CME Group: Aug. Metals Volume Rises Slightly From Year Ago
Exchange operator CME Group reports that metalsvolume averaged626,000 contracts per day in August, which was up 1% from 622,000 inAugust 2017. Among the highlights, copper futures and options average dailyvolume increased 16% to 149,000 contracts. Average daily volume in gold optionsrose 29% to 57,000 contracts. On a rolling three-month basis, metals volumeaveraged 644,000 contracts during the period ending in August. This was downfrom 661,000 for the three-month period ending in July, 674,000 for the periodending in June and 680,000 for the period ending in May.
By Allen Sykoraof Kitco News; asykora@kitco.com
Metals Focus: U.S. Silver Powder Exports Strong But To Ease
Wednesday September 04, 2018 10:00
U.S. silver powder exports were little changed year-on-year inJune but were strong during the first six months of the year, says theconsultancy Metals Focus. However, they are likely to wane in the second halfof 2018. The first-half strength was in large part due to photovoltaicdemand in China as companies rushed to finalize installations before feed-intariffs were reduced at the beginning of June as a part of the government’spolicy announced earlier this year, Metals Focus says. “However, the impetusthis created has now led to a mismatch between PV demand and supply, which inturn has resulted in downward price pressure for finished cells,” theconsultancy continues. Meanwhile, other government policies now are weighing onthe global PV industry, particularly U.S. import tariffs, Metals Focusexplains. “In the context of U.S. silver powder offtake, it therefore looks asthough the second half of this year will see a much slower pace of fabricationdemand,” Metals Focus says. “To put this into perspective, during [the firsthalf], the volume of reported U.S. gross exports totaled 518t [tonnes], anincrease of 29% y/y [year-over-year]. Furthermore, this was the highesthalf-yearly level since H1.11, when gross exports reached 714t. For calendar2018, we therefore expect to see solid growth, but well below the H1.18performance.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank: Gold/Silver Ratio Hits Highest Level In Decade
Wednesday September 04, 2018 10:00
Gold has been outperforming silver and platinum, with thegold/silver ratio this week climbing to its highest level in a decade, saysCommerzbank. The ratio measures how many ounces of silver it takes to buy anounce of gold, with a rising number meaning outperformance by gold, andvice-versa. Both metals were hurt Tuesday by a stronger U.S. dollar. “Thesilver price dropped to $14 per troy ounce and the platinum price to below $770per troy ounce,” Commerzbank says. “Besides a falling gold price, silver andplatinum were dragged down by the weak base metals prices. As a result, thegold/silver ratio increased to over 84, its highest level in almost 10 years.The price gap between gold and platinum has widened to $415 per troy ounce.”
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.