The following Metal Bulletin non-ferrous European free market scrap prices changed on Friday March 23:Aluminium scrap Floated Frag: ?,?1,270-1,290 per tonne from ?,?1,270-1,300 Cast:...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Increasing trade tensions between the United States and China had significant repercussions on the global steel markets on Friday March 23.Ferrous futures in China plunged during the morning trading session, with both countries announcing tariffs on each other's products.China has announced plans to imp...Read More
It was all going so well for the London Metal Exchange metals at the turn of the year: Robust late-2017 price strength was initially carried through into January, with a commensurate increase in turnovers, and the words "bull market" were on many people's lips. But, as winter turns into spring and temperatures mostly rise, the heat has gone out of the market, and much of that bullish ardor has coo...Read More
It was all going so well for the London Metal Exchange metals at the turn of the year: Robust late-2017 price strength was initially carried through into January, with a commensurate increase in turnovers, and the words "bull market" were on many people's lips. But, as winter turns into spring and temperatures mostly rise, the heat has gone out of the market, and much of that bullish ardor has coo...Read More
(Kitco News) - Gold prices quickly climbed in Asian trading on Friday, as investors rushed to safety amid escalating fears of a trade war following U.S. President Donald Trump’s announcement of tariffs on Chinese goods.April Comex gold futures jumped to $1,336.70, up 0.70% on the day, while spot gold on Kitco.com was last trading at $1,337.00, up 0.63% on the day. By Anna Golubova For Kitco...Read More
(Kitco News) - Gold prices are going up this year and the U.S. dollar will be the yellow metal’s primary driver, said one precious metals expert.“Which way the dollar moves … will be key for gold,” partner at Vertical Research Michael Dudas told CNBC on Wednesday. “[The U.S. dollar] has been the most important pressure on gold prices that we witnessed over the last f...Read More
A combination of factors, which have had a profound impact on the U.S. equities markets, have resulted in U.S. equities trading dramatically lower and moving into corrective territory. These factors have also created bullish tailwinds for gold prices.As of 4:00 PM Eastern standard time, gold futures are trading up $7.50 on the day at $1,330 per ounce. Higher gold prices have moved in tandem with a...Read More
(Kitco News) - Despite avoiding an imminent trade war with the U.S. over steel and aluminum tariffs, Canada should not be breathing easier, this according to Shark Tank star Kevin O’Leary. “I don’t think the long-term outcome of the negotiations is going to be better for Canada,” O’Leary told Kitco News. “For example, on steel, what will probably end up in the...Read More
(Kitco News) - Gold futures prices were ending the Thursday U.S. day session modestly up but well down from daily highs. Meantime, the cash gold market was weaker today following its big afternoon gains on Wednesday. A firming U.S. dollar index today somewhat limited buying interest in the precious metals markets. April Comex gold futures were last up $3.90 an ounce at $1,325.40. May Comex silver...Read More
(Kitco News) - A weight has been lifted from the gold market after the Federal Reserve signaled Wednesday that it is in no hurry to raise rates faster than it was already expecting this year, according to one gold analyst.In a telephone interview with Kitco News, George Milling-Stanley, head of gold investments at State Street Global Advisors said that he now expects gold prices to eventually rete...Read More
Commodities are “still the best hedge against rising inflation risks,” says Goldman Sachs. In a research note, analyst point out that whereas inflation risks had been subdued during the recovery from the financial crisis, market participants are increasingly starting to worry about “overheating” due to economic growth and increasing labor-market tightness. “In summary...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term.Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our market professional survey.Readers can al...Read More
The latest news and price moves to start the Asian day on Thursday March 22.Base metals prices on the London Metal Exchange closed higher across the board on Wednesday March 21 after the dollar weakened slightly. Read more in our live futures report.Here are how LME prices looked at Wednesday's close:Major international mining companies active in the Democratic Republic of the Congo previously sup...Read More
The latest news and price moves to start the Asian day on Thursday March 22.Base metals prices on the London Metal Exchange closed higher across the board on Wednesday March 21 after the dollar weakened slightly. Read more in our live futures report.Here are how LME prices looked at Wednesday's close:Major international mining companies active in the Democratic Republic of the Congo previously sup...Read More
Base metals prices on the London Metal Exchange plummeted at the close on Thursday March 22, while the dollar index staged a recovery.Nickel prices were the worst affected closing 2.7% lower and trading at a low of $13,060 per tonne - its lowest since February 12. The metal is under pressure from poor underlying demand from Chinese stainless steel mills. "Stainless steel prices in China have strug...Read More
Volatility is the key risk to lead and zinc prices for the next few years and traders should begin to hedge their risk, Oliver Nugent, commodity strategist at ING Bank, said on a panel at Metal Bulletin's Lead & Zinc conference in London on Thursday March 22. "Volatility is on the horizon and so much can happen - the lead and zinc prices are especially prone to this," he told delegates at the two-...Read More
Rising zinc stocks on the London Metal Exchange could be an effect of "sluggish" conditions in China, Nicholas Snowdon, a metals analyst at Deutsche Bank, said at Metal Bulletin's Lead & Zinc conference in London on Thursday March 22. The largest zinc delivery in nearly five years hit the LME on March 5, with 78,950 tonnes delivered into New Orleans warehouses in one go. "If you look at the state...Read More
China's stricter regime of environment controls was one of the key factors influencing fundamentals and prices in the Chinese ferro-alloys markets in 2017, and these controls will continue to affect supply and prices this year.This was the consensus of opinion among market participants during the 19th Asian Ferro-Alloys Conference, held in Hong Kong on Thursday March 22.Chinese President Xi Jinpin...Read More
Lawyers acting for Hernic Ferrochrome have named Samancor Chrome as the preferred bidder for the distressed South African chrome producer, in a deal worth an initial 500 million South African rand ($42.4 million). The company went into business rescue in September 2017 and indicative bids were submitted in December. The purchase price for the asset is an aggregate amount of 500 million rand for th...Read More
China's stricter regime of environment controls was one of the key factors influencing fundamentals and prices in the Chinese ferro-alloys markets in 2017, and these controls will continue to affect supply and prices this year.This was the consensus of opinion among market participants during the 19th Asian Ferro-Alloys Conference, held in Hong Kong on Thursday March 22.Chinese President Xi Jinpin...Read More