Aluminium
Platinum prices gain on mine closure
by Elaine Frei
Precious metals prices were mixed in New York trade on Friday, with platinum seeing gains on the session.
January platinum was $1 higher to $1,448.60 per troy ounce on a mine closure in South Africa after a worker died in one of the mineshafts there.
Miners are asking for a strike over safety issues after the miner [...]
Rio secures approval for Alcan takeover
by Gill Montia
Rio Tinto has secured approval from Industry Canada for its $38.1 billion takeover of Alcan Inc, only days before the offer to Alcan shareholders is due to expire.
Canada’s Industry Minister has approved the acquisition under the Investment Canada Act and according to Rio Tinto chief executive, Tom Albanese, “This important step recognizes that we have [...]
Aluminium prices gain on dropping inventories
by Elaine Frei
Base metals prices were mixed but mostly higher on Thursday.
Three-month zinc added $5 to $2,970 per tonne in London, while three-month aluminium was $43 higher to $2,553 per tonne.
Aluminium was higher as stockpiles in LME warehouses dropped by 1,950 tonnes.
Lead gained $115 to $3,665 per tonne even though inventories were up by 1,750 tonnes, the [...]
Precious metals higher on sinking US dollar
by Elaine Frei
Precious metals prices were higher on Thursday as the US dollar once again declined in relation to the euro and amid sentiment that the US Federal Reserve will not be able to avoid cutting interest rates again.
In New York, gold for December delivery closed $6.40 higher to $768.70 per troy ounce, the highest for a [...]
Xstrata approves New Caledonia nickel project
by Gill Montia
Xstrata, the Swiss-based diversified mining group, has approved the development of the greenfield Koniambo nickel project, which is located in the North Province of New Caledonia, the South Pacific island.
The Koniambo prospect is believed to be one of the world’s largest and highest-grade undeveloped nickel laterite deposits, containing 62.5 million tonnes of saprolite reserves grading [...]
Base metals mixed; precious metals see gains
by Elaine Frei
Copper dropped 5 cents to $3.60 per pound in afternoon trade in New York on Wednesday, while three-month copper on the London Metal Exchange fell $75 to $7,960 per tonne after going as low as $7,910 per tonne earlier in the day on new data from the US Commerce Department showing that US housing starts [...]
Union shift may end Grupo Mexico disputes
by Gill Montia
Mexico’s labour board, which governs the country’s employment law, has confirmed that thousands of workers are leaving the National Mining and Metal Workers Union (NMMU).
The union has led an eleven-week strike involving workers at the Cananea copper mine and other operations run by the Grupo Mexico corporation.
In August the labour board ordered striking miners to [...]
Gold lower in New York; palladium climbs
by Elaine Frei
Most precious metals prices declined Tuesday as crude oil prices continued to climb.
December gold dropped 20 cents to $762 per troy ounce in New York after climbing as high as $772 per troy ounce earlier in the day, the highest for a most-active contract since the beginning of 1980.
Silver for December delivery also dropped 20 [...]
Gold set to continue rising
by Gill Montia
Having breached a psychological barrier last Thursday and Friday, the gold price has begun this week above $750 oz in Asia and Europe, where it has also surpassed a 28 year high of $760 oz.
Analysts are predicting a return of the record breaking prices of the 1980 within a few months but investors are still [...]
Copper, zinc see gains
by Elaine Frei
Three-month copper in London was up as much as $201 to $8,261 per tonne on Monday before it fell back to $8,150 per tonne, still $90 higher on the day, while in New York December copper added 3 cents to $3.69 per pound.
A report that New York state manufacturing activity grew unexpectedly in October helped [...]
Gold, platinum higher on dollar weakness
by Elaine Frei
Precious metals prices were mixed in New York on Monday.
December gold was $8.70 higher to $762.50 per troy ounce after the euro gained on the US dollar again and as crude oil hit another new record high in New York.
Gold has traditionally been seen as a safe place to put money when investors are worried [...]
Significant spike in 2008 copper price
by Gill Montia
Credit Suisse has joined in speculation over the future price of copper with the issue of a comprehensive report looking at 2008 market trends.
The bank’s analysts have based their conclusions on the study of 66 copper projects currently under way, or planned.
The projects have the potential to collectively produce over eight-million additional tons of copper [...]
Copper, lead prices lower
by Elaine Frei
Copper prices were lower in New York on Friday, dropping 2 cents to $3.65 per pound, although some analysts expect the base metal to see gains next week on expanded demand from China.
Meanwhile, three-month copper on the London Metal Exchange closed at $8,060 per tonne, a decline of $20 over Thursday’s close as LME stockpiles [...]
Precious metals prices decline on session
by Elaine Frei
Precious metals prices were lower in New York on Friday as the US dollar gained on the euro, yen and sterling.
Gold for December delivery was $2.90 lower to $753.80 per troy ounce, adding 0.9 percent on the week for the seventh weekly gain out of the past eight weeks.
Decmeber silver dropped 8 cents to $13.80 [...]
Most metals see gains
by Elaine Frei
Precious metals prices were higher in New York on Thursday after the US dollar again dropped, making the metals more attractive as investments.
December gold was $10.70 higher to $756.70 per troy ounce as investors looked for secure places to put their money.
Silver contracts for December added 32 cents to $13.99 per troy ounce, while January [...]
Base metals demand to remain strong
by Gill Montia
GFMS Metals Consulting, the market analyst, has reported that the base metals market continues to be governed by fundamentals that were in place a year ago.
To summarise: most aspects of the fundamentals remain favourable; underlying demand growth remains firm following previous destocking; strong demand is expected to come from the semi-manufacturing sector (where a product [...]
New York gold adds nearly $3 per ounce
by Elaine Frei
Precious metals were higher Wednesday as the US dollar dropped again in relation to the euro.
December gold on the Comex division of the New York Mercantile Exchange was $2.90 higher to $746 per troy ounce, while in London spot gold was as high as $745.85 and later traded at around $740 per troy ounce, up [...]
Most base metals higher as lead declines
by Elaine Frei
Copper prices were higher on Wednesday on hopes that the US economy will continue to expand and after the miners’ strike in Peru against facilities owned by Southern Copper (NYSE: PCU) was settled with an agreement to allow the government there to set workers’ salaries.
December copper in New York added 8 cents to $3.69 per [...]
Investment driven period for gold
by Gill Montia
Metal analysts at Citigroup, the international financial conglomerate, are forecasting that gold could rise beyond its historic ceiling of $850 oz, to $1,000 oz, or even higher.
So far in 2007, the gold price has run $62 oz above the 2006 average of $605 oz and Citigroup analysts, John H Hill and Graham Wark, are of [...]
Metals prices jump on session
by Elaine Frei
Precious metals prices were higher in New York on Tuesday after crude oil prices rose and the US dollar declined after the release of the minutes of the most recent meeting of the Federal Reserve.
December gold was $4.40 higher to $743.10 per troy ounce, while December silver gained 22 cents to $13.58 per troy ounce [...]