Aluminium
Lead, copper prices lower on inventories
by Elaine Frei
Most base metals prices were lower on Wednesday as traders worried about gains in stockpiles and a slowdown in the global economy.
Lead was $160 lower to $3,590 per tonne on the London Metal Exchange after going as low as $3,500 per tonne earlier as LME stockpiles sat at 40,000 tonnes, twice their level last month.
Three-month [...]
Gold forecasts bolstered by continued rise
by Gill Montia
Forecasts of a $900 gold price by the end of the year have been bolstered by the metal’s performance in the last couple of days.
The gold price exceeded $840 yesterday and if the current rate of rise continues it could reach $950 by the year end.
In addition to a weak dollar, the popularity of gold [...]
Platinum hits new high in New York
by Elaine Frei
Precious metals prices were higher on Tuesday, platinum reaching a new high and gold and silver both hitting long-term highs on the session.
The gains came as the euro reached another new high in relation to the US dollar.
January platinum added $17.20 to $1,483.70 per troy ounce in New York, the highest on record for a [...]
Base metals prices see gains
by Elaine Frei
The price of copper was higher on Tuesday as other metals prices were also up, but analysts worried that it could resume its recent declines as demand declines and stockpiles increase.
December copper in New York added 4 cents to $3.34 per pound, while three-month copper on the London Metal Exchange gained $70 to $7,480 per [...]
Mixed response to Peruvian national strike
by Gill Montia
On Monday of this week, Peruvian miners held their second national strike over demands for changes in the country’s labour laws.
According to the Peruvian government, the numbers of miners involved in the action were small but Jesus del Castillo, a director at Peru’s biggest federation of mining unions, asserts that 16,000 of the 22,000 workers [...]
Barrick confirms safety of Pakistani copper/gold project
by Gill Montia
The political crisis gripping Pakistan has not yet impacted on the Reko Diq exploration project; the country is currently in a state of emergency, with its constitution suspended.
Reko Diq is believed to be one of the world’s largest reserves of gold and copper.
The prospect, which is in the Chaghi area of Pakistan’s southwest Balochistan Province, [...]
Credit Suisse warns of quantum rise in gold price
by Gill Montia
Credit Suisse is warning that supply and demand factors “could trigger a quantum upward change in the gold price”.
David Davis, a research analyst at the bank, has reported that “Our studies indicate that the dynamics surrounding the gold supply and demand have begun to change inexorably towards a diminishing supply of gold and increasing investment [...]
Gold adds almost $15 to $808.50 in New York
by Elaine Frei
Precious metals prices were significantly higher in New York on Friday as resurgent concerns about the US subprime crisis sent investors looking for a safe place to put their money.
In addition, the US dollar touched yet another record low versus the euro during the day.
December gold was $14.80 higher to $808.50 per troy ounce after [...]
Copper prices down again in London, New York
by Elaine Frei
Copper prices were lower Friday in both New York and London on another increase in London Metal Exchange inventories and on concerns about demand after manufacturing growth slowed in the United States and in Europe.
The US Labor Department reported that while the US economy added 166,000 non-farming jobs last month, the manufacturing sector lost 21,000 [...]
Randgold Resources to increase production 50%
by Gill Montia
Randgold Resources, the gold focused mining and exploration business, plans to increase annual gold production 50% by end of 2011.
The company’s current annual output stands at of 400,000 ounces.
Randgold will begin production at its Tongon project, in Cote d’Ivoire, towards end of 2010 and will also increase grades at its Loulo mine, in Mali.
Construction at [...]
Copper, zinc higher on London inventories
by Elaine Frei
Copper dropped to its lowest price in almost two months on Thursday as inventories rose again and a US manufacturing survey showed that the sector expanded less than expected in October.
In New York, December copper fell 11 cents to $3.36 per pound, while three-month copper on the London Metal Exchange fell $220 to $7,500 per [...]
Gold, silver drop on interest rate speculation
by Elaine Frei
Precious metals prices were mixed in New York on Thursday.
December gold dropped $1.60 to $793.70 per troy ounce as oil prices dropped and on suspicions that the Federal Reserve won’t cut US interest rates again this year.
Silver for December delivery was also lower, falling 11 cents to $14.33 per troy ounce.
Silver, which has more industrial [...]
Harmony plans disposals as losses decrease
by Gill Montia
Harmony, the beleaguered South African gold miner, plans to sell the parts of the business that are underperforming.
The company recorded a net loss of $88m in the third-quarter, compared to a loss of $99m in the second-quarter of 2007.
According to acting chief executive Graham Briggs, the new IT system, which was responsible for an accounting [...]