LONDON The Bank of France has partnered with U.S. banking group JPMorgan to expand its range of gold bullion services for central banks, sources familiar with the matter said on Monday.
(Updates with closing prices, recasts)
By Peter Hobson
LONDON, Nov 7 Zinc prices on Wednesday fell to a
seven-week low on expectations that a supply crunch will ease.
Benchmark zinc on the London Metal Exchange (LME)
closed down 1.8 percent at $2,455 a tonne after touching $2,445,
the lowest since Sept. 21.
"Smelter margins in China are picking up and the expectation
is that production is set to trend higher into year-end," said
Deutsche Bank analyst Nick Snowdon.
"There has been a big build in (zinc) concentrate stocks (in
China) in the last quarter or so ... with treatment charges
picking up and prices stabilising there's a clear incentive for
smelters to ramp up output," he said.
Prices of zinc, used to galvanise steel, fell 26 percent
over June-August but have recovered from August's low of $2,283.
China is the biggest producer and consumer of zinc.
ZINC STOCKS: Headline inventories in the LME warehouse
system continue to fall. At 134,750 tonnes they are close to a
10-year low of 131,775 tonnes reached in March.
SPREAD: The premium for cash zinc over the three-month
contract at $47.50 has eased from highs around $60 in
late October, but signals that shortages of nearby supply
DEFICIT: The roughly 13.5 million tonne global zinc market
had a deficit of 292,000 tonnes in the first eight months of the
year, the International Lead and Zinc Study Group (ILZSG) said.
DOLLAR: Providing some support to metals prices was the
dollar, which weakened after gains by the Democrats in U.S.
elections cast doubt on further tax cuts. A lower dollar makes
metals cheaper for buyers with other currencies.
CHINA: Despite fears that a U.S.-China trade dispute will
undermine China's economy, exports from the country are expected
to have expanded at a healthy clip in October as businesses
frontal orders before higher U.S. tariffs set in at the turn of
the year, a Reuters poll showed.
YUAN: In a sign that authorities may be stepping up
interventions to keep the yuan from weakening, China's foreign
exchange reserves fell more than expected to an 18-month low in
CHINA ALUMINA: China's exports of aluminium raw material
alumina last month were roughly equal to September's bumper
volumes, the president of Aluminium Corp of China
PRICES: LME copper closed down 0.1 percent at $6,153
a tonne, aluminium finished 1.7 percent higher at
$1,984.50, lead rose 1 percent to $1,927.50, tin
ended unchanged at $19,050 and nickel rose 0.4 percent
(Additional reporting by Mai Nguyen; Editing by Adrian Croft
and David Evans)
LONDON Banks and brokerages have cut their average gold price forecasts for this year and 2019 after the metal slumped to 19-month lows in August, but they still expect prices to stage a modest recovery, a Reuters poll showed on Monday.
BOSTON, Oct 28 Bank of Nova Scotia (Scotiabank)
has hired four people for its metals business in New
York after losing six traders and salesmen who defected to rival
Canadian lender Bank of Montreal (BMO) last month,
(This October 25 story corrects paragraph 23 to say staff were let go, not fired.)
LONDON, Oct 24 Industrial metals prices fell on
Wednesday, pushed lower by a stronger dollar and losses on
global stock markets that reflected a lack of appetite for risky
assets, though zinc touched a three-week high in earlier
LONDON The London Bullion Market Association (LBMA) is planning to help modernise and improve transparency in the industry with an approval process for companies using blockchain technology to track the movement of gold.
LONDON, Oct 19 The London Bullion Market
Association (LBMA) is planning to help modernise and improve
transparency in the industry with an approval process for
companies using blockchain technology to track the movement of
LONDON, Oct 17 Copper prices held steady on
Wednesday as better than forecast Chinese lending data
signalling solid economic growth in the world's biggest metals
consumer was offset by signs that a supply squeeze in China was
LONDON, Oct 11 Industrial metals prices fell on
Thursday, caught by a global stock market sell-off, with lead
hitting its lowest in more than two years, but the market had
mostly recovered by the close of trading.