Martin Riesen, head of trading at storied metals merchants MRI, left the company on Monday March 25, Fastmarkets understands.Riesen was promoted into the role in March 2017. His departure follows that of head of copper concentrates trading...Read More
The Monday Market Minute US stocks steady as stronger-than-expected reading of German business sentiment takes sting from yield curve inversion following heavy selling overnight in Asia.U.S. Treasury curve slopes positive between 3-month bills and 10-year notes, after tipping into inversion for the first time since 2007 last week, as Chicago Fed President Evans plays down the chances of near-ter...Read More
The global equity recovery that took benchmarks to a five-month high is now showing signs of cracking amid weakening data and a pivot by global central banks away from monetary normalisation, which itself reflects concerns about the outlook, Bloomberg said.Gold was above US$1,316 an ounce on the spot market earlier and gold equities were a standout on global markets.Australian-based gold major New...Read More
Long-term contract and import prices for ferro-chrome rose again in China in the week ended Friday March 22 on higher tenders from stainless steel mills and load shedding by South Africa electricity company Eskom. April tenders push up long-term contract prices in ChinaCharge chrome import prices rise on protracted power constraintsAlloy prices rise in South KoreaEuropean alloy prices flatline de...Read More
The bank's commodities strategist Marcus Garvey said in a note Friday that price forecasts had been revised lower across the board to reflect a mark-to-market exercise rather than supply-demand modelRead More
By: RambusThere is a ratio chart, $Gold:$XAU, we haven't looked at in quite awhile that has helped us in the past to locate some important turning points for the PM stocks. I'm not going to get into all the details tonight but this ratio chart shows you just how undervalued the $XAU or precious metals stocks in general are to gold itself. From the mid 1980's to the 2008 GFC crash the horizontal...Read More
It's tempting to think last week's high at 2866.00 (click on inset) will mark the final gasp of an exceptionally powerful bear rally. If so, it will have occurred in a place where we might have expected Mr. Market to spring a nasty trap on bulls and bears alike. The latter would have thrown in the towel and covered short positions when the S&Ps broke out over the last two weeks above three des...Read More
A ramp-up in Chinese zinc production is expected to accelerate from the second quarter of this year, boosted by the completion of upgrades at smelting facilities across the country and a surge in treatment charges (TCs) amid a relatively oversupplied raw materials market, sources told Fastmarkets.A large amount of refined zinc capacity in China has been shut or suspended over the past two years du...Read More
The Chinese antimony price continued to trend down for the fourth consecutive week amid persistently weak demand and abundant supply in the latest assessment period ended Wednesday March 20. Fastmarkets' price assessment for MMTA standard-grade II antimony, delivered duty-paid in China, fell 1.6% week on week to 45,000-46,000 yuan ($6,723-6,872) per tonne on Wednesday March 20, from 46,000-46,500...Read More
Key data from the Friday March 22 pricing session in London.Key drivers - Some sellers continued to offer aggressively to get stock off their books, but others took a step back and held their offers within range. - Consumers were emboldened to bid aggressively after...Read More
Turkish steel mills added two more cargoes to round off last week's activity before going quiet in the deep-sea scrap markets after the government's response to Donald Trump's Golan Heights comments. A steel producer in the Marmara region booked a US cargo, comprising 35,000 tonnes of HMS 1&2 (80:20) at $323 per tonne cfr and 5,000 tonnes of bonus at $333 per tonne late on Friday March 22.The same...Read More
Rubicon's Phoenix Gold Project in the Red Lake mining camp of northwestern Ontario. Source: Rubicon Minerals Corp.Rubicon Minerals Corp. [RMX-TSX; RBYCF-OTC] on Monday March 25 released its plans for advancing its flagship Phoenix gold project near Red Lake, Ontario, this year.The company said it aims to produce a NI 43-101 mineral resource estimate in the first half of 2019, based on 20,000 metre...Read More
Turkish domestic auto-bundle scrap prices have gone up over the past seven days, while ship scrap prices fell because the country's lira has weakened against the US dollar, sources said on Monday March 25.Fastmarkets' weekly price assessment for domestic auto-bundle (DKP-grade) scrap in Turkey was TRY1,700-1,870 ($295-324) per tonne delivered on Monday, widening upward from last week's TRY1,700-1,...Read More
Wallbridge Mining's Fenelon gold property in northwestern Quebec. Source: Wallbridge Mining Co. Ltd.Wallbridge Mining Co. Ltd. [WM-TSX; WC7-FWB] shares were active Monday March 25 after the company released encouraging results from its 100%-owned Fenelon gold property in northwestern Quebec.Wallbridge said the first hole of its 2019 drill program has intersected multiple visible gold-bearing shear...Read More
China's copper scrap imports in February dropped by 63% month on month and by half compared with February 2018, according to the latest Chinese customs data released on Monday March 25. China imported 64,622 tonnes of copper scrap in February 2019, a sharp drop of 63.5% from 176,900 tonnes in January. This was attributed to a fall in activity during the week-long Lunar New Year holiday in February...Read More
The Comex copper market was listlessly trading on Monday March 25 morning in the United States, with the market in a general state of paralyses. The copper price for May settlement on the Comex division of the New York Mercantile Exchange was flat at $2.8425 per lb. Without fresh catalysts, the red metal has been unable to generate a consistent direction over the last few weeks, which has continue...Read More
Life doesn’t always go according to plan… or ummm script. Really, if you rewind the tape to just a few years ago (or even in the summer of 2016 when I more or less decided it was time to pursue early FI full-time), I couldn’t have predicted that I’d be in the situation that I find myself in currently…Personally, I think the unpredictably of real life is what makes it...Read More
The London Metal Exchange three-month base metals prices ran into follow-through selling on the morning of Monday March 25 following the weak economic data points released at the end of last week.Flash manufacturing purchasing managers' index (PMI) data from the United States and Eurozone were disappointingly soft and underscored weakening global economic growth. The three-month nickel price was t...Read More
* German business climate index increases, survey shows * London's FTSE 100 leads losses * Britain's Inmarsat gains on $3.4 bln buyout offer (Updates to closing)By Susan MathewMarch 25 (Reuters) - Europe suffered a fourth day of lossesas persistent worries about the pace of global growth and Brexituncertainty took their toll on shares in the region.The pan-European STOXX 600 index closed 0.45perce...Read More