Aluminium Ingot prices saw significant increases in late October, with notable price hikes reported in Germany and the United States. These increases have been driven by supply chain disruptions, rising raw material costs, and growing operational expenses. In Germany, Aluminium Ingot prices rose by over 2% after Emirates Global Aluminium (EGA) announced a suspension of...
READ MORESharp Decline Follows Record High Spot gold experienced a significant decline on Thursday, closing down by \$43.50, or 1.56%, at \$2,743.63 per ounce. This drop followed a historic high of \$2,790.11 per ounce reached earlier in the day. Analysts cited profit-taking by investors and robust US economic data as primary reasons for the downturn. David...
READ MORETight supply, improving demand in China, and falling inventories are expected to push zinc prices up by around 8% in the short term, analysts say. The zinc market has faced mine setbacks this year, tightening zinc ore and concentrate supplies, noted Daniel Hynes, senior commodity strategist at ANZ Research. Sibanye-Stillwater recently suspended operations at its...
READ MOREOn Wednesday, October 23, spot gold prices fell sharply, dropping more than 1% after hitting a record high earlier in the day. The decline came as the U.S. dollar strengthened, U.S. bond yields rose, and tensions in the Middle East appeared to ease, prompting investors to take profits. Spot gold closed down \$33.44, or 1.22%,...
READ MORENickel prices are expected to remain under pressure due to a substantial market surplus and the recent discovery of nickel at the Wedei prospect in Papua New Guinea (PNG), according to analysts. Research agency BMI, a unit of Fitch Solutions, has revised its 2024 forecast for nickel prices down from $18,000 per tonne to $17,300...
READ MOREIn Monday’s Asian market session, spot gold experienced a sharp upward movement, breaking through $2,731 per ounce and touching a new all-time high of $2,731.43 per ounce. This surge is attributed to escalating geopolitical tensions and rising concerns regarding the U.S. elections, which have driven demand for safe-haven assets. The recent surge in gold prices...
READ MOREThe U.S. dollar index reached an 11-week high on Wednesday, October 16, rising 0.29% to 103.52 as investors dismissed the possibility of a sharp rate cut by the Federal Reserve at its next policy meeting and considered the implications of a potential Donald Trump election victory. The benchmark 10-year U.S. bond yield closed at 4.018%,...
READ MOREThe European aluminum industry needs urgent support to remain competitive in the face of high energy and raw material prices, according to Paul Voss, CEO of the European Aluminium Association, in an interview with S&P Global Commodity Insights. Voss highlighted that European aluminum producers face significantly higher electricity costs compared to their counterparts in other...
READ MORECopper prices fell on Tuesday as the dollar strengthened, and uncertainty loomed over China’s economic recovery following weak economic data and a lack of details regarding Beijing’s stimulus efforts. The three-month copper contract on the London Metal Exchange (LME) declined by 1.2%, trading at $9,547 per metric ton by 0722 GMT, marking its lowest point...
READ MOREOn Thursday (October 10), despite U.S. Consumer Price Index (CPI) data coming in slightly higher than expected, poor performance in initial jobless claims led to a sharp decline in the dollar index, which drove gold prices higher. Spot gold experienced significant fluctuations, ultimately closing up $22.13, or 0.85%, at $2,629.84 per ounce. Ongoing tensions in...
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