Edition:
International

Peter Hobson

Exclusive-Banks prepare to scrap LME gold and silver contracts, sources say

Oct 13 2021

LONDON A group of banks that partnered with the London Metal Exchange (LME) to launch gold and silver futures in 2017 is preparing to abandon the project after hoped-for volumes did not materialise, three sources with direct knowledge of the matter said.

METALS-Copper falls as global energy crisis spooks markets

Oct 12 2021

LONDON, Oct 12 Copper prices fell on Tuesday as soaring energy costs raised concerns that the global economic recovery might be derailed, though signs that supplies of the metal are tightening limited losses.

Florida miner's lawsuit accuses JPMorgan of manipulating silver prices

Oct 01 2021

LONDON A Florida-based silver miner has filed a damages claim against JPMorgan accusing the bank of manipulating the silver market to push prices so low the company's mine had to close.

Auto industry's chip troubles spoil platinum group metals' party

Sep 17 2021

LONDON Palladium has the best chance of rebounding from a rapid sell-off of precious metals used by the auto industry, but the longer a chip shortage hobbling vehicle production lasts, the weaker its recovery may be, analysts said.

WPIC switches 2021 platinum forecast from deficit to surplus

Sep 08 2021

LONDON The World Platinum Investment Council (WPIC) said on Thursday it now expects the global platinum market to be in surplus this year as mine supply ramps up and investment demand falls.

Can Reddit's silver "apes" beat the market?

Jul 13 2021

LONDON (Reuters) -Kerry Kraker, 56, has worked in kitchens all his life. Since March he's spent around $100 a week - half his spare cash – on silver coins. He's part of a growing social media movement who say they are buying bars and coins for protection from a coming age of inflation. | Video

Britain carves out exemption for gold clearing banks from Basel III rule

Jul 10 2021

LONDON (Reuters) -Banks clearing gold trades in London can apply for an exemption from tighter capital rules due in January 2022, a British regulator said on Friday, removing what some said was a threat to the functioning of the market.

Britain carves out exemption for gold clearing banks from Basel III rule

Jul 09 2021

LONDON, July 9 A British regulator said on Friday that banks clearing gold trades in London could apply for an exemption from tighter capital rules due in January 2022, removing what some said was a threat to the functioning of the market.

Palladium, rhodium undersupplied as platinum swings to surplus -Johnson Matthey

May 17 2021

By Peter Hobson LONDON, May 17 The global palladium and rhodium markets will be undersupplied again in 2021 and the platinum market will move into surplus, specialist materials firm Johnson Matthey said in a report on Monday. The three sister metals are used chiefly by automakers, which embed them in engine exhaust systems to neutralise harmful emissions, though platinum is also used in other industries and for jewellery and investment. Deficits of palladium and rhodium are likely to support prices, which rallied to record highs this year. Demand and supply of the three metals were driven down last year by the coronavirus pandemic but are rebounding as governments ease restrictions and pump money into their economies. Johnson Matthey said the roughly 10-million ounce a year palladium market would be undersupplied by 829,000 ounces this year -- its tenth consecutive annual shortfall -- after deficits of 728,000 ounces in 2020 and 907,000 ounces in 2019. It forecast a shortfall of 31,000 ounces in the 1.1 million ounce rhodium market -- the third in a row -- after deficits of 72,000 ounces in 2020 and 63,000 ounces in 2019. It said the roughly 8-million ounce platinum market would be oversupplied by 615,000 ounces this year, returning to surplus after undersupply of 669,000 ounces in 2020 and 365,000 ounces in 2019. Pushing platinum into surplus will be a slump in purchases by investors from record levels above a million ounces a year in 2019 and 2020 to 311,000 ounces this year, Johnson Matthey said. Prices of all three metals rose in recent months thanks partly to problems at a processing plant run by Anglo American Platinum (Amplats) in South Africa and flooding at mines run by Nornickel in Russia, which limited supply. But these issues are now resolved and supply should become less tight, said Johnson Matthey researcher Rupen Raithatha. Following are numbers for 2021 and comparisons. PLATINUM (THOUSANDS OF OUNCES) 2019 2020 2021(f) 2020-21 %change Mine supply 6,023 4,944 6,096 23% Recycling 2,094 1,717 1,903 11% TOTAL SUPPLY 8,117 6,661 7,999 20% Auto 2,863 2,290 2,910 27% Chemical 666 640 634 -1% Electronics 232 241 280 16% Glass 441 451 514 14% Investment 1,131 1,022 311 -70% Jewellery 2,066 1,707 1,797 5% Medical 240 218 230 6% Petroleum 255 299 170 -43% Other 588 462 538 16% TOTAL DEMAND 8,482 7,330 7,384 1% SURPLUS/DEFICIT -365 -669 615 -192% PALLADIUM (THOUSANDS OF OUNCES) 2019 2020 2021(f) 2020-21 %change Mine supply 7,104 6,160 6,749 10% Recycling 3,407 3,119 3,569 14% TOTAL SUPPLY 10,511 9,279 10,318 11% Auto 9,667 8,551 9,447 10% Chemical 505 579 646 12% Dental 313 225 244 8% Electronics 714 626 656 5% Investment -87 -190 -93 -51% Jewellery 129 87 103 18% Other 177 129 144 12% TOTAL DEMAND 11,418 10,007 11,147 11% SURPLUS/DEFICIT -907 -728 -829 14% RHODIUM (THOUSANDS OF OUNCES) 2019 2020 2021(f) 2020-21 %change Mine supply 743 609 748 23% Recycling 357 338 378 12% TOTAL SUPPLY 1,100 947 1,126 19% DEMAND Auto 1,031 947 1,051 11% Chemical 59 55 72 31% Elec 6 7 7 0% Glass 46 5 19 280% Other 21 5 8 60% TOTAL DEMAND 1,163 1,019 1,157 14% SURPLUS/DEFICIT -63 -72 -31 -57% Source: Johnson Matthey (Reporting by Peter Hobson; Editing by Kirsten Donovan)

Platinum set for third year of deficit as industry demand surges, WPIC says

May 16 2021

LONDON The World Platinum Investment Council (WPIC) said on Monday the global platinum market will be more undersupplied this year than it previously thought as economic recovery fuels a surge in demand from industry.

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