SHANGHAI, May 24 (SMM) – Nonferrous metals saw mixed trading on Thursday May 24. SHFE lead surged 1.5%, tin rose over 1% and aluminium gained 0.8%. SHFE copper dropped 0.9%, zinc lost 0.7% and nickel dipped.The ferrous complex, except for coking coal, rose across the board. Hot-rolled coil led the increases with a gain of 1.5%. Rebar and iron ore rose over 1% and coke nudged up.Cop...Read More
SHANGHAI, May 24 (SMM) – Environmental taxes are likely to drive up production costs for nonferrous metals, given the high levels of emissions in production, said Huang Fuping, Secretary General of the Guangxi Environmental Industry Association. As the Chinese government steps up environmental protection, environmental taxes will become commonplace, he added.At the SMM Le...Read More
Chinese growth has been called a bubble and a figment of statistical manipulation.But within three decades, China has claims of having the biggest metro and longest high-speed rail systems.Quite rightly, those who saw the emergence of China coming expected increasing demand for commodities and gold. They then made a fatal mistake. An assumption was made that an increase in demand for commodities...Read More
NANNING, May 24 (SMM) – Despite a potential rebound in the near term, copper prices are likely to extend its downward trend in the longer run, said founder of Shanghai research firm Horizon Insights, Wang Pei. At the SMM Lead Zinc Summit on Thursday May 24 in Nanning, Guangxi province, Wang said that the weakening global economic growth and the growing global visual inventories of...Read More
Developed by CSIRO, the photon assay technology was commercialised by Chrysos Corporation in partnership with CSIRO and RFC Ambrian.Read More
The gold major said it in a statement it had started a consultation process with employees and organised labour groups in terms of section 189 of the South African Labour Relations Act 66 of 1995, which refers to an employer contemplating the dismissal of employees for reasons based on operational requirements.The talks were being facilitated by the Council for Conciliation, Mediation and Arbitrat...Read More
Profit after tax for the quarter increased 54% year-on-year to €8.8 million (US$10.3 million), which translated to profit of 6.5c per share on a fully diluted basis, up from 4.8c/share in the March 2017 quarter.Read More
SHANGHAI, May 24 (SMM) – Spot copper offer discounts narrowed some 10 yuan/mt from Wednesday to 100-20 yuan/mt over the SHFE 1806 contract on Thursday May 24, SMM learned. Weighed down by LME copper, the SHFE copper 1806 contract slumped nearly 500 yuan/mt last night. The contract continued to trade weakly this morning. Sellers attempted to raise offers this morning but t...Read More
SHANGHAI, May 24 (SMM) – Copper: Prices of copper weakened last night as US President Donald Trump's remarks grew US-Sino trade uncertainties. LME copper lost the gains that it made during the past three days and fell back to all moving averages. The SHFE 1807 contact also fell to the 10-day moving average. We expect LME copper to trade at $6,800-6,880/mt today with the SHFE contrac...Read More
By David Fickling(Bloomberg Opinion) - There's a well-thumbed playbook for how deals involving gold mines in the remote jungles of Indonesia are meant to turn out.The game plan isn't so different to the plot of the recent Matthew McConaughey film "Gold" - a promise of great wealth turning to ruin with the protagonists ending up brawling in the mud surrounded by fraud, violence and shady political...Read More
Despite Argentine President Mauricio Macri's pro-business policies, international mining companies are still reluctant to invest in Argentina amid a lack of regulatory clarity.More than two years into Macri's term, the country's dormant gold, silver, lithium and copper reserves - some discovered more than half a century ago - remain mostly untapped. "Conditions in Argentina are not sufficient for...Read More
World's No.2 miner Rio Tinto (ASX, LON, NYSE: RIO) confirmed Wednesday is ready to sell its stake in the giant Grasberg mine, the world's second largest copper operation, to Indonesia's state mining holding company Inalum for $3.5 billion.The move could mark the end to a long-drawn-out, three-way dispute over the mine, which has been centered on bringing local ownership of Grasberg up to 51%, a...Read More
SHANGHAI, May 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped from its five-month high to close at 93.59 last night. It lost momentum after US-Sino trade tension abated.Base metals saw mixed trading overnight. LME lead touched a two-and-half month's high and closed over 2% higher due to worries of tight...Read More
Among the highlights, Arizona hit 48.77m assaying 7.3% combined zinc-lead, 170.1g/t silver and 1.6% copper.The company said the step-out drilling showed the potential for resource growth at the zinc-lead-silver deposit in Arizona's Santa Cruz county, plus robust copper grades in the new zone and another previously identified zone to the east.Meanwhile Arizona has started work on its twin explorati...Read More
(Adds details, changes source)By Sudarshan VaradhanNEW DELHI, May 22 (Reuters) - At least nine people were killed in India's Tamil Nadu (NS:TNNP) state on Tuesday when police fired at violent protesters calling for the closure of a copper smelter run by Vedanta Resources , authorities said. VED.LThe state's chief minister, Edappadi K. Palaniswami, said police had been forced to act after the pro...Read More
* Copper touches three-week high* LME/ShFE arb: GRAPHIC-2018 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with closing prices)By Eric OnstadLONDON, May 22 (Reuters) - Lead prices touched their highest in 2-1/2 months on Tuesday, supported by concern over potential shortages and as investors sold zinc and bought lead.Environmental inspections at secondary lead smelters in China have reduced sup...Read More
Investing.com - Gold prices inched higher on Tuesday as increased risk appetite limited gains in the precious metal, keeping it close to the low for the year hit a day earlier.At 10:17AM ET (14:17GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up just $0.40, or around 0.03%, to $1,291.30 a troy ounce. In the previous session, it slid to as low as...Read More
NEW DELHI, May 22 (Reuters) - At least nine died after police fired at protestors calling for closure of a Vedanta Resources-controlled VED.L copper smelter in South India, a senior police official told Reuters on Tuesday."Nine people have been confirmed dead," said the official, Kapil Kumar Saratkar.Scores of protesters in the port city of Thootukudi in Tamil Nadu (NS:TNNP) state set vehicles on...Read More
By Sudarshan VaradhanNEW DELHI, May 22 (Reuters) - Scores of protesters set vehicles on fire in southern India on Tuesday and threw stones at police, police officials said, demanding that conglomerate Vedanta Resources VED.L VDAN.NS shut a copper smelter over environment hazards to the area.Residents of the port city of Thootukudi in Tamil Nadu (NS:TNNP) state and environmentalists have been dem...Read More