Aluminium
Gold up with oil prices
by Elaine Frei
Precious metals prices were up in New York on Wednesday.
Gold for December delivery was $7.50 higher to $795.30 per troy ounce at the close of floor trade in New York after rising oil prices made the metal more attractive and as the US dollar fell to yet another low in relation to the euro.
December silver […]
Copper and Zinc stocks dangerously low
by Gill Montia
Teck Cominco, the Canadian diversified mining and metals company, has reported that global refined copper and zinc stocks are historically low.
According to Andrew Roebuck, the group’s marketing manager, stocks of the metals are at a point where they would be unable to absorb the effect of an increase in consumption or disruptions to supply.
Teck Cominco […]
Precious metals prices fall ahead of Fed decision
by Elaine Frei
Precious metals prices were lower Tuesday in New York.
December gold dropped $4.80 to $787.80 per troy ounce on the chance that the US Federal Reserve will not act to change interest rates Wednesday rather than cutting rates, as many analysts have believed it will do.
Speculation is that if interest rates are held steady, the dollar […]
Copper, lead prices drop on growing inventories
by Elaine Frei
Base metals followed precious metals and oil prices lower on Tuesday ahead of Wednesday’s interest rate decision from the US Federal Reserve, which is not seen as quite as likely now to cut rates as it has been in the run-up to the Fed’s meeting this week.
In New York, December copper dropped 4 cents to […]
Jewellery demand may temper gold price
by Gill Montia
The widely held view that the rise in the gold price is primarily related to a weak US dollar should be tempered by the commodity aspects of the metal.
Should, for example, demand from the jewellery industry decline, the gold price will most likely fall.
There are also concerns that the higher price of the metal might […]
Gold, silver climb as palladium, platinum see declines
by Elaine Frei
Precious metals prices were mixed on Monday as gold and silver rallied on the continuing rise in the price of crude oil and on the fall of the US dollar to another new low versus the euro as most analysts were convinced that the Federal Reserve will cut US interest rates again when it meets […]
Copper prices lower on wage agreement
by Elaine Frei
The price of copper dropped Monday after workers for Southern Copper (NYSE: PCU) came to a wage agreement with the company Saturday.
December copper in New York fell 2 cents to $3.52 per pound, while three-month copper on the London Metal Exchange was down $25 to $7,845 per tonne after rising as high as $7,969 per […]
CVDR third-quarter revenues increase to $8.1 billion
by Gill Montia
Companhia Vale do Rio Doce (CVRD), the Brazilian diversified metals and mining group, recorded increased revenues of $8.1 billion in the third quarter of 2007, a $732m rise on the same period of 2006.
The figure is, however, $775 million lower than in the second quarter of 2007, owing to a decline in revenues from nickel […]
Dollar decline supports metals prices
by Elaine Frei
Precious metals prices saw gains in New York as the US dollar dropped to new record lows against the euro and weakened against other currencies.
Gold for December delivery was $16.50 higher to $787.50 per troy ounce not only on the dollar’s current weakness, but also on the possibility that Middle East investors will buy gold […]
Mining stock values increase with resources boom
by Gill Montia
The value of some mining companies continues to increasing in line with an overall boom in resources stocks.
With the commodities and metals markets in their sixth consecutive year of growth, investors are now taking resources stocks seriously, along with commodities and metals.
Currently, major diversified stocks are amongst the leaders in terms of stock price performance, […]
Copper gains on China imports, US new home sales
by Elaine Frei
Copper prices were higher on Thursday in New York and London after new data showed demand up in China.
December copper on the Comex division of the New York Mercantile Exchange added 3 cents to $3.49 per pound, while three-month copper gained $80 to $7,765 per tonne on the London Metal Exchange.
The gains came even though […]
Precious metals prices follow oil higher
by Elaine Frei
Precious metals prices were higher Thursday as oil prices rose to new record highs and as the US dollar again declined in relation to the euro, to near-record lows before a slight bounce back.
December gold was $5.40 higher in New York to $771 per troy ounce, bringing its gains so far this year to 21 […]
Australia’s nickel mines in need of patriotic support
by Gill Montia
The managing director of Yilgarn, the Australian goldfield nickel miner, is calling for more appreciation from investors and the industry for modern Australian nickel miners.
Julian Hanna believes that “Australia is emerging as an increasingly larger supplier of concentrate internationally to meet world consumption of around 1.4 million tonnes per annum”.
Australian nickel mines produce between 8,000 […]
Gold prices rise as most other metals decline
by Elaine Frei
The price of gold rose in New York on Wednesday as other precious metals prices declined, with the gains coming as equities markets declined and crude oil prices rose again.
Gold also gained as the US dollar declined versus the yen after investors were put off risky carry trades on reports that sales and prices of […]
Peru’s mining unions take issue with Barrick Gold
by Gill Montia
The industrial relations difficulties that have dogged Peru’s copper mining industry this year look set to spread to the gold mining sector.
Production at Barrick Gold’s Pierina mine is currently under threat, with workers having voted in favour of strike action earlier this week.
Barrick Gold is Peru’s second largest gold producer, operating the Pierina and Lagunas […]
Platinum gains as South African mines remain closed
by Elaine Frei
Precious metals prices were higher in New York on Tuesday as the US dollar returned to losses in relation to the euro.
Platinum was higher, with January platinum up $13.20 to $1,453 per troy ounce on tight supplies as mines remain closed in South Africa on a government order after a miner died in an accident.
Output […]
BMO increases gold price forecasts
by Gill Montia
BMO Capital Markets has increased its 2008 and 2009 gold price forecasts to $800 oz, whilst at the same time raising the long-term forecast to $600 oz.
The US-based financial service provider has also increased price forecasts for silver and platinum saying that it was “reflecting the view that other precious metals prices cluster around the […]
Precious metals, copper decline in New York
by Elaine Frei
Metals prices were lower in New York on Monday after warnings from the G7 summit that problems in the credit markets will slow economic growth globally, raising a fear that the demand for commodities, including metals, will decline.
December gold was $8.40 lower to $760 per troy ounce at the end of floor trade in New […]
DRC reviews legality of licences
by Gill Montia
The Democratic Republic of Congo (DRC) is of growing interest to international mining companies because of its vast reserves of copper and other minerals.
The collapse of the copper price in 1974, followed by years of internal conflict, meant that annual copper production by Gecamines, the DRC state owned mining company, fell from 470,000 tonnes in […]
Copper prices unchanged in London
by Elaine Frei
Copper prices were slightly higher in New York on Friday and held steady in London as declines in the dollar supported prices despite more gains in inventories.
December copper on the Comex division of the New York Mercantile Exchange added 1 cent to $3.55 per pound, while three-month copper on the London Metal Exchange traded even […]