SHANGHAI, Jan 9 (SMM) – SMM surveys major Chinese producers in the base metals market every month to get first-hand production data. The following table shows the latest output in December and our forecast for January.CopperChina’s copper output rose in December as some large producers looked to hit their annual production target at the year-end. Qingyuan Jiangxi Copper and Shandong Hu...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points in pre-opening trade.The Canadian Dollar was virtually unchanged following release of Canadian December Housing report. Starts at 8:15 AM EST. Consensus was 211,000 versus 251,000 in November. Actual was 217,000.Target gained $2.40 to $69.58 after raising its fiscal fourth quarter profit and sales estimatesUnd...Read More
Nickel prices rallied well ahead of the fundamentals during LME Week when the market got carried away by the prospects for demand from the electric vehicle (EV) market. Having set a high of $13,030 per tonne, prices corrected to $10,740, which felt justified given increased ore shipments from Indonesia and the Philippines. Prices have since rebounded back above to $12,000 per tonne but this move i...Read More
SHANGHAI, Jan 9 (SMM)? 1/4 ? Nickel ore exports from the Philippines to China were expected to be 720,000 wmt, or 6,600 mt in Ni content, according to SMM research. This is down 76% from volumes seen in November.The slump was mainly led by the raining season in Surigao region while shipments in Palawan and Zambales only rose slightly. Shipments from Tawi-Tawi region was stable.On quality breakdown...Read More
The metals are in the middle of a major bull-bear debate, as witnessed by the last few trading days. After breaking out on Jan. 2 and making recent highs on Jan. 4, metals have started to move sideways to lower. The pattern is typical of a market topping, and this should be the top in gold and silver for now. Volume also peaked on Jan. 4, giving all the indications that the metals were ready to t...Read More
• Resurgent USD demand prompts fresh selling. • Surging US bond yields exert additional pressure. Gold came under some renewed selling pressure on Tuesday and resumed with its corrective slide from last week’s three-and-a-half month highs. The precious metal struggled to build on overnight rebound and was now being weighed down by a strong follo...Read More
The following is a summary of our recent podcast interview with Gary Dorsch on Stocks, Commodities, which can be accessed on our site here or on iTunes here. We've witnessed remarkable stock market performance in the last year and a half, with the Dow Industrials and S&P 500 not experiencing a 3 percent or greater pullback during this parabolic rally. "This has never h...Read More
SHANGHAI, Jan 9 (SMM)? 1/4 ?Cooper: While LME copper sees temporary support at $7,100/mt, the SHFE copper is expected to trade downwards to 54,000 yuan/mt. However, the implementation of copper scrap policy and the expected supply tightness of concentrate would limit the down side. LME copper is expected to trade at $7,090-7,150/mt today and the SHFE 1803 contract is to trade at 54,300-54,900 yuan...Read More
SHANGHAI, Jan 9 (SMM)? 1/4 ? The operating rates at zinc smelters in December dropped 4.16 percentage points from the previous month with companies of all sizes seeing declines.Even though some smelters have come out of their maintenance schedules and Hunan Kingstone Mining has resumed its production, overall output was down over 20,000 mt from November, according to SMM research.Shorter supply of...Read More
SHANGHAI, Jan 9 (SMM)? 1/4 ?Cooper: While LME copper sees temporary support at $7,100/mt, the SHFE copper is expected to trade downwards to 54,000 yuan/mt. However, the implementation of copper scrap policy and the expected supply tightness of concentrate would limit the down side. LME copper is expected to trade at $7,090-7,150/mt today and the SHFE 1803 contract is to trade at 54,300-54,900 yuan...Read More
Quiet start to 2018... Tin was fairly quiet on the LME during the first trading week of 2018 as industrial metals experienced some profit-taking after investors overextended their long positioning in final week of 2017. The global macroeconomic backdrop remains robust, however, and we believe the stronger tone to metal prices will continue. ...but tin has some catching up to do For tin specificall...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
Impressive Economic AccelerationOur theme for 2018 is for an even stronger economy accompanied by slowing stock market growth as compared to 2017. Much of the slow recovery since 2009 has been on the backs of the consumer without the normal contribution of Investment Spending and Exports. The new expansion cycle we entered in 2016 appears to have sparked a return of more normal...Read More
SHANGHAI, Jan 9 (SMM)? 1/4 ?Cooper: While LME copper sees temporary support at $7,100/mt, the SHFE copper is expected to trade downwards to 54,000 yuan/mt. However, the implementation of copper scrap policy and the expected supply tightness of concentrate would limit the down side. LME copper is expected to trade at $7,090-7,150/mt today and the SHFE 1803 contract is to trade at 54,300-54,900 yuan...Read More
Zinc has opened 2018 in a buoyant mood; LME 3-month zinc has set a fresh high of $3,390/tonne at the start of this week. The fundamentals point to a supply deficit, exchange stocks are falling and demand looks robust, driven by concerted global growth. At the same time higher prices are likely to attract more interest in forward selling and may attract more idle capacity restarts, but the outlook...Read More
Bullion beats other major assets since the central bank hikedPrecious metal touched three-month high above $1,325 last weekRhodes Says Gold Had Solid Year in 2017Gold’s outperformed most major assets since the U.S Federal Reserve last month raised interest rates -- even bitcoin.Gold Medal for GoldMetal outperformed major assets since day before Fed raised ratesRead More
(Kitco News) - Gold prices are solidly lower and trading near the daily low in mid-morning action Tuesday. Early losses were extended when the U.S. stock market opened at new record highs, to continue to keep investor interest less keen on the safe have gold and silver markets. Also, the U.S. dollar index is rallying early this week, which is another negative outside-market element working against...Read More
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Say a quick prayer for GoPro (NASDAQ:GPRO) this morning.The world's premiere maker of go-anywhere cameras for skydivers, kayakers and other adventuring-types has entered a tailspin. The company just warned investors it’s slashing 250 jobs and ditching its drone business as it attempts to turn a profit this year.The former IPO darling's stock did not take the news well. Shares plummeted more...Read More
The Dollar jumped to a fresh weekly high against a basket of major currencies on Tuesday amid market optimism over the US Federal Reserve raising interest rates at least twice in 2018. There is a suspicion that Dollar bullish investors are starting to look beyond December’s disappointing NFP headline figures, and have their sights set on wage growth which held steady at 2.5% to support the D...Read More