Protectionism in the global steel market will likely become stronger, with Canada and Egypt likely to start safeguard cases, participants at the Eurometal Steel Net Forum & International Steel Trade Day in Hamburg, Germany, heard on Tuesday October 9."We see many investigations taking place, one copying another, a domino effect on many levels, in many cases. We still would not exclude more escalat...Read More
Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,...Read More
Tungsten miner Wolf Minerals' UK subsidiary has fallen into administration after failing to secure funding, the company said on Thursday October 11. The company said it had been unable to satisfactorily conclude its discussions with its key financial stakeholders. It subsequently put its Drakelands mine in Hemerdon, Devon, into administration because it is not in a position to meet its short-term...Read More
Fastmarkets MB published one of its chrome ore and two ferro-chrome prices later than scheduled on October 5.As a result of a technical error, Fastmarkets' Chrome Ore South Africa UG2 concentrates index, ferro-chrome European benchmark indicator and ferro-chrome China import charge chrome index for October 5 were published on the Fastmarkets MB price book later than scheduled.Fastmarkets MB's pric...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain paralyzed until...Read More
The latest news and price moves to start the Asian day on Friday October 12.Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin. Read more in our...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Thursday October 11.Base metals prices on the Shanghai Futures Exchange were mostly lower during Asian morning trading on Thursday October 11 amid concerns over the global macro-economic environment and dollar strength.Check Fastmarket MB's live futures report here. The price of silicon...Read More
Investing.com - Gold prices extended gains on Thursday on safe-haven demand after global markets tumbled. A weaker dollar was also cited as supportive.Gold futures for December delivery were up $3.30, or 0.3%, at $1,196.8 a troy ounce by 1:20AM ET (05:20 GMT). “Investors might start to look for alternative investments to equities, as factors such as high country debt levels and emerging infl...Read More
Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,...Read More
The London Metal Exchange benefitted from 2018's "economic turbulence" and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said. Speaking at the LME Week annual dinner on Tuesday October 9, Chamberlain said: "For the LME, 2018 should be remembered as the year that our volumes returned to growth, and our exchange returned to confidence." He accepted tha...Read More
Trading activity was limited in the spot market on Thursday October 11, while the benchmark 62% Fe iron index rose slightly.Metal Bulletin 62% Fe Iron Ore Index: $71.30 per tonne cfr Qingdao, up by $0.16 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $70.33 per tonne cfr Qingdao, up by $0.16 per tonne.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $76.30 per tonne cfr Qingdao, down...Read More
* Wall Street dips again, pulling crude futures down* U.S. crude stocks up by 6 mln barrels -EIA* Gulf of Mexico oil output cut by 40 pct on Hurricane Michael (Updates with settlement prices; adds commentary, market activity)By Stephanie KellyNEW YORK, Oct 11 (Reuters) - Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearis...Read More
(Updates with details, adds stocks move, quote)By Swati BhatMUMBAI, Oct 11 (Reuters) - The Indian rupee plumbed new lows and stock markets fell deeper into the red for the year on Thursday, rocked by sell-offs across global markets spooked by escalating global trade tensions and warnings of a growth slowdown.The Indian rupee fell to 74.4850 per dollar levels in early trade, off 0.4 percent on day....Read More
* NSE, BSE indexes end about 2.2 pct lower* Sharp sell-off across the globe* HPCL rises over 16 pctOct 11 (Reuters) - Indian shares plunged more than 2 pct on Thursday, at their lowest closing levels since April, mirroring the markets rout across the globe amid rising trade concerns and expectation of rate hikes in the United States.The benchmark BSE index .BSESN closed down 2.19 percent at 34,001...Read More
BENGALURU, Oct 11 (Reuters) - Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year.The declines came even as Wall Street suffered its worst drubbing in eight months.FUNDAMENTALS* Spot gold XAU= was down 0.2 percent at $1,192.41 an ounce at 0105 GMT.* U.S. gold futures GCv1 were up 0.2 percent at $1,195.70...Read More
Turkish steel producers resumed their deep-sea scrap purchasing activity on Thursday October 11, with prices going down, Fastmarkets heard.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded, 7,000 tonnes of HMS 1, 2,000 tonnes of busheling and 6,000 tonnes of cut rebar at an average price of...Read More
The London Metal Exchange benefitted from 2018's "economic turbulence" and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said. Speaking at the LME Week annual dinner on Tuesday October 9, Chamberlain said: "For the LME, 2018 should be remembered as the year that our volumes returned to growth, and our exchange returned to confidence." He accepted tha...Read More
The Comex copper price recovered in morning trading on Thursday October 11 although the complex remains vulnerable due to heavy selloffs in the equities space.The copper price for December settlement on the Comex division of the New York Mercantile Exchange rebounded 1.35 cents or 0.5% to $2.7940 per lb.Yesterday, US equity markets plummeted, driven by trade uncertainties and the Federal Reserve p...Read More
German copper giant Aurubis' proposed sale of its rolled-copper product business to counterpart Wieland-Werke may not proceed with the current terms following a preliminary assessment by European Commission (EC), the company said on Wednesday October 10. The deal is unlikely to be settled with the proposed remedies, according to a statement. Meanwhile the EC has requested Wieland take further acti...Read More
A requirement that the world's largest copper producer hands over 10% of its sales to the Chilean military has a strong chance of being phased out, the chairman of Codelco said. Juan Benavides, who replaced Oscar Landerretche as chairman of the copper producer in May, told Fastmarkets MB that a proposal is currently being discussed in Chile's Congress that would see payments from Codelco taper ove...Read More