The future of ring trading on the London Metal Exchange looks assured for now after almost all the firms involved told Reuters they remained committed to open-outcry trading at one of the last venues to still support it.
Iron ore will average more than $100 a ton this year as the worldwide market remains tight, despite China’s property crisis hurting the outlook for steel demand there, according to HSBC Holdings Plc.
Base metals declined after the Federal Reserve pushed back on interest-rate cut expectations and as investors weighed the demand outlook in top consumer China before the Lunar New Year holiday this month.
Iron ore futures were in a tight range on Monday, with the Dalian benchmark ticking up and Singapore prices receding, as investors pondered the demand outlook in the absence of an expected monetary easing in top consumer China.
Mining News Pro - New UK sanctions on Russian metals have caused confusion among traders and raised fresh worries that the London Metal Exchange could be overwhelmed by a glut of unwanted Russian aluminum.
Mining News Pro - Iron ore fell after a widely-watched government policy meeting in China finished without any major new stimulus pledges.
Mining News Pro - Palladium dropped below $1,000 an ounce for the first time in five years as demand falters amid a slowdown in car sales, the rise of electric vehicles and as users switch to cheaper platinum.
Mining News Pro - JPMorgan Chase & Co. sees an opportunity in gold ahead of a likely US recession, predicting prices will push past $2,000 an ounce by year-end and hit fresh records in 2024 as interest rates start to fall.
Mining News Pro - Aluminum and zinc prices in London were heading for their biggest weekly gain since January, as a weaker dollar made greenback-priced metals cheaper to holders of other currencies.
