Investing.com - Gold prices edged up on Thursday while the dollar traded sideways.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $1.6, or 0.12%, to $1,351.5 a troy ounce by 12:40AM ET (04:40 GMT).Meanwhile, the U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 92.93, up 0.01%.?EUR?The greenback reache...Read More
Multiple long-tailed doji candles indicate dip demand. Weak US CPI reading could yield a minor rally in gold. Gold has created back-to-back doji candles at the 200-day moving average support, indicating persistent dip demand. Currently, the 200-day moving average is located at $1,306 and the metal (XAU/USD) is changing hands at $1,315/Oz. The short-term momentum studies - 5-day MA and the 10-day...Read More
Turkish billet prices have remained stable over the past week with demand for material being very limited, sources said on Thursday May 10.The billet mills in the CIS region tried to increase their offer prices, in line with the uptick in Turkish imported scrap prices. But, due to poor demand for rebar, none of the customers...Read More
Turkish steel mills have extended their absence from the deep-sea scrap markets due to increasing offer prices and sluggish finished steel demand in the country's export markets, sources said on Thursday May 10.The mills were expected to book more cargoes for May to replenish their low stock levels, but instead they decided to fall silent with the latest increase in prices.A steel mill in the Marm...Read More
The latest news and price moves to start the Asian day on Friday May 11.Copper was the big gainer among base...Read More
Chilean copper mine production rose 30.8% in March from a year ago, a recovery from when the country's output was severely affected by the 44-day strike at the Escondida mine.Production from all Chilean mines of 487,900 tonnes in March was up from 373,100 tonnes in the corresponding month of 2017, according to the latest figures published by Chilean copper commission Cochilco.This mostly reflects...Read More
Democratic Republic of the Congo (DRC) miner Gecamines' push to dissolve Katanga Mining Ltd subsidiary Kamoto Copper Company (KCC) has been delayed according to a release from Katanga on Tuesday May 8. Glencore-owned Katanga received a decision from the DRC Supreme Court allowing KCC to challenge the competency of the Kolwezi Commercial Court to rule on litigation regarding the dissolution of...Read More
The London Metal Exchange is maintaining the status quo on its treatment of Iranian aluminium brand Iralco after the United States said this week that it will reintroduce nuclear-related sanctions on Iran, the bourse said in a notice to members on Thursday May 10. "The LME does not propose any action in respect of Iralco brand metal at this time. The LME will continue to monitor the situation and...Read More
The latest metal markets news and price moves to start the North American day on Thursday May 10.Copper prices rallied to a three-week high on the London Metal Exchange during morning trading on Thursday May 10, with falling stocks continuing to boost prices.On-warrant stocks for the red metal now sit at 230,575 tonnes after 15 consecutive days of decline - leaving available stocks at their lowest...Read More
Sterlite Copper's Tuticorin copper smelter in India is likely to remain closed under an enforced shutdown for at least a week longer after a court in the country set Friday May 17 as the day when opening arguments will be presented in its case to gain permission to restart operations.Tuticorin is a refined copper smelter in the state of Tamil Nadu, with capacity for 400,000 tonnes per year. It was...Read More
Import rod markets have been quiet in the United States, with traders still hesitant to close on cargoes due to ongoing uncertainty around Section 232 exemptions. American Metal Market kept its assessment of import rod prices steady, at $600-635 per ton ($661-700 per tonne), flat from two weeks ago. The price has been unchanged since February 28, when traders grew concerned about future cargoes be...Read More
US wire rod mills have shrugged off a $10-per-gross-ton decline in Chicago shredded scrap to keep steel rod prices flat, market participants said. American Metal Market kept its domestic industrial-quality rod price flat, at $38-$40 per hundredweight, in an assessment on Wednesday May 9. Buyers polled by American Metal Market saw prices in a range of $37-41.50 per cwt, although the $37 per cw...Read More
Turkish domestic rebar prices went down this week because of the weakening lira, while wire rod prices gained some strength from local steel mill Kardemir's new list price, sources said on Thursday May 10.Metal Bulletin's weekly price assessment for domestic rebar in Turkey was $565-570 per tonne ex-works, down from last week's $570-580 per tonne.The fall in the prices was caused by the weakening...Read More
Uncertainty about the international trading situation after the conclusion of the Section 232 investigation in the United States was one of the principal issues discussed during the 78th meeting of the International Rebar Producers & Exporters Association (Irepas) in Poland.The US initially decided to apply a 25% import tariff to all imports of steel products, and 10% on aluminium, although some c...Read More
The Turkish rebar and wire rod export markets have remained sluggish this week amid poor demand in the country's export markets, sources said on Thursday May 10.Turkish steel producers continued to offer rebar for exports at around $560-570 per tonne fob on an actual weight basis, but there are currently no takers at those prices."Uncertainty [about the Section 232 import...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transactions: billetBilletIran, export, billet, traded at $525-530...Read More
Brazil-focused Canadian vanadium producer Largo Resources has reaped the benefits of strong vanadium pentoxide prices in the three months to March 31, with the company reporting its highest ever quarterly net income in its financial report published on Monday May 7. Largo declared a net income of $45.8 million in the first quarter of 2018, while revenues rose 210% year on year in the same period t...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday May 10.Base metals prices on the Shanghai Futures Exchange were mostly up during Asian morning trading on Thursday, with copper leading the rest of the complex, except aluminium and lead, higher.Check Metal Bulletin's live futures report here.LME snapshot at 03.55 am London timeLatest...Read More
Underlying strength in demand for No 1 busheling took sellers in the United States by surprise when the market held steady and ignored chatter that May's ferrous scrap prices would fall."I thought we were going to see a downside, but inbound flows [to recyclers] are outpacing shipping availability. Yards are having trouble shipping because of logistics," one national broker, who now expects bushel...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transactions: iron oreIron oreRio Tinto, tender, 170,000 tonnes of...Read More