LME copper prices, Chinese lead prices, and Korean aluminum premium prices rose this week, while US HDG steel prices and US palladium prices dropped. For exact price points of all of these and more, click below!
North American Palladium‘s stock rose by 51.8% in the past month. This combination of strong price performance and favorable technical data, could suggest that the stock is on the right path.
North American is an established PGM producer that has been operating its main revenue source, its Lac des Iles mine in northern Ontario, Canada, since 1993.
The gold price fell to a two-month low on Friday, after data showed the US economy created more jobs than expected last month, bolstering the case for the Federal Reserve to raise interest rates around the middle of this year.
Gold for April delivery, the most actively traded contract, was recently down 0.9% at $1,185.70 an ounce on the Comex division of the New York Mercantile Exchange. That is the lowest intraday level for the most active gold contract since Jan. 5.
MetalMiner’s monthly Automotive MMI® has hit some bumps in the road – but the wheels haven’t quite fallen off yet.
Our automotive metals price index fell to 85 in March, a decrease of 2.3% from 87 in February. While automotive continues to be one of our stronger metal sectors, particularly aluminum and palladium used in automotive applications, it’s being dragged down by crude oil and other commodities that are keeping prices low.
Despite a relatively healthy US automotive industry and strong results from manufacturers of original equipment (OEMs), prices are not rising for automotive raw materials such as steel and copper. Copper prices are a big component of our Automotive MMI® and their free-fall continues (even though the 3-month LME copper price inched up a bit this month). General Motors recently cut production of some of its more popular models as the cars are sitting on dealer lots awaiting buyers despite low prices and abundant supply of materials. Read more
The Global Precious Metals MMI® fell to a value of 86 in March, succumbing to the across-the-board decline that has affected commodities this year. It was a decrease of 4.4% from 90 in February, a month in which gold and silver saw a sharp spike as a hedge against weaker currencies.
In February, gold and silver came back down to Earth and the precious metals status quo was maintained.
Fed Inaction Means No Action for Prices
The strong dollar and the resolution of Greece’s latest bailout talks have not helped the investment metals and gold, particularly, lost some of its value as a result this month. Palladium is still in high demand for industrial and automotive uses but, unlike last month, it could not overcome the losses felt by its fellow PGMs.
The Federal Reserve is widely expected to raise interest rates in the second half of the year, but recent comments by Fed Chairwoman Janet Yellen seem to have soothed the fears of investors who believed such a move could come as early as June. Yellen said the Fed would proceed cautiously during minutes recently released from its 2009 open committee meetings.
Gold’s relationship with silver and the stock market seems to have changed, writes Jamie Chisholm of the Financial Times.
The mint ratio is the gold price divided by the silver price. Assuming supply stays reasonably stable, the mint has usually tended to rise when equities fall.
Yet, since mid-2011, the mint and the S&P 500 have rallied in tandem. There is no big jump in silver output to account for this. So does silver’s underperformance mean investors are skeptical about global demand?
Precious metals miner Fresnillo PLC reported lower-than-expected full-year profit and revenue, hurt by falling gold and silver prices.
Shares in the company fell as much 8.7%. A Reuters poll in January forecast a further decline in silver and gold prices in 2015, with gold expected to average around $1,234 an ounce and silver expected to fetch about $17.20 an ounce.
The company’s pretax profit fell to $251.1 million in the year ended Dec. 31 from $418.7 million a year earlier.
Gold and silver prices increased this week as Federal Reserve Chairwoman Janet Yellen continued to downplay the possibility of raising interest rates in the short term.
In the world’s largest gold market, India, the presiding government refused industry demands for a decrease in the 10% gold import tax and, like the Fed, its rate will remain unchanged.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 6.3% increase to JPY 638.00 ($5.32) per 10 grams. This comes on the heels of a 8.8% decline the week prior. The price of Indian silver rose 4.9% to INR 37,912 ($615.02) per kilogram after falling 7.6% during the previous week. The price of Chinese silver fell 1.2% to CNY 3,595 ($574.43) per kilogram after rising 0.8% the week before. The price of US silver rose 0.5% to $16.53 per ounce after falling 4.9% during the previous week.
The price of Indian gold bullion rose 2.6% to INR 27,108 ($439.75) per 10 grams after falling 1.8% during the previous week. The price of Japanese gold bullion rose 0.7% to JPY 4,630 ($38.64) per gram after falling 2.0% during the previous week. The price of US gold bullion rose 0.4% to $1,209 per ounce after falling 2.2% during the previous week. After a 0.2% decline, Chinese gold bullion closed out the week at CNY 247.30 ($39.51) per gram.
The price of Japanese platinum bar rose 1.7% to JPY 4,517 ($37.69) per gram after falling 3.6% during the previous week. Chinese platinum bar saw a 0.8% decline over the past week to CNY 257.00 ($41.06) per gram. The price of US platinum bar rose 0.7% to $1,172 per ounce after falling 3.3% during the previous week.
A 5.7% jump caught the week’s heaviest change for Chinese palladium bar. The price of US palladium bar rose 3.3% to $807.00 per ounce after falling 0.9% during the previous week. The price of Japanese palladium bar rose 2.0% to JPY 3,117 ($26.01) per gram after falling 1.1% during the previous week.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.
Gold prices edged higher Tuesday as a pullback in US equities and a weaker dollar lent support to the precious metal.
The most actively traded contract, for April delivery, was recently up $3.50, or 0.3%, at $1,211.70 an ounce on the Comex division of the New York Mercantile Exchange.
Gold had been under pressure as a rally in US stocks lured away investors in recent months. The S&P 500 index and the Dow Jones Industrial Average both closed at fresh records on Monday, while the Nasdaq Composite rose above 5000 for the first time in nearly 15 years.
In other markets, palladium prices held near a five-month high as some investors wagered that China will mandate clear air-quality standards at an annual meeting of its legislature, which starts Thursday.
The price of Indian gold bullion closed as the biggest mover for Monday, March 2. Switching from a downward trend, the metal closed at INR 27,108 ($439.75) per 10 grams following a 2.6% increase. Chinese gold bullion finished the day up 1.0% to CNY 247.30 ($39.51) per gram. The price of US gold bullion remained steady at $1,209 per ounce. After a couple of days of improving prices, the price of Japanese gold bullion held steady at JPY 4,630 ($38.64).
Indian silver saw its price rise 2.6% to INR 37,912 ($615.02) per kilogram. After a 0.8% increase, Chinese silver finished the day at CNY 3,595 ($574.43) per kilogram. Following a two-day rise, the price of Japanese silver flattened at JPY 638.00 ($5.32). US silver stayed flat at around $16.53 per ounce.
The price of Chinese platinum bar increased 1.2% to CNY 257.00 ($41.06) per gram. The price of US platinum bar steadied at $1,172 per ounce following two-days of increases. The price of Japanese platinum bar flattened at JPY 4,517 ($37.69) after two days of improvement.
Chinese palladium bar gained 0.5% to finish at CNY 184.00 ($29.40) per gram. The price of Japanese palladium bar ended a two-day climb, settling at JPY 3,117 ($26.01) per gram. Following a two-day rise, the price of US palladium bar flattened at $807.00.
Gold inflows to India – the world’s heaviest consumer nation for some 2,000 years – will continue facing 10% import duty after Saturday’s new government budget disappointed jewelers hoping for a cut to 6% or even 2%.
China’s central bank cut interest rates for the second time in 3 months over the weekend. The People’s Bank of China on Monday cut its benchmark lending rate to 5.35% and cut its deposit rate by the same 0.25 percentage points to 2.5% per year. World stock markets edged higher as the Yuan fell to a 2-year low against the US dollar and major commodities slipped a further 0.5% overall. New Purchasing Managers’ Index data today said activity in China’s manufacturing sector fell in February for the second month running.
On Friday, February 27, the day’s biggest mover was the price of Chinese palladium bar, which saw a 5.2% increase to CNY 183.00 ($29.25) per gram. This increase comes after three straight days of stagnant prices. At JPY 3,117 ($26.11), the price of Japanese palladium bar finished the market day up 0.5% per gram. US palladium bar finished the day up 0.4% to $807.00 per ounce.
After remaining flat for three days, the price of Chinese platinum bar fell 1.9% last Friday to CNY 254.00 ($40.60) per gram. US platinum bar prices inched up 0.3% to $1,172 per ounce. The price of Japanese platinum bar increased 0.1% to JPY 4,517 ($37.84) per gram.
The price of Chinese gold bullion fell 1.3% last Friday to CNY 244.75 ($39.12) per gram. Indian gold bullion finished the day down 0.6% to INR 26,412 ($427.73) per 10 grams. US gold bullion prices rose 0.4% to $1,209 per ounce. Japanese gold bullion gained 0.2% to finish at JPY 4,630 ($38.78) per gram.
The price of Chinese silver moved last Friday. After a few changeless days, prices dropped 2.1% to CNY 3,565 ($569.82) per kilogram. Japanese silver saw its price rise 0.9% to JPY 638.00 ($5.34) per 10 grams. After a 0.1% increase, Indian silver finished the day at INR 36,965 ($598.63) per kilogram. The price of US silver flattened at $16.53 after two days of improvement.