Aluminium
Platinum stocks should outperform gold
by Gill Montia
Foord Asset Management (FAM) is urging investors to look to platinum stocks as a medium to long-term investment, despite the strong gold price.
According to Mike Townshend, resource analyst at FAM, supply and demand fundamentals are stable for platinum, and companies involved in its production are planning to increase volumes.
Both the introduction of new environmental legislation [...]
Gold up $6 ahead of Fed meeting
by Elaine Frei
Precious metals prices were higher in New York on Monday.
December gold added $6 to $723.80 per troy ounce after going as high as $728.90 per troy ounce earlier in the session.
The gains came ahead of Tuesday’s meeting of the Federal Reserve, and analysts said the price gain was a bet by investors that the Fed [...]
Climate change report highlights miners’ exposure
by Gill Montia
Citigroup, the international financial conglomerate, has published a report that seeks to define the potential impact of climate change on mining companies.
The study reviewed the operations of 12 major mining companies and suggests that BHP Billiton, Rio Tinto and Norilsk “probably have the most significant exposures to manage” in the event of more frequent or [...]
Gold, platinum trade lower
by Elaine Frei
Precious metals prices were mixed in New York on Friday.
December gold dropped 10 cents to $717.80 per troy ounce after the US dollar gained on indications that while US interest rates will likely drop when the Federal Reserve meets next Tuesday, that cut will only amount to a quarter of a percent rather than the [...]
China tipped as number one gold producer
by Gill Montia
First-half figures for gold production have led GFMS, the precious metals consultancy, to suggest that China may become the world’s largest producer of the metal, in 2007.
In the six months to the end of June 2007, South Africa’s gold production fell 7%, to 134 tons.
During the same period, China’s output increased by 18%, to 129 [...]
December, spot gold drop in New York trade
by Elaine Frei
Precious metals prices were lower Thursday, with gold dropping on the possibility that the dollar could end its decline and reduce demand for gold.
December gold was $2.80 lower to $717.90 per troy ounce in New York, while spot gold fell $2.51 to $709.09 per troy ounce at just past 2 p.m. there.
However, a London-based analyst [...]
Copper up 4 cents in New York
by Elaine Frei
December copper added 4 cents to trade at $3.40 per pound in New York on Thursday, sent higher on reports from Southern Copper Corporation (NYSE: PCU) that its output could be reduced this year due to strikes that have been ongoing since the end of July at three mines in Mexico.
Three-month copper on the London [...]
Strike reprieve for Peruvian copper miner
by Gill Montia
The price of copper has fallen, following reports that mineworkers in Peru have called off a strike.
Workers at the country’s Southern Copper Corp called off the industrial action at the last minute, after the company agreed to resume pay negotiations.
The news from Peru has eased concerns that labour disputes could continue to substantially reduce production [...]
Copper declines in New York, London
by Elaine Frei
Metals prices were mixed on Wednesday.
Among base metals, December copper dropped 3 cents to $3.36 per pound in New York after a scheduled strike in Peru was cancelled and workers and management resumed wage talks.
In addition, a magnitude 8.4 earthquake off the coast of Sumatra was said by two mining companies there not to have [...]
Strong forecasts for gold price
by Gill Montia
Analysts are predicting that the gold price will remain high in the short to medium term.
Having exceeded $700 per ounce at the end of last week, the price has so far remained above that mark for a longer period than when it peaked in May 2006, at around $730.
The gold price is established by [...]
Copper gains on China imports figures
by Elaine Frei
Most base metals prices saw gains on Tuesday.
December copper was 13 cents higher in New York to $3.39 per pound on increased copper imports by China.
While August imports were 7.2 percent below July’s level, an expected decline that turned out to be less than some analysts had expected, imports into China for the year to [...]
Gold gains on USD weakness
by Elaine Frei
Precious metals prices were higher in New York on Tuesday as the US dollar dropped to near record lows in relation to the euro.
December gold was up $8.90 to $721.10 per troy ounce, even though some analysts worried that prices could still drop if investors begin to believe that last week’s rally was too much.
December [...]
Alcoa’s Brazilian project secures financing
by Gill Montia
Alcoa Aluminio has secured $255 million from the Brazilian National Development Bank (BNDB), for the development of a bauxite mine.
The company, which forms part of Aloca, Inc, the global aluminium supplier, will use the funds to develop the mine infrastructure and logistics for a site near Juruti, in northern Brazil’s Para state.
The project involves the [...]
Silver, platinum both lower
by Elaine Frei
Precious metals prices were mixed in New York on Monday.
December gold added $2.50 to $712.20 per troy ounce as the US dollar remained weak.
December silver, however, was 6 cents lower to $12.70 per troy ounce, while October platinum fell $1 to $1,294 per troy ounce.
Among base metals, copper remained virtually unchanged in New York with [...]
Gold investors watch and wait
by Gill Montia
The increase in the price of gold, which exceeded $700 at the end of last week, has led to eager anticipation on the part of gold investors who are waiting to see what direction the metal price takes this week.
The most significant factor behind the increase is the weakness of the US dollar, the value [...]
US jobs report affects metals markets
by Elaine Frei
Metals prices were mixed in New York on Friday, with precious metals higher but copper trading lower on the session.
December gold added $5.10 to $709.70 per troy ounce after the dollar declined on reports that there were fewer jobs in the US, the first decline in payrolls in 4 years.
December silver was 23 cents higher [...]
Consolidation to drive aluminium markets
by Gill Montia
Norsk Hydro ASA (Hydro), the Oslo-based aluminium producer, has reported that it is taking a close interest in the consolidation of the aluminium sector.
It is also observing developments in China, which it believes can indicate future trends in the aluminum markets, particularly in view of forecasts that the country may move from a slightly net [...]
Gold heads above $700 per ounce
by Elaine Frei
Metals prices were higher in New York on Thursday.
December gold breached the $700 level, adding $13.90 in afternoon trade to $704.60 per troy ounce.
December silver was 18 cents higher to $12.53 per troy ounce, while October palladium gained $15.90 per troy ounce as it continued its gains on higher demand.
Earlier in mid-morning trade, December palladium [...]
Downward trend for zinc
by Gill Montia
Mining Journal’s 20:20 Investor Series held a Zinc Day earlier this week at which zinc market expert Claire Hassall, of CHR Metals, opened proceedings on a somber note.
CHR Metals is an Internet-based provider of analysis of the lead and zinc markets and the 20:20 events are conference sessions aimed at giving participants up to the [...]
Gold drops on demand concerns
by Elaine Frei
Most metals prices were lower on Wednesday.
Precious metals dropped on worries that declines in equities markets will also dent demand for metals purchased as investments.
December gold dropped 60 cents in New York trade to $690.90 per troy ounce, while Decmeber silver fell 9 cents to $12.36 per troy ounce.
On the other hand, platinum was up [...]