Aluminium
Lead and zinc gain as copper declines
by Elaine Frei
Base metals prices were mixed on Thursday, with lead and zinc gaining value but copper and aluminium seeing losses.
Lead added 0.5 percent to $2,995 per tonne in London after going as high as $3,021 during the day as demand for use in car batteries was predicted to be higher than production this year and as [...]
Precious metals see gains
by Elaine Frei
Prices for precious metals were higher on Thursday in New York.
August gold added $6.20 to $668.30, its highest closing level since early June.
Analysts said that investors are interested in gold because it looks as if US interest rates will hold steady for the rest of the year and because the dollar is likely to decline [...]
Rio Tinto acquires Alcan
by Gill Montia
Alcan, the Canada-based aluminium company, is being acquired by Rio Tinto, for US$38.1bn.
The offer is above that made by Alcoa, the US group, which made a $27.5bn hostile bid for the group in May, following two years of negotiations aimed at a achieving a friendly merger.
The new aluminium product group will be based in Montreal [...]
Private equity interest aroused
by Gill Montia
A recent report by Ernst & Young Global Mining and Metals Center has suggested that private equity investors are becoming interested in the mining sector.
Traditionally, private equity houses have shunned the industry because cash flows were unpredictable and capital costs significant but the report, which is entitled Mining Is Now the Time for Private Equity, [...]
Gold prices down; platinum gains
by Elaine Frei
Metals prices were mixed on Wednesday
Gold was lower in New York, ending the session $2.30 lower to $662.10 per troy ounce after the US dollar declined against the euro once again.
One analyst said that the decline of both the dollar and gold, which usually move in opposite directions, meant that the euro will not likely [...]
India seeks overseas partners in developing gold reserves
by Gill Montia
The Government of India has expressed concerns about the size of the country’s bill for importing gold.
According to the minister of state for mines, T Subbarami, each year India imports approximately 800 tonnes of gold, worth Rs 55,000 crore.
Essentially, this is because the country’s own reserves are underdeveloped and in his statement, the minister acknowledges [...]
Copper drops on China imports data
by Elaine Frei
Precious metals prices were mixed on Tuesday, but base metals prices were lower.
August gold had added $1.90 to $667 per troy ounce by early afternoon trade in New York and September silver gained 16 cents to $12.98 per troy ounce.
However, October platinum dropped $4.50 in New York to trade at $1,313.50 per troy ounce.
Copper was [...]
Alcoa predicts 33.6% rise in China’s demand for aluminium
by Gill Montia
Alcoa Inc, the world’s largest aluminium producer, has reported that it expects demand for aluminium from China to increase 33.6% during 2007, to 11.7 million metric tons. This compares with the 23.1% increase forecast in April of this year.
Alcoa also expects demand for aluminium to increase in Latin America and the former Soviet Union countries [...]
Gold gains $7.70 per troy ounce
by Elaine Frei
Precious metals prices rose on Monday.
August gold added $7.70 to $662.50 per troy ounce in New York as investors speculated that the dollar will fall and increase demand for metals as safer investments.
The US dollar was weaker during the day against sterling while it remained about even versus the euro, hurt by the expectation that [...]
Copper up on strikes, low inventories
by Brian Turner
Copper prices were higher in London on Monday, breaching the $8,000 level for the first time since May before dropping back to trade at $7,985 per tonne by the close of trade, still a gain of 1.6 percent on the session.
The gains came as inventories in London Metal Exchange warehouses dropped by 3,400 tonnes to [...]
Minara downgrades full year forecast for Nickel
by Gill Montia
Australia’s second largest nickel producer, Minara Resources, has downgraded its full year forecast.
The group expects full year output for 2007 to be between 31,000 and 33,000 tonnes of nickel, despite having achieved an improved performance in the second quarter of 2007. (Previous forecasts stood at 32,000 to 35,000 tonnes.)
Production trends at the front end of [...]
Platinum gains over $7 per troy ounce
by Elaine Frei
Precious metals prices were higher on Friday, with August gold $4.20 higher in early afternoon trade in New York, to $654.38 per troy ounce. Earlier in the day, the price of Gold had been up to $657 per troy ounce.
September silver was at $12.76 per troy ounce, a gain of 18 cents, after being at [...]
Gold prices fall on stronger dollar
by Elaine Frei
The price of both gold and silver fell on Thursday in New York, with the decline of gold blamed on a stronger dollar.
August gold dropped $4.80 to $650.60 per troy ounce, as analysts predicted that it will continue to decline as long as the dollar continues to strengthen.
Meanwhile, September silver was down 11 cents to [...]
Copper gains 2 cents/lb. in New York
by Elaine Frei
Prices for precious metals were lower in New York on Tuesday. August gold closed out the session to trade at $655.50 per troy ounce, a decline of $3.80.
Gold to be delivered immediately dropped the same amount to trade at $653.45 per troy ounce in London.
September silver was also lower in New York, [...]
Gold, platinum each add more than $8 on session
by Brian Turner
Gold futures were $8.30 higher in New York on Monday as investors looked for safe places to put their money after recent terrorist activity in the UK.
In addition, higher crude oil prices helped drive the price of gold higher while the dollar declined on global currencies markets.
August gold traded at $659.20 per troy [...]