|Day's Range||3.0880 - 3.1485|
After gaining for three consecutive trading weeks, crude oil started this week on a stronger note by surging to 3.5-year high price levels. Carrying forward the strength, crude oil opened higher on May 22 and consolidated at elevated levels in the early hours.
ULAANBAATAR/LONDON (Reuters) - Rio Tinto on Tuesday called on the Mongolian government to honor the contracts that underpin its Oyu Tolgoi copper project and said the mining world was watching, as anxiety mounts after a series of high-profile arrests. Mongolia's anti-corruption agency has arrested two former prime ministers and a former finance minister over an investigation into suspected misuse of power by officials during negotiations linked to Oyu Tolgoi contracts. Investigators have not said Oyu Tolgoi operator Rio Tinto has done anything wrong and some analysts say the allegations are politically motivated.
ULAANBAATAR/LONDON (Reuters) - Rio Tinto (RIO.L) (RIO.AX) on Tuesday called on the Mongolian government to honour the contracts that underpin its Oyu Tolgoi copper project and said the mining world was watching, as anxiety mounts after a series of high-profile arrests. Mongolia's anti-corruption agency has arrested two former prime ministers and a former finance minister over an investigation into suspected misuse of power by officials during negotiations linked to Oyu Tolgoi contracts. Investigators have not said Oyu Tolgoi operator Rio Tinto has done anything wrong and some analysts say the allegations are politically motivated.
Crude oil futures surged on Monday, hitting a 3.5 year high on geopolitical concerns over Iran and Venezuela that could lead to supply disruptions.
Investing.com – Gold prices rose from lows on Monday on dollar weakness but remained under pressure amid easing trade war fears and signs of waning demand for the yellow metal.
MUMBAI (Reuters) - India's Multi Commodity Exchange (MCX) said it launched the country's first copper options contracts on Monday. Three contracts expiring in June, August and November with a lot size ...
Investing.com – Gold prices rose on Friday as a weaker dollar and falling U.S. Treasury yields bolstered demand for the precious metal but gains were limited as traders remained wary of a rebound in yields.
Goldman Sachs forecasts even more gains for commodities, as oil fuels the asset class's best year in a decade.
Futures for Canada's main stock index were little changed on Friday as investors awaited inflation and retail sales data. Canada's annual inflation rate is expected to have remained at 2.3 percent in April ...
VANCOUVER/TORONTO (Reuters) - The weak human rights record of one of Africa's poorest countries is coming between Lundin Mining Corp (LUN.TO) and its pursuit of a prized European copper and gold asset. Cash-rich Lundin's latest run at fellow Canadian miner Nevsun Resources Ltd (NSU.TO) is designed to bag the Timok project in Serbia, but it had to bring on a partner to pick up Nevsun's Bisha mine in Eritrea. Lundin Mining's biggest shareholder is a private investment company owned by a Lundin family trust, with a near 13-percent stake, Thomson Reuters data shows.
To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_05182018.pdf If you would like to receive this newsletter via email, please register ...
Anglo American (AAL.L) is likely to sell up to 30 percent of its multi-billion dollar Peruvian copper project Quellaveco to Japanese entities, including Mitsubishi, which already own part of it, three sources familiar with the matter said. The sources said it has hired investment banks Goldman Sachs (GS.N) and Morgan Stanley (MS.N) to help with the sale, which could be announced within the next two months. Goldman Sachs did not respond to a request for comment and Morgan Stanley declined to comment.
Investing.com - Gold prices reversed early gains on Thursday, falling back towards the lowest levels since December as a stronger dollar and rising U.S. government bond yields continued to weigh on demand for bullion.
Vedanta Resources Plc's Thootukudi copper smelter, one of India's biggest, will remain shut until at least June 6, a lawyer petitioning against the plant reopening said on Thursday. The Tamil Nadu Pollution Control Board has adjourned a hearing to grant Vedanta a renewal of consent to operate the smelter until that date, said V Ramasubbu, a local lawyer who filed the petition because of environmental concerns. Benchmark three-month copper contract on the London Metal Exchange rose to as much as $6,900 per tonne but pared its gains to trade at $6,870.50 at 1017 GMT.
Based on yesterday’s price action and today’s early movement, the direction of July Natural Gas is likely to be determined by trader reaction to a technical Fibonacci level at $2.841.
A geo-political risk is an ever-present theme in the global financial markets and requires traders to be up to speed on global current affairs, particularly in geographies that have the ability to cause widespread economic disruption, either through supply or from a demand perspective.
The EUR/USD has been in a steady downtrend after it broke from consolidation mode. The pair went below 1.1780 yesterday, but 1.1720 is still a big hurdle for bears. The price is rejecting the W L5 level, and we could see 1.1850. However, 1.1835-50 could provide a rejection towards 1.1763 retest and 1.1720 zone. If the price hots 1.1720, we could see a bounce towards a more significant correction – 1.1895.
Based on Wednesday’s price action, the direction of the July Comex High Grade Copper market is likely to be determined by trader reaction to the main Fibonacci level at $3.0575.
Based on the late session price at .7516 and the earlier price action, it looks like the bias and momentum may be shifting to the upside.
BILLINGS, Mont. (AP) — The Latest on a legal challenge to the Trump administration's reversal of a proposal to make mining companies prove they can pay for future pollution cleanups (all times local):
Crude oil prices edged higher on Wednesday following the release of the Department of Energy’s inventory report. The EIA’s report showed a draw in crude oil inventories which conflicted with Tuesday’s American Petroleum Institute’s (API) report that showed a build. Imports for the week increased, along with production, but a larger than expected draw in gasoline could keep the oil complex buoyed.Technicals
Investing.com - Gold prices fell below the $1,300 level on Tuesday, hitting the lowest levels since December as the U.S. dollar and Treasury yields moved higher after slightly stronger than expected U.S. retail sales figures.
Based on the latest price at $3.0575 and the earlier price action, the direction of the copper market the rest of the session is likely to be determined by trader reaction to the main Fibonacci level at $3.0575.