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    Pre-Market Report: US Government Shutdown Impacts Global Markets [more]
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    Not exactly the most exciting headline in the world of commodities trading, but after two years of contraction, even this modest turnaround will be welcome news for both the LME's management and its owner, Hong Kong Exchanges and Clearing (HKEx). The LME slashed some of its trading fees last October in a bid to revive flagging volumes but broader market conditions have arguably been just as important a driver of improved activity. [more]
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    Gold nudged higher on Monday as the dollar wallowed near three-year lows following a U.S. government shutdown, although bullishness in the wider financial markets capped the precious metal's gains. World stocks shrugged off the shutdown in Washington, with investors seemingly confident the conflict between President Donald Trump and Democrats can be resolved swiftly. Spot gold edged up 0.1 percent to $1,332.81 an ounce by 1128 GMT. [more]
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    South African mining group Lonmin looks set to end its storied history on the London stock exchange with a whimper rather than a bang after reporting a $1.2bn (£861m) annual loss ahead of a takeover by a rival. Lonmin, once a giant of the mining scene, slid to $1.17bn pre-tax loss in the year to September 30, from a $355m loss the year before. The platinum producer’s full-year accounts had been delayed from November when it said it was too busy performing a strategic review of its assets to publish them. This review was put to one side last month when it revealed it had accepted a $285m all-share takeover offer from fellow gold miner Sibanye-Stillwater. Lonmin, which can trace its roots back to 1909 and once formed part of giant conglomerate Lonrho, has been laid low by falling prices in its key product, platinum, which is used in catalytic converters for cars and in jewellery. Even a stellar run by platinum’s sister metal, palladium - which rose 49pc last year - could not halt the decline. Lonmin share price The miner has been shedding workers and closing older, less productive mine shafts in a unsuccessful bid to stem rising costs. The bulk of Lonmin’s losses came from an impairment of just over $1bn as it wrote down the value of its platinum mines in the Marikana region. Stripping out this hit, it made an adjusted operating loss of $26m for the year. Revenue rose 4.6pc to $1.16bn while production slipped slightly to 10.1 million tons of metal. In a separate update for the first quarter of its year, it reported improved production from its newer shafts and higher prices for its basket of metals. Ben Magara, chief executive, said that despite progress in its operational performance Lonmin “continues to be hamstrung by its capital structure and liquidity constraint”. The ailing company has gained a waiver on some debt covenants until the end of February, when the Sibanye deal is due to be finalised, after its net worth plunged below the $1.1bn level its creditors had stipulated, to $674m. The takeover could complete in the second half of 2018, the company added. Lonmin shares were little changed in afternoon trade, down 0.87pc to 85.65p. The company’s market capitalisation stood at more than $10bn in 2007, but in recent years has plunged to a fraction of that; the miner has tapped shareholders for extra cash three times since 2009. Analysts at SP Angel suggested the miner could yet turn a corner if platinum begins to fall into short supply. “Lonmin is pressing ahead with its refocussing of the business on its core shafts. If the company’s predictions of an emerging supply deficit in platinum are realised, the Sibanye-Stillwater offer for the company may been seen, in retrospect, as particularly astutely timed,” they said. [more]
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    The prices have been ranging between the $1325 and the $1345 regions for the last few days [more]
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    Investing.com - Gold prices pared losses and held steady on Monday, as traders continued to evaluate the consequences of the U.S. government shutdown on Friday. [more]
  • TradersStream
  • TradersStream
    The prices have been ranging between the $1325 and the $1345 regions for the last few days [more]
  • TradersStream
  • TradersStream
    Investing.com - Gold prices pared losses and held steady on Monday, as traders continued to evaluate the consequences of the U.S. government shutdown on Friday. [more]
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    The World Gold Council (WGC) is studying the creation of a global standard for gold kilobars so they can be deployed as collateral in futures markets and potentially encourage demand, sources close to the matter said. Kilobars -- 1 kilogram gold bars -- dominate Asian trade but a lack of transparency about their origin and the absence of a global standard hinders their use on exchanges elsewhere. [more]
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    Tanzania’s populist president John Magufuli strode into office in late 2015 promising to tackle corruption and introduce large-scale reforms. Since then Magufuli hasn’t disappointed: taking on elites within his party, sacking corrupt or incompetent civil servants, and channeling money meant for independence day celebrations to anti-cholera operations. His strict and controversial leadership style has earned… [more]
  • TradersStream
  • TradersStream
    Pre-Market Report: US Government Shutdown Impacts Global Markets [more]
  • TradersStream
  • TradersStream
    Not exactly the most exciting headline in the world of commodities trading, but after two years of contraction, even this modest turnaround will be welcome news for both the LME's management and its owner, Hong Kong Exchanges and Clearing (HKEx). The LME slashed some of its trading fees last October in a bid to revive flagging volumes but broader market conditions have arguably been just as important a driver of improved activity. [more]
  • TradersStream
  • TradersStream
    Gold nudged higher on Monday as the dollar wallowed near three-year lows following a U.S. government shutdown, although bullishness in the wider financial markets capped the precious metal's gains. World stocks shrugged off the shutdown in Washington, with investors seemingly confident the conflict between President Donald Trump and Democrats can be resolved swiftly. Spot gold edged up 0.1 percent to $1,332.81 an ounce by 1128 GMT. [more]