Gold Prices Record High Amid Middle East Tensions and Metal Market Rally
Gold prices rose to a record high in Asian trade on Monday as raised geopolitical tensions in the Middle East boosted safe haven demand. While a broader rally in metal markets also impacted the yellow metal. Gold futures expiring in June reached a record high of $2,444.55 per ounce. While spot gold increased by almost […]
Copper Prices Hit Record Highs Amid Comex Short Squeeze and Supply Bets
Copper prices soared to record highs in Asian trade on Monday, growing a recent rally fueled by a Comex short squeeze and raised bets on tighter markets this year. On the London Metal Exchange, one-month copper futures surged 0.9% to $5.1370 a pound, approaching record highs. While three-month copper futures increased 0.8 percent to a […]
Metal Scrap Crucial for Green Steel Production, Drives Demand in Mexico
Metal scrap has become a vital raw material due to climate change, not just in Mexico but worldwide for the manufacture of green steel. 11,376 establishments in Mexico are devote to the purchase or collection of the product. Some reports state that Mexico uses 12.5 million metric tonnes of ferrous scrap annually, of which slightly […]
China’s Positive Trade Data Sends Zinc Prices Soaring by 0.97%
The world’s largest producer and consumer of zinc, China, released positive trade data that sent zinc prices surging by 0.97% to settle at 261.3. China’s higher imports and exports in April gave the market confidence by indicating a rebound in both domestic and foreign demand. The decision by the massive Swedish mining company Boliden to […]
Ukraine Strike Russian Navy Ship Near Novorossiysk Oil Port
Drone Attack Damages Russian Navy Vessel Amid Rising Tensions In a significant escalation of hostilities, Ukrainian security services and navy reportedly carried out a drone strike on a Russian Navy ship outside the oil export port of Novorossiysk on the Black Sea. Ukraine claims that the Russian Navy landing ship, Olenegorsky Gornyak, was damaged in […]
Oil Prices Surge 2% as US Labor Market Improvements Boost Oil Demand
Oil prices surged 2% on Thursday as Saudi Arabia and Russia extended measures to maintain tight oil supplies until September. Brent futures rose by $1.86 to $85.06 a barrel, and U.S. West Texas Intermediate crude increased by $2.03 to $81.52. Saudi Arabia extended its voluntary one-million-barrel-per-day output cut, and Russia plans to reduce oil exports […]
Gold Prices Near Three-Week Lows Amid Strong U.S. Private Payrolls and Dollar Surge points to more Fed tightening
Gold prices remained close to three-week lows on Thursday as a stronger-than-expected increase in U.S. private payrolls in July boosted the dollar and bond yields, fueling speculations of tighter monetary policy. Spot gold was relatively stable at $1,935.20 per ounce by 0100 GMT, while U.S. gold futures eased slightly to $1,970.90. The U.S. dollar index […]
ShreeMetalPrices: Newmont Corp Offers $19.54 Billion for Australia’s Gold Miner Newcrest Mining Ltd
Newcrest Mining Ltd stated on Tuesday that it had granted access to its accounts to Newmont Corp of the United States following a sweetened deal. That valued the Australian gold miner at 29.5 billion Australian dollar (19.54 billion dollar). For each shares owned under the revised offer, Newcrest owners will get 0.400 Newmont shares. The […]
ShreeMetalPrices: Gold Prices holds $2,000 as US Show Signs Of Slowness
Gold dipped on Monday after solid US job data revived expectations for another interest rate increase and boosted dollar. But lingering economic uncertainties maintained safe-haven metal at 2000 dollar per ounce. – Gold Prices By 1040 GMT, spot gold had decreased by 0.3 percent to 2000 dollar an ounce. While United States gold futures delivery […]
ShreeMetalPrices: Iron ore price extends losses over slow China’s steel demand
Iron ore prices fell as a result of weak Chinese steel demand statistics.According to data from consultancy Mysteel, the production of building steel products, such as rebar and wire rod, decreased by 1.05 percent week over week to 4.23 million tonnes in the week ending Apr 6, while the evident demand for both decreased by […]