Edition:
United Kingdom

Peter Hobson

METALS-Escalating trade war drives copper to fifth weekly loss

17 May 2019

LONDON, May 17 Copper prices fell for a fifth consecutive week as the trade confrontation between the United States and China intensified.

ICBC Standard Bank closes Tokyo metals branch

17 May 2019

LONDON ICBC Standard Bank said on Friday it would close its metals branch in Tokyo this year and move the business to hub offices in London and Singapore.

ICBC Standard Bank closes Tokyo metals branch

17 May 2019

LONDON, May 17 ICBC Standard Bank said on Friday it would close its metals branch in Tokyo this year and move the business to hub offices in London and Singapore.

PLATINUM WEEK-Oversupply looms over investor bets on platinum rebound

13 May 2019

LONDON, May 13 Investors have poured cash into bets that platinum prices will revive after a decade of declines, but excess supply is likely to keep a lid on gains.

PLATINUM WEEK-Oversupply looms over investor bets on platinum rebound

13 May 2019

LONDON, May 13 Investors have poured cash into bets that platinum prices will revive after a decade of declines, but excess supply is likely to keep a lid on gains.

Gold poised for gains as global markets brace for turmoil - Reuters poll

02 May 2019

LONDON A slowing global economy, stock market turmoil, delays to interest rate rises and potential U.S. dollar weakness are expected to boost average annual gold prices to their highest since 2013, a Reuters poll found.

Palladium's record breaking rally to fade next year - Reuters poll

02 May 2019

LONDON Palladium will cost an average $485 (£371) an ounce more than platinum this year - a record breaking premium - but the gap will narrow in 2020 as the rally fizzles out and platinum recovers after an eight year downturn, a Reuters poll showed.

Central bank binge buying fuels red-hot gold demand: WGC

02 May 2019

LONDON Strategic buying by central banks helped push global gold demand up 7 percent in the first quarter of 2019, the World Gold Council (WGC) said on Thursday.

Central bank binge buying fuels red-hot gold demand - WGC

02 May 2019

* Gold demand rose 7 pct to 1,053.3 tonnes in Q1 2019 * Central bank buying surged 68 percent to 145.5 tonnes * ETF holdings rose by 40.3 tonnes * Brexit fears triggered demand surge in Britain By Peter Hobson LONDON, May 2 Strategic buying by central banks helped push global gold demand up 7 percent in the first quarter of 2019, the World Gold Council (WGC) said on Thursday. Central banks seeking to diversify their reserves bought a total of 145.5 tonnes of gold over the January-March period, the WGC said in its latest quarterly demand trends report. That is 68 percent more than a year earlier and follows purchases of 651.5 tonnes in 2018, which was the most in any year since 1967. "Given the strategic nature of central bank buying, we expect the momentum to continue," the WGC's head of market intelligence Alistair Hewitt said, adding that he expected central banks to buy 500-600 tonnes this year. The WGC said the world's first quarter gold usage was 1,053.3 tonnes, up from 984.2 tonnes in the same period in 2018. Investors encouraged by political and economic uncertainty and the prospect of slower interest rate rises piled into gold-backed exchange traded funds, adding 40.3 tonnes to their holdings, 49 percent more than a year earlier, the WGC said. Gold is traditionally seen as a safe place to invest in times of turmoil. Low interest rates make the metal, which does not offer a yield, more appealing relative to other assets. Consumption of gold for jewellery rose 1 percent year-on-year to 530.3 tonnes, with a 5 percent rise in Indian demand to 125.4 tonnes -- the most of any first quarter since 2015 -- partially offset by a 2 percent fall in China to 184.1 tonnes. China and India are the world's largest jewellery markets. Lower purchases of gold bars in China and Japan pushed overall bar and coin investment down 1 percent to 257.8 tonnes, although purchases in Britain rose 58 percent to 3.6 tonnes as investors looked to protect themselves against potential Brexit turmoil, Hewitt said. Gold use in electronics and other industries fell 3 percent to 79.3 tonnes. Hewitt said he expected China to use 900-1,000 tonnes of gold in jewellery, bars and coins this year, and India to hoover up 750-850 tonnes. Gold supply in the first quarter was virtually unchanged from a year earlier at 1,150 tonnes, the WGC said. WORLD GOLD DEMAND (T)* Q1 2019 Q1 2018 Pct change Jewellery 530.3 527.3 1% Technology 79.3 81.8 -3% Investment 298.1 288.4 3% - Bar & coin 257.8 261.3 -1% - ETF 40.3 27.1 49% Central banks 145.5 86.7 68% TOTAL 1053.3 984.2 7% *Source: World Gold Council, Gold Demand Trends Q1 2019 (Reporting by Peter Hobson; Editing by Alexander Smith)

METALS-Copper prices rise despite weak Chinese factory data

30 Apr 2019

LONDON, April 30 Copper prices rose on Tuesday as investors bet that top consumer China would respond to weak factory data by implementing fresh stimulus measures.

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