totally consumed som...Read More

Gold futures finished with a modest loss Monday as the dollar touched its highest level in months and financial markets reckon with a surge in oil prices and its possible impact on the Federal Reserve's monetary-policy plans. June gold GCM8, +0.06% fell 60 cents, or less than 0.1%, to settle at $1,314.10 an ounce. Prices last week grazed a roughly two-month low and suffered from a third straight w...Read More

First-quarter revenue from the commodities business of the Hong Kong Exchanges and Clearing (HKEX) fell 7% year on year to HK$267 million ($34 million), hurt by lower trading fees at the London Metal Exchange."While the ADV [average daily volumes] of metals contracts traded was 20% higher compared to the first quarter 2017, the impact of fee reductions for short and medium-dated carry trades intro...Read More

Horizonte plc, which acquired the Vermelho project from Vale, is exploring whether the project can produce nickel and cobalt sulfate suitable for electric vehicle (EV) batteries, it said on Wednesday May 9. Mining company Horizonte acquired the Brazil-based nickel-cobalt project for $8 million in December 2017. "The Vermelho project also contains a large cobalt resource which Vale planned to...Read More