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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The established financial world order of the past 50 years is now transitioning to a new and unknown paradigm as the petrodollar agreement between the U.S. and Saudi Arabia was allowed to expire this past Sunday. The term ‘petrodollar’ described the U.S. dollar’s (USD) role as the currency used for crude oil transactions on the world market. It traces back ...
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The inflation figures have been published. If we want to get an idea of where inflation is heading before the release, we analyze the commodities… chart By the way, commodities are extremely cheap compared to the S&P500 index… chart The ISM figures were also published this week. The copper/gold ratio used to have a very high correlation with the ...
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The Palau-flagged Verbena was first struck by two Houthi anti-ship cruise missiles on 13 June, which resulted in damage and fires. The Houthis struck it again later with an anti-ship ballistic missile. The vessel most recently docked in Malaysia and was headed to Italy carrying wood construction material, according to Centcom. This latest attack comes after ...
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The established financial world order of the past 50 years is now transitioning to a new and unknown paradigm as the petrodollar agreement between the U.S. and Saudi Arabia was ...
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The report issued today by the IAEA makes clear that Iran aims to continue expanding its nuclear program in ways that have no credible peaceful purpose. These planned actions ...
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The Federal Open Market Committee (FOMC) met this week and voted unanimously to hold rates steady for the seventh consecutive meeting, leaving its policy range at 5.25 percent to ...
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At the Monetary Policy Meeting (MPM) held today, the Policy Board of the Bank of Japan decided, by a unanimous vote, to set the following guideline for money market operations for the intermeeting period: The Bank will encourage the uncollateralized overnight call to remain at around 0 to 0.1 percent. Regarding the purchase of Japanese government bonds (JGBs), CP, and corporate bonds for the intermeeting period, the Bank will conduct the purchase in accordance with the decisions made at the March 2024 MPM. The Bank decided, by an 8-1 majority vote, that it would reduce its purchase amount of JGBs thereafter to ensure that long-term interest rates would be formed more freely in financial markets.Holding the "Bond Market Group" Meetings In accordance with the decision at the Monetary Policy Meeting today, the Financial Markets Department of the Bank of Japan will hold the "Bond Market Group" meetings in the following manner. 1. Date To be announced. 2. Form of the Meetings: The Bank will hold a meeting with commercial banks group, securities firms group and buy-side group, respectively. 3. Place: The Head Office of the Bank of Japan. 4. Participants: - Persons in charge of bond market issues in financial institutions including those who participate in the "Bond Market Survey". - Director-General of the Financial Markets Department, Head post: BOJ: WILL CONDUCT JGB PURCHASES IN ACCORDANCE WITH DECISION MADE AT MARCH POLICY MEETING post: BOJ TO DECREASE GOVERNMENT BOND PURCHASES post: JAPAN'S ECONOMY SEES MODERATE RECOVERY WITH SOME WEAKNESS OBSERVED: BOJ
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post: BOJ TO OUTLINE BOND BUYING PLAN AT UPCOMING MEETING post: BOJ CUTS BOND BUYING TO ALLOW YIELDS TO FORM FREELY post: BOJ: PRIVATE CONSUMPTION HAS BEEN RESILIENT ALTHOUGH IMPACT OF PRICE RISES HAS REMAINED AND AUTO SALES HAVE CONTINUED TO BE PUSHED DOWN post: BOJ NO HAWKISH SIGNALS, NO SLOW DOWN OF BOND BUYING, NO RATE HIKE SIGNALS AND STICKING TO STIMULUS YEN STILL DEADBank of Japan decides to cut back on bond purchases The Bank of Japan on Friday decided in principle to reduce its purchases of Japanese government bonds, taking another step toward policy normalization following its first rate hike in 17 years in March. The central bank says it will decide on the detailed reducing strategy in the next meeting. Until then, it will continue purchases at the current pace, which is at around 6 trillion yen ($38.1 billion) per month. The move marks another move toward policy normalization that started on March 19, when the central bank decided to end its zero interest rate policy, new equity purchases and yield curve controls but stopped short of reducing the amount of its bond purchases. The shift illustrates the growing alarm among Japanese policymakers about the weak yen, exacerbated by the bank's supereasy monetary policy. Japan's currency, which has fallen 27% against the dollar since the beginning of 2022, plumbed a 34-year low of 160 to the greenback in April. After a two-day policy meeting, the BOJ decided to leave other measures unchanged, including its policy interest rate -- an uncollateralized overnight call rate -- between 0% and 0.1%. By cutting back on bond purchases, the BOJ will effectively shrink its JGB holdings and move into a quantitative tightening (QT) mode, a significant a
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post: BOJ'S GOVERNOR UEDA: IT'S POSSIBLE TO RAISE THE RATE IN JULY DEPENDING ON DATA.
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Silver has fallen pretty significantly during the trading session on Thursday but has turned around to show signs of life. The 50 day EMA is an indicator that has captured quite a bit of attention, and it's worth noting that initially we shot higher with the weaker than anticipated PPI numbers coming out of the United States but have since turned around. ...
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Silver prices registered losses of more than 2.40% on Thursday after the Federal Reserve held rates unchanged and hinted that they would likely cut once instead of the three foreseen in the March Summary of Economic Projections (SEP). At the time of writing, the XAG/USD trades at $28.95. XAG/USD Price Analysis: Technical outlook: From a price action ...
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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 ...