Metals News
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A giant state-owned Chinese commodities trader is nursing losses after a shipment of copper from Russia worth nearly $20 million went missing, reigniting fears over fraud in the often secretive market for buying and selling raw materials. Wuchan Zhongda Group Co., which had sales of 580 billion yuan ($80 billion) in 2023, bought 2,000 tons of refined copper ...
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Commodity trading house Gerald Group said it paid almost $49 million for tin that turned out not to be tin. Gerald Group made a provision of $37.3 million in its 2023 financial accounts after the deal to buy Brazilian tin went awry, according to a note in its 2022 accounts filed at the UK’s Companies House. The firm has started investigations and engaged ...
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A lot has happened to the economy since COVID struck, and reading the economic tea leaves has become more difficult. Many of the gains for many Australians in 2020 and 2021 were artificial and didn’t last. The COVID Supplement temporarily doubled JobSeeker, for example. JobKeeper paid workers what their employers could not. As these measures have been ...
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China's State Administration of Foreign Exchange (SAFE): • Says it'll severely crack down on illegal FX activities. • To strengthen FX situation monitoring and policy reserves. • Will further improve management of FX reserves. • Will effectively safeguard stable operations of forex market, and the national economy, and financial stability. • Will steadily ...
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Global growth is projected to stabilize at 2.6 percent this year, holding steady for the first time in three years despite flaring geopolitical tensions and high interest rates. By 2025–26, growth is expected to edge up to 2.7 percent alongside modest expansions in trade and investment, according to the Global Economic Prospects Report. Reflecting continued ...
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video Gold got a strong start on Wednesday, reaching a high of 2,342 before sellers took back control. Much of the day’s range was retraced at the time of this writing. It looks like gold may close in the lower quarter of the day’s range. That would not be a sign of strength, especially after testing resistance around the 50-Day MA earlier in today’s ...
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As President Biden and Group of Seven (G7) Leaders prepare to meet this week in Italy, the U.S. Department of the Treasury is issuing sweeping new measures guided by G7 ...
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Markets took back about half of this morning’s post-CPI rally (recap here) as the full set of FOMC communications worked through. Some of that cheapening occurred in response to ...
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China's consumer prices gained for the fourth straight month in May in the latest sign of a steady domestic demand recovery, official data showed Wednesday. The consumer price ...
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In conjunction with the Federal Open Market Committee (FOMC) meeting held on June 11–12, 2024, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2024 to 2026 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her individual interpretation of the statutory mandate to promote maximum employment and price stability. post: FED’S MEDIAN RATE FORECAST END-’24 AT 5.1%; PREV. 4.6% FED’S MEDIAN RATE FORECAST END-’25 AT 4.1%; PREV. 3.9% FED’S MEDIAN RATE FORECAST END-’26 AT 3.1%; PREV. 3.1% FED’S MEDIAN RATE FORECAST LONGER-RUN AT 2.8%; PREV. 2.6% post: FED POLICYMAKERS SEE END-2024 PCE INFLATION AT 2.6% VERSUS 2.4% IN MARCH PROJECTION; CORE SEEN AT 2.8% VERSUS 2.6% post: FED OFFICIALS RAISE 2024 INFLATION FORECAST TO 2.6%, UP FROM 2.4% IN MARCH FORECAST FED OFFICIALS SEE 4% UNEMPLOYMENT AT END OF 2024, UNCHANGED FROM MARCH FORECAST FED OFFICIALS SEE 2.1% GDP GROWTH IN 2024, UNCHANGED FROM MARCH FORECAST
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In trend terms, in May 2024: • Unemployment rate increased to 4.0%. • Participation rate remained at 66.7%. • Employment increased to 14,355,100. • Employment to population ratio ...
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post: BoC’s Macklem: MonPol No Longer Needs To Be As Restrictive As It Has Been - Still Need To Get Inflation Down Further To Our TargetsMacklem: Central banking - Navigating in a new world Good afternoon. It’s always great to be back in Montréal, my hometown. And I could not be more pleased to be here with Joachim Nagel, President of the Deutsche Bundesbank. Thank you for visiting us in Canada. Since I’m on my home turf, let me start us off with a few words about where we find ourselves in economic history. Key lessons from high inflation Canada and Germany have just come through the biggest inflation we’ve experienced in 40 years. And as painful as this has been, it has highlighted some lessons. I will focus on three in the Canadian context. First, we ignore the supply-side of the economy at our peril. As central banks, we tend to focus on the demand side because that’s what we influence with interest rates. But coming out of the pandemic, we learned that it is much easier to restore demand than supply. High inflation was a stark reminder that supply shocks can cumulate and persist—and when they intersect with periods of strong demand, the inflationary consequences can be large. Looking ahead, technological change, geopolitical tensions, climate change, and shifting trade and investment flows all suggest we may experience more supply shocks than we did in the past. Businesses and central banks need to be ready. Second, inflation is painful—that’s not a new lesson, but for many of our citizens it was their first experience with high inflation. And it has been painful. Inflation harms people and the economy, and it corrodes trust in our market-based system. Th
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The quotes of XAG/USD continue to move as part of the development of the correction and the formation of the “Wedge” reversal pattern. At the time of publication of the forecast, prices for Silver are 29.35. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a ...
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video Gold got a strong start on Wednesday, reaching a high of 2,342 before sellers took back control. Much of the day’s range was retraced at the time of this writing. It looks like gold may close in the lower quarter of the day’s range. That would not be a sign of strength, especially after testing resistance around the 50-Day MA earlier in today’s ...
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In response to increasing investor demand for more cost-effective trading solutions, FP Markets, a global multi-asset Forex and CFD broker, has further reduced its spreads across various trading instruments. Christodoulos Psomas, Head of Risk at FP Markets, expressed his enthusiasm for the move and commented: ‘Through the continuous optimisation of our ...