Aluminium
Gold falls on session, ends year higher
by Elaine Frei
Precious metals prices were mixed in New York on Monday.
February gold was down $4.70 to $838 per troy ounce as the US dollar saw gains versus the euro on the news that existing home sales were up in the United States in November.
Despite the day’s decline, US gold ended higher for the seventh year in [...]
Copper drops on home sales data
by Elaine Frei
The price of March copper dropped in New York on Friday after new data from the US Commerce Department that new home sales were down 9 percent in November.
The metal, whose biggest US consumer is the building industry, dropped 6 cents to $3.07 per pound for its second consecutive day of declines as investors feared [...]
New York gold gains on mixed day for metals
by Elaine Frei
Precious metals prices were mixed in New York on Thursday.
February gold added $2.20 to $831.70 per troy ounce as energy prices climbed, the dollar weakened in relation to the euro, and news came that Pakistan opposition leader Benazir Bhutto had been assassinated after speaking to a rally there.
March palladium was also higher, gaining 5 cents [...]
Metals prices mixed in New York
by Elaine Frei
Precious metals prices were mixed Monday as New York markets closed early for Christmas Eve.
February gold added $1.10 to $816.50 per troy ounce after going as high as $819.70 earlier in electronic trade.
March silver was also higher, up 17 cents to $14.66 per troy ounce, while March palladium was $2.25 higher to $363.40 per troy [...]
Tyre shortage could take years to resolve
by Gill Montia
A shortage of tyres could begin to affect mining operations worldwide in the New Year.
The industry uses equipment that needs tyres up to 13 feet in height and over five tons in weight.
They are found on the huge dump trucks that bring loads out of he the world’s biggest mines.
Bridgestone, the Japanese company and leading [...]
Metals gain in New York trade
by Elaine Frei
Metals prices were higher in New York on Friday.
February gold added $12.60 to $815.80 per troy ounce after the US dollar declined in relation to the euro.
March silver was up 15 cents to $14.49 per troy ounce, while January platinum traded $18.80 higher to $1,536.30 per troy ounce.
Among base metals, copper added 13 cents to [...]
Metals and mining credit quality stable according to S&P
by Gill Montia
Standard and Poor’s (S&P) has issued a report by two of its Primary Credit Analysts which described metals and mining credit quality as stable and while the credit ratings agency expects higher metals prices to continue, it also has concerns over several factors that present risks.
The analysts are forecasting that base metals prices will remain [...]
Copper, zinc, tin, lead all see gains
by Elaine Frei
Prices for base metals were mixed on Thursday in slow trade ahead of the Christmas holiday.
Copper gained slightly in both New York and London as stockpiles in London Metal Exchange warehouses dropped 250 tonnes on the session after three consecutive days of gains.
March copper added 1 cent to $2.97 per pound in New York while [...]
Platinum declines on China demand worries
by Elaine Frei
Precious metals prices were mixed in New York on Thursday.
January platinum dropped $6.30 to $1,517.50 per troy ounce after China’s central bank raised interest rates there, causing concerns that demand from that Asian nation will decline.
March contracts for palladium was also lower, dropping $2.90 to $358.20 per troy ounce, but it was still up 5.8 [...]
Platinum price to remain strong into 2008
by Gill Montia
Platinum prices are expected to maintain their current high levels into next year.
The market saw a record high this week with the metal trading at $1,510 oz and in addition, lease rates are rising rapidly.
The one month rate is trading at over 6%; three months in excess of 7% and twelve months at between 7% [...]
Metals prices mixed
by Elaine Frei
Base metals prices were mixed but mostly higher on Wednesday.
March copper added 7 cents to $2.96 per pound in New York, while three-month copper was $135 higher to $6,515 per tonne in London.
While prices were higher, some analysts question whether those gains can be sustained, especially after London Metal Exchange inventories of the metal added [...]
Indian state heads demand say in mining laws
by Gill Montia
The heads of a number Indian states are demanding a greater say in the country’s mining laws.
They are lobbying the prime minister and arguing that foreign operators must not be allowed to seize control of the country’s natural resources.
Exploration for mineral wealth in India is hampered by bureaucratic delays and it is estimated that only [...]
Most base metals prices gain
by Elaine Frei
Prices for base metals were mixed but mostly higher Tuesday.
March copper traded even in New York at $2.88 per pound, while three-month copper on the London Metal Exchange added $5 to $6,380 per tonne after dropping to $6,317 per tonne earlier in the session.
The gains for copper came after bad news from the housing market [...]
Gold gains on inflation concerns
by Elaine Frei
Precious metals prices were up in New York on Tuesday.
February Gold added $8.10 to $807.40 per troy ounce on speculation that rising food and energy costs will fuel inflation in the US, making gold a preferred investment.
Gold also benefited from the belief that the housing and credit crises will make further US interest rate cuts [...]
Philippine mine in jeopardy as Lafayette enters administration
by Gill Montia
Lafayette Mining Limited, the Australian listed miner with an interest in the Rapu-Rapu Polymetallic Project in the Philippines, has entered voluntary administration.
The move is intended to avoid bankruptcy proceedings and give the company time to obtain new capital, which may involve the sale of its Philippine mining business.
Lafayette was the first foreign company to operate [...]
Base metals prices decline on demand concerns
by Elaine Frei
Prices for copper and other base metals declined on Monday on wide worries about demand as worries accelerated about the slowing of the global economy.
Worries about copper demand came on the likelihood that inflation worries will keep the US Federal Reserve from cutting interest rates further to stimulate economic growth and on concerns that demand [...]
Most precious metals gain on session
by Elaine Frei
Precious metals prices were mostly higher on Monday as gold, platinum and palladium all gained and silver held steady.
February gold was slightly higher, adding $1 to $799 per troy ounce after the dollar strengthened in relation to the euro.
Some analysts don’t believe that gold prices will decline too much because they see any price below [...]
Moto Goldmines faces uncertain future in DRC review
by Gill Montia
Moto Goldmines Ltd, the exploration and development company with an interest in the famous Moto Gold Project in the Democratic Republic of Congo (DRC), has completed a feasibility study on the project.
Moto owns 60% of the project through its Border Energy subsidiary and while the outcome of the study has been positive, the company [...]
New York gold down as USD gains on euro
by Elaine Frei
Precious metals prices were mixed on Friday in New York.
February gold was $6 lower to $798 per troy ounce after the USD again gained on the euro, raising speculation that the Federal Reserve will hold interest rates steady in January.
In addition, some analysts think the price of gold has gone too high to attract new [...]
Goldman Sachs downgrades forecasts
by Gill Montia
Goldman Sachs has published revised price forecasts for base metal, gold and silver.
The investment bank’s commodity analysts have altered their figures to reflect a “retrenchment in commodity prices from recent highs, which has already largely occurred”.
Forecasts for base metal prices have been reduced because of an expected global economic downturn, although prices could still “reach [...]