Carole's Feed
Oct 17, 2013

Gold soars 3 percent on U.S. govt deal, oil drops on industry data

NEW YORK (Reuters) – Grains and gold prices rose on Thursday, while most other commodities fell despite the dollar’s drop and the resolution of a U.S. budget deal, with U.S. oil prices sliding to their lowest since July after industry data showed supply on the rise.

Gold held onto 3 percent gains throughout the session as the dollar tumbled on Thursday following the U.S. congressional deal to restart the government and avoid a federal debt default.

Oct 7, 2013

U.S. debt worries boost gold, pressure oil

NEW YORK, Oct 7 (Reuters) – Commodity markets finished
Monday with mixed results as worries brought on by political
wrangling over the U.S. debt drove investors to gold as a safe
haven, but kept pressure on oil prices for fear of the potential
impact on economic growth.

Gold’s safe-haven appeal sent it nearly 1 percent higher, as
the U.S. government shutdown entered its second week with no
sign politicians were willing to resolve a budget impasse and
raise the debt ceiling.

Oct 3, 2013

Gold gains on U.S. shutdown, soft service sector data

NEW YORK, Oct 3 (Reuters) – Gold rose on Thursday after
softer U.S. services sector data raised expectations that the
Federal Reserve would delay any reduction in economic stimulus,
especially with September employment data delayed by the U.S.
government shutdown.

Early in the session, prices fell as physical demand slowed
and investors booked profits from the previous day’s gains that
came on worries about Washington’s budget standoff.

Oct 2, 2013

Ohio utilities body approves modified Ormet power deal

NEW YORK (Reuters) – The Public Utilities Commission of Ohio voted on Wednesday to approve Ormet Corp’s (ORMTQ.PK: Quote, Profile, Research, Stock Buzz) revised power deal with energy supplier American Electric Power Co Inc (AEP.N: Quote, Profile, Research, Stock Buzz), saving the U.S. aluminum producer from likely closure.

The commission added, however, that it was modifying parts of Hannibal, Ohio-based Ormet’s request for a unique subsidized power arrangement, as it works to emerge from bankruptcy.

Sep 27, 2013

Gold holds 1.0 pct gains on U.S. fiscal uncertainty

NEW YORK, Sept 27 (Reuters) – Gold prices ended up about 1.0
percent on Friday, driven up by a possible shutdown of U.S.
government operations next week and the threat of a debt default
in mid-October, as well as by the prospects for continued easy
monetary policy from the Federal Reserve.

The U.S. government braced on Friday for the possibility of
a partial shutdown of operations on Oct. 1 as Congress struggled
to pass an emergency spending bill that Republicans want to use
to defund the new healthcare reform law.

Sep 23, 2013

Grains up as demand grows, new crude supply hits oil

NEW YORK, Sept 23 (Reuters) – Commodity markets traded mixed
on Monday, with supply increases hitting oil prices, demand
increases lifting grains and metals down modestly on uncertainty
about when the Federal Reserve will decide to reduce economic
stimulus.

The 19-commodity Thomson Reuters-Jefferies CRB index
finished the session down 0.44 percent, pressured by
oil and metal prices. Higher grains and softs prices limited the
decline.

Aug 30, 2013

Gold drops below $1,400, on track for second monthly gain

NEW YORK, Aug 30 (Reuters) – Gold slid below $1,400 an ounce
on Friday as the dollar rallied to a four-week high and
investors squared positions at the end of the month and cashed
in on a recent run-up ahead of a long U.S. holiday weekend.

Gold, which remained on track for a 5.6 percent monthly
gain, briefly trimmed its decline in the afternoon as U.S.
Secretary of State John Kerry was making a broad case for U.S.
military action against Syria. But prices fell back to
pre-speech level before he finished his televised address.

Aug 19, 2013

Ormet seeks liquidity to keep two aluminum potlines open

NEW YORK, Aug 19 (Reuters) – Ormet Corp is
negotiating with its equity owner for additional liquidity to
keep remaining aluminum operations running, after shutting down
two potlines late last week, a spokesman at the U.S aluminum
producer said on Monday.

On August 1, the Hannibal, Ohio-based company began shutting
two of the smelters’ four operating potlines in order to keep
electricity costs under control while it waits for an August 27
hearing on the matter.

Aug 1, 2013

Ormet cutting Ohio aluminum operations, cites high power rates

NEW YORK, Aug 1 (Reuters) – Ormet Corp was
beginning on Thursday to shut down half of the existing
operations at its lone 260,000-tonne-per-year aluminum smelter
at Hannibal, Ohio, according to documents filed a day earlier
with Ohio state utility regulators.

Low metal prices and high power rates prompted the decision,
Chief Executive officer Mike Tanchuk said in a notice posted on
the aluminum producer’s website. On Wednesday, the Public
Utilities Commission of Ohio denied Ormet’s request for an
emergency reduction in electricity rates.

Jul 31, 2013

Ohio regulator rejects Ormet’s expedited request for cheap power

NEW YORK, July 31 (Reuters) – Ohio’s state utility regulator
on Wednesday rejected Ormet Corp’s appeal for an
expedited decision on the aluminum producer’s request for lower
electricity rates, which it said are crucial to operating its
aluminum smelter and alumina refinery.

The ruling by the Public Utilities Commission of Ohio (PUCO)
was on the company’s emergency appeal for lower rates. A full
hearing on Ormet’s request remains on the docket for August 27.

    • About Carole

      "Based in New York, I cover all North American commodity markets, with a primary focus on metals and more specifically steel and aluminum. I have also covered economics, international economics, foreign exchange, bonds and stock markets for both TV and Reuters wire."
    • Follow Carole