When the London Metal Exchange amended its policies related to its physical delivery network a few years ago, it overlooked one key thing. The issue centers on LME's linked load-in/load-out (LILO) rule, which operates by linking the amount of metal a warehouse loads in to the amount it is obligated to load out for warehouses that have queues of over 50 days.The rule changes were part of package of...Read More
After gold's plunge on Thursday, it made a comeback attempt on Friday. But that erased only half of Thursday's vigorous decline. The situation in silver and gold miners doesn't provide much ground for optimism either. The silent scream we wrote about in the Wednesday's Alert for our subscribers brought serious repercussions. Both immediately and step-by-step as in a trainwreck in s...Read More
Hilde Merete Aasheim has been appointed new president and chief executive officer of aluminium producer Norsk Hydro, effective May 8.She will succeed Svein Richard Brandtz??g, who steps down after 10 years as CEO.Brandtz??g, who became CEO of Hydro in March 2009, has been working in Hydro for 33 years and will remain with the company...Read More
Stocks extended their short-term uptrend on Friday, as investors' sentiment remained bullish following the recent advances. The S&P 500 index was the highest since the early October. But will the rally continue despite some short-term technical overbought conditions?The U.S. stock market indexes gained 0.5-0.8% on Friday, as investors' sentiment remained bullish following the recent rally. The...Read More
Revenue garnered from the United States' Section 232 tariffs - in place for almost a year - stood at $4.3 billion for steel and $1.4 billion for aluminium as of Thursday February 21, 2019, according to data from US Customs and Border Protection.While the blanket 25% steel tariffs imposed by US President Donald Trump's administration has helped US steel mills to reap record profits, restart id...Read More
The gold shares ETF is trading between my semiannual value level at $120.36 and the Feb. 20 high at $127.21.The commodities ETF is poised to pop if it holds its 200-week SMA at $15.78 upside to its 200-day SMA at $16.48.The long dollar ETF is trading between my annual pivot at $25.47 and my semiannual risky level at $26.39.Here are the daily charts for the gold, commodities and the dollar ETFs. Th...Read More
Published 23 Hours AgoUpdated10 Hours AgoReuters Leonhard Foeger | ReutersGold prices rose on Friday, recovering from the previous session's sharp fall, as the dollar dipped and mounting concerns about a slowdown in global economic growth boosted demand for the safe-haven bullion.Spot gold had gained by 0.33 percent to $1,305.11 per ounce, after shedding about 1 percent the day before. U.S. gold...Read More
In less than two weeks, the Zambian government is set to introduce a new series of tax measures: rocketing tax rates have prompted some copper producers to shut down their operations, while others have cut production and costs to keep their businesses running in the world's sixth largest copper producing country. A tax regime comprising a new sales tax and an increase in mineral royalty tax (...Read More
GOLD threatening further upside pressure nearer term as it closed higher the past week. The pair looks to move higher towards the 1,310.00 resistance zone in the new week. Further out, resistance resides at the 1,320.00 level where a break will aim at the 1,330.00 level. A turn above there will expose the 1,340.00 level. Further out, resistance stands at the 1,350.00 level. Its daily RSI is pointi...Read More
The price of gold retested the $1300 level last week.Aggressive futures short-selling on the Comex took the price of gold below $1300 on Thursday.I believe the long period of consolidation in the precious metals sector is finally ending.I sourced the chart below from a blog called The Macro Tourist. I added the title and the two yellow trend lines. The chart shows the daily price of gold since the...Read More
Louis joins Sean on SGTreport for a wide-ranging update on the economy, the markets, gold, silver, the US dollar, and a whole lot more...Louis Cammarosano interviewed by Sean on SGTreportLouis joins Sean on SGTreport for a wide-ranging update including the economy, the markets, gold, silver, the US dollar, and a whole lot more!Thanks for tuning-in to this wide ranging update in its entirety below...Read More
James Hyerczyk21 hours ago (Mar 18, 2019 3:23 AM GMT)Gold futures closed higher last week, confirming the previous week’s closing price reversal bottom. The market was driven higher by a drop in U.S. Treasury yields. This move made the U.S. Dollar a less-desirable investment, while driving up demand for dollar-denominated gold. Helping to put a cap on gold prices was increased demand for hi...Read More
Aluminium on the London Metal Exchange was higher at the close of trading on Monday March 18, having peaked at its highest since February 6.The three-month aluminium price ended at $1,920.50 per tonne, up $23.50 from the pre-weekend close.For much of March, the three-month price held below resistance at $1,900 per tonne. It hit a two-month low of $1,845 per tonne on March 11. Around 45% of LME alu...Read More
The Comex copper price ticked higher in morning trading on Monday March 18 with markets awaiting a resolution to the US-China trade negotiations that have dictated investor sentiment for months. The copper price for May settlement on the Comex division of the New York Mercantile Exchange gained 1.65 cents to $2.9225 per lb. "Ongoing US/China trade talks remain under way... as the two sides continu...Read More
The seaborne coking coal market was muted on Monday March 18 following a flurry of trades involving forward cargoes last week. A May-laycan cargo of premium hard coking coal was heard offered at $214 per tonne fob Australia during the day. A May-laycan cargo in the same category had changed hands at $204 per tonne fob Australia last week.Second-tier cargoes were heard offered at around $192-194 pe...Read More
Anglo American has installed 256 photovoltaic panels that float on the tailings containment pond at its Los Bronces complex. This pilot project is expected to generate 150 MWh/year from 256 photovoltaic cells.The mine is located 65 km from Santiago at an elevation of 3,500 metres. The cells are designed to withstand extreme weather such as snow and heavy rain. Even winds of 210 km/h should not dis...Read More
A union at Chile's Sierra Gorda copper mine, controlled by Polish mining company KGHM, could go on strike this week after rejecting the latest offer in contract negotiations, the union leader told Reuters on Monday.The company still has until the end of Tuesday to request government mediation to help reach a deal with the union of 520 workers."I hope they will be ready to have an agreement because...Read More
Chile's economy surged in the fourth quarter as increases in mining output and investments set the stage for continued growth going forward.Gross domestic product grew 1.3 percent in the fourth quarter, up from a revised 0.2 percent expansion in the three months through September. The economy expanded 3.6 percent from the fourth quarter of 2017 and 4 percent for the full year of 2018, the central...Read More
Havilah Resources (ASX: HAV) is planning to run a detailed, high resolution, airborne electromagnetic survey or AEM to explore for additional copper-cobalt resources in the Mutooroo copper-cobalt district, located in New South Wales, eastern Australia.The survey is planned to commence in mid-April and it is expected to take at least three weeks to complete. This type of study has never been done o...Read More
CIS slab producers continued to keep their offer prices steady in the second half of March, supported by reduced availability of the material in the market due to imminent repair works at some sites.This was despite the lack of buying activity and comparatively much lower bids being placed by customers.Offers of CIS-origin billet were heard within the range of $500-505 per tonne fob Black Sea in t...Read More