Edition:
United States

Peter Hobson

Bank of France partners with JPMorgan to boost gold bullion services: sources

Nov 12 2018

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.

METALS-Zinc falls to 7-week low on expectations of rising supply

Nov 07 2018

(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 remain. 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 October. 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 said. 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 to $11,820. (Additional reporting by Mai Nguyen; Editing by Adrian Croft and David Evans)

Gold to stage modest recovery from 19-month lows: Reuters poll

Oct 29 2018

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.

Scotiabank fights back after defections with new metals hires- sources

Oct 28 2018

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, sources said.

Wary of crypto, UK government blocks Royal Mint's digital gold

Oct 26 2018

(This October 25 story corrects paragraph 23 to say staff were let go, not fired.)

CORRECTED-METALS-Base metals follow stock markets lower as dollar surges

Oct 24 2018

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 trading.

London gold association plans to approve blockchain trackers

Oct 19 2018

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 gold association plans to approve blockchain trackers

Oct 19 2018

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 gold.

METALS-Copper steady on Chinese data, aluminium falls on stock inflow

Oct 17 2018

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 receding.

METALS-Metals bashed by equity market fall, lead hits 2-year lows

Oct 11 2018

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.

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