MOSCOW, Feb 19 (Reuters) - Russian businessman Mikhail Prokhorov has agreed to sell a 6 percent stake in Russian aluminium giant Rusal to a consortium of investors led by billionaire Viktor Vekselberg and his partners, the consortium said on Monday.After the deal, Vekselberg and his partners will hold 26.5 percent of Rusal, the consortium said. (Reporting by Polina Devitt; editing by Adrian Croft...Read More
* Analysts say dollar weakness to continue * Speculators cut net gold longs in the week to Feb. 13 * SPDR Gold holdings rise 0.4 percent on Friday(Updates throughout, adds LONDON dateline) By Zandi ShabalalaLONDON, Feb 19 (Reuters) - Gold prices were mostly flat on Monday as the dollar clawed back some recent losses and stocks rose, but U.S. inflation fears kept buyers in the metal.Spot gold was f...Read More
The equity markets are closed today; however, the futures markets are open. Equity futures are higher which would have led to the seventh day in a row of gains. Just three weeks ago, equities looked like they were going to collapse. Now they look like they may never go down again. Will the “rip your face off” rally continue or will Darth Vader return? Gold has followed a very similar p...Read More
Prices in the global steel billet market were mostly trending upward last week amid enlivened demand at some destinations as well as increased scrap prices, Metal Bulletin has learnt.There were some markets in which prices remained unchanged week-on-week, but these were largely in Asia, where market participants have now broken off for the week-long lunar new year holiday, ending on February 21.Tu...Read More
Prices in the global steel billet market were mostly trending upward last week amid enlivened demand at some destinations as well as increased scrap prices, Metal Bulletin has learnt.There were some markets in which prices remained unchanged week-on-week, but these were largely in Asia, where market participants have now broken off for the week-long lunar new year holiday, ending on February 21.Tu...Read More
Aluminium was the only base metal on the London Metal Exchange to close in positive territory on Monday February 19, with the majority of the complex's prices under pressure.The three-month aluminium price closed $6 higher as it managed to stabilize above $2,200 per tonne following Friday's release of US Commerce department recommendations on imports."While prices have rallied from their recent lo...Read More
Base metals prices on the London Metal Exchange were weaker during morning trading on Monday February 19, with most metals reversing gains seen last week. The three-month copper price was recently trading $62.50 per tonne lower than Friday's 5pm closing price and coming under pressure at the $7,200 per tonne level. Market volumes are expected to remain thin today with Chinese traders away for the...Read More
Metal Bulletin aluminium billet premiums were largely unchanged around the world on Friday February 16, on a combination of factors. The market in the United States was stagnant in the month to Friday, while Asian market participants were away for the Lunar New Year holiday and consumers in Europe reported being well stocked. The three-month aluminium price on the London Metal Exchange closed at $...Read More
Spain-focused tungsten miner W Resources has secured a $35 million loan facility to fund its La Parilla development in southwest Spain, it said late last week.The lenders include one or more funds managed by BlackRock Financial Management, the miner said.The loan will have a five-year scheduled term, with a two-year non-call period, it added. W Resources has the right to repay the loan after two y...Read More
The week-long Lunar New Year holiday slowed down European and Chinese tungsten markets last week with little spot activity taking place. Chinese, European markets were subdued during Lunar New Year holidays Week-long holidays expected to tighten tungsten supply further Expectations of price increase after China returns to the market China's tungsten market was quiet last week amid thin...Read More
Non-ferrous metals producer Korea Zinc will increase sales of zinc from its directly owned smelting assets in 2018 by 8%, or 50,000 tonnes, while reducing its lead and silver volumes, it said on February 8.The company plans to cut sales of lead by 10,000 tonnes to a total of 410,000 tonnes, and to reduce silver sales by 10%, or 216 tonnes, to 1,900 tonnes.Zinc sales will increase to an annual tota...Read More
Domestic Chinese trading is preparing for a shake-up after the new International Energy Exchange (INE), a subsidiary of the Shanghai Futures Exchange (SHFE), has announced it will allow non-Chinese companies to trade crude oil futures contracts.Following the release of a one-line statement from the China Securities Regulatory Commission (CSRC) on February 9 that announced the launch of domestic cr...Read More
Low- and high-grade cobalt prices continued to overlap in the latest price assessment, with a supply squeeze coupled with strong demand for cobalt broken cathodes and briquettes for chemical applications at the core of new higher prices. Metal Bulletin assessed benchmark low-grade cobalt prices at $38-39.30 per lb, in-warehouse on Friday February 16, up by 25 cents on the low end of the range...Read More
The European antimony market continued to be supported last week by tightening supplies in Rotterdam while activity in the Chinese market slowed down due to the week-long Lunar New Year holidays.Metal Bulletin assessed MMTA standard grade II antimony in-warehouse Rotterdam prices at $8,400-8,700 per tonne on Friday February 16, unchanged from Wednesday when prices had moved up from $8,400-8,6...Read More
Turkish steel producers continued their deep-sea scrap purchases at the end of last week, which resulted in a rise in the daily scrap indices on Monday February 19....Read More
Turkish domestic prices for steel scrap have gone up slightly over the past week, in line with rising imported scrap costs, sources said on Monday February 19.Metal Bulletin's weekly price assessment for domestic auto bundle scrap (DKP grade) was TRY1,260-1,390 ($336-370) per tonne delivered on Monday, widening upward from last week's TRY1,260-1,385 per tonne.The change in the weekly assessment ca...Read More
Import prices for containerized heavy melting scrap (HMS) in Taiwan were stable last week on thin trading due to a major holiday in the territory. Metal Bulletin's assessment of import prices for United States-origin HMS 1&2 (80:20) into Taiwan was $320-325 per tonne cfr for the week ended Friday February 16, the same as a week...Read More
Non-ferrous metals producer Korea Zinc will increase sales of zinc from its directly owned smelting assets in 2018 by 8%, or 50,000 tonnes, while reducing its lead and silver volumes, it said on February 8.The company plans to cut sales of lead by 10,000 tonnes to a total of 410,000 tonnes, and to reduce silver sales by 10%, or 216 tonnes, to 1,900 tonnes.Zinc sales will increase to an annual tota...Read More
The metals complex on the London Metal Exchange is down an average of 0.1%, with the exceptions of aluminium that is off 0.6% ($2,186 per tonne) and nickel that is up 0.8% ($13,775 per tonne). Copper prices are off 0.1% at $7,177 per tonne. Volumes have been light with 2,354 lots traded as of 07:53 am London time. This follows a mixed performance on Friday when aluminium and tin prices were up 2.1...Read More
Prices in the Commonwealth of Independent States' export markets for hot-rolled coil (HRC) and cold-rolled coil (CRC) have gone up again amid low availability of March-rolled material."Material allocation is very limited and producers are not ready to negotiate," one trader told Metal Bulletin.Metal Bulletin's weekly price assessment for CIS-origin HRC exports was $585-600 per tonne fob Black Sea...Read More