Nickel gained more than 3% on the London Metal Exchange on Wednesday December 11, closing at a two-week high.The three-month nickel price ended official trading at $13,850 per tonne, up by more than $400 per tonne from Tuesday's closing price of $13,405 per tonne. Volumes were higher - turnover exceeded 10,000 lots for the first time since October. The metal has shrugged off inflows of more than 2...Read More
The sharp fall in London Metal Exchange three-month lead price has put upward pressure on the US lead premium. Stock liquidation and weak buying saw the Italian delivered zinc premium decline, while the Shanghai zinc market held firm. US zinc premium flat amid "deathly quiet" in spot demand ILZSG data shows an overall deficit of 83,000 tonnes for lead in the first nine months of 2019 Weak buying a...Read More
Seaborne coking coal continued to trade in a narrow range on Wednesday December 11, with Chinese buying activity driving the market.Fastmarkets indicesPremium hard coking coal, fob DBCT: $135.99 per tonne, down $0.26 per tonnePremium hard coking coal, cfr Jingtang: $148.56 per tonne, down $1.78 per tonneHard coking coal, fob DBCT: $122.33 per tonne, unchangedHard coking...Read More
Try around 5% Inflation here in the US...by Matt From Silver Fortune via Silver Fortune2.2%? 1.6%? Try around 5% Inflation here in the US...Read More
December Silver's Delivery Demand numbers still do not jive with anything logical...by J. Johnson of Fort WealthGreat and Wonderful Wednesday Morning Folks, We start the day with a green price for Gold (3 days in a row) with the trade at $1,472.00 up 4 bucks and right there at the high of $1,472.30 with the low at $1,466.90. Silver was giving "the signal" but now has turned to green with...Read More
If, however, two very specific "lines in the sand" don't hold, then it's bombs away to $15...by Michael Ballanger via Streetwise ReportsIn this week's commentary, I am going to respond to the rash of end-of-the-world emails and terror-stricken texts that bombarded me after the BLS reported a better-than-expected Non-Farm Payrolls number Friday that sent stocks screaming higher and the precious met...Read More
Turkey is calling for a level playing field when it comes to trading with the European Union and the United States, Turkish steelmakers said during a panel discussion at Fastmarkets' Middle East Iron and Steel conference in Dubai.Speaking on Tuesday December 10 in a panel discussion about the protectionism Turkish steel faces in its major steel export markets, panelists said they were on...Read More
The price of steel rebar in the Northern European domestic market was unchanged this week, but increases could soon take place because of rising scrap costs, sources told Fastmarkets on Wednesday December 11. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe was ?,?475-485 ($526-537) per tonne on Wednesday, unchanged from a week...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday December 11 that are worth another look.Japan's Kanto Tetsugen has secured a higher price at its ferrous scrap auction for December, which is likely to boost sentiment in the Asian market for the steelmaking raw material.The emergence of a contango in London Metal Exchange aluminium spreads for early next year helped...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday December 11.Please click...Read More
Nickel gained more than 3% on the London Metal Exchange on Wednesday December 11, closing at a two-week high.The three-month nickel price ended official trading at $13,850 per tonne, up by more than $400 per tonne from Tuesday's closing price of $13,405 per tonne. Volumes were higher - turnover exceeded 10,000 lots for the first time since October. The metal has shrugged off inflows of more than 2...Read More
A closed arbitrage window between the Shanghai and London exchanges forced nickel premiums in China lower, while a push for market participants to clear stock by year-end in the United States moved premiums lower there as well. Closed arbitrage between the Shanghai Futures Exchange and the London Metal Exchange moved premiums in Shanghai lower.An emphasis on year-end destocking in the US pushed do...Read More
Chinese copper producer Jiangxi Copper will become the largest shareholder of Canada-listed First Quantum Minerals (FQM) after its $1.12-billion purchase of PIM Cupric Holdings (PCH), which holds around 18.015% of FQM's issued shares. "The transaction is in line with the company's international strategy," Jiangxi Copper said in a filing to the Shanghai Stock Exchange on Tuesday November 10. Jiangx...Read More
The sharp fall in London Metal Exchange three-month lead price has put upward pressure on the US lead premium. Stock liquidation and weak buying saw the Italian delivered zinc premium decline, while the Shanghai zinc market held firm. US zinc premium flat amid "deathly quiet" in spot demand ILZSG data shows an overall deficit of 83,000 tonnes for lead in the first nine months of 2019 Weak buying a...Read More
The Shanghai copper cathode premiums extended recent declines in the week ended Tuesday December 10 amid bearish sentiment ahead of year-end and Lunar New Year in January, while US and European markets were little changed. Shanghai cif premium hits fresh four-month low. US and European premiums unchanged amid thin trading. Year-end destocking, closed arb continue to weigh in Shanghai Bearish senti...Read More
A summary of Trafigura Group's financial results for the 2019 financial year ended September 30, 2019. In brief: Earnings before interest, taxes, depreciation and amortization (Ebitda) increased 24% year on year to $2.129 billion for 2019. In 2019, the Trafigura Group registered gross profit of $2.978 billion, a 25% increase on 2018 Net profit was steady in the 2019 financial yea...Read More
Domestic prices for hot-rolled coil have moved up in the south of Europe this week, supported by reduced output from the region's mills and higher import offers, sources told Fastmarkets on Wednesday December 11.In the meantime, domestic HRC prices in the north of the EU stood largely unchanged day on day, although sentiment remains largely positive due to reduced production and a lack o...Read More
The price of steel rebar in the Southern European domestic market was little changed this week, but market participants believe increases are likely because of higher scrap costs, sources told Fastmarkets on Wednesday December 11. Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Southern Europe, was ?,?455-480 ($504-532) per tonne on Wednesday, down by ?,...Read More
RAPAPORT... De Beers has reduced its production outlook for next year and beyond amid uncertainty about the health of the diamondmarket.The miner now expects to recover between 32 million and 34million carats in 2020, compared to its earlier outlook of 33 million to 35million carats, parent company Anglo American said Tuesday. Its output is forecastto rise to between 34 million and 36 million cara...Read More
RAPAPORT... A blue diamond ring by Tiffany & Co. was the top sellerat Phillips' New York sale, leading the $5.4 million auction. The cut-cornered square modified brilliant-cut, 3.02-carat,fancy-intense-blue, VS2-clarity diamond ring fetched $1.6 million, against apresale estimate of $1.5 million to $2.5 million at Monday's New York Jewels sale. A fancy-color diamond and gold necklace feat...Read More