Gold has big year in 2020 and outlook for this year robust. Learn about monetary expansion and gold future prices.Read More
The gold futures price reached US$1,767/ounce this week before retreating, which was the second time it has surpassed US$1,760 in the past two months, marking some of gold's highest levels in several years.Read More
The advent of Covid-19 pushed prices to their lowest levels during the first quarter of the year, yet by the end of 2020, most underlying prices on the London Metal Exchange had bounced back to multi-year highs. Fastmarkets looks at why some metals outperformed others.Figure 1: LME Indexed performance up until December 24.Copper - cash price gain of 25% ($6,179.50 per tonne open 3 Jan to $7,749 pe...Read More
Base metal prices on the London Metal Exchange edged lower at the close on Thursday December 31, with a number of participants still out of the market due to the holiday season.But the majority of metals did close higher than where they opened the year on January 2, 2020. Three-month copper fell by $81.50 per tonne day on day to close at $7,766 per tonne. But the price was up by more than 25%...Read More
Aluminium inventories in Shanghai-bonded warehouses had the sharpest drop aside from nickel after stocks were delivered to China on a persistently open arbitrage window, while stocks for copper and zinc continued rising amid no arbitrage opportunities and little activity.Aluminium stocks significantly down on persistent opening arbitrage window Fastmarkets assessed Shanghai-bonded aluminium stocks...Read More
The global pig iron market remained strong, but activity was limited during the week to Thursday December 31 due to the end-of-year holiday period.Fastmarkets' weekly price assessment for high-manganese pig iron, export, fob main port Black Sea, CIS was $530 per tonne on Thursday, up by 5% from $500-510 per tonne a week earlier.Pig iron exporters from the Commonwealth...Read More
Sentiment mixed as Mastercard reports holiday jewelry sales -4.3%, online +45%; general retail +3% driven by +49% growth in e-commerce. Diamond markets quiet due to end-of-year break. Diamantaires expect steady post-season demand. Manufacturers raising production after inventory levels declined in 2H. Focus on Chinese New Year orders leading to improvement in 0.30 to 0.89 ct., F-H, VS. Safdico buy...Read More
China's spot prices for battery-grade lithium carbonate moved up further on tight supply, and deals were secured at even higher prices over the week Thursday December 31China Deals for battery-grade lithium carbonate in China concluded at higher levels this week on tight availability of material; producer sources expect higher prices to emerge in the coming month. Offers for industrial-grade lithi...Read More
RAPAPORT...Pandora expects its full-year results for 2020 will exceed the company's earlier predictions, as strong sales in the fourth quarter outweighed the negative impact of coronavirus restrictions.The Danish jeweler expects revenue growth to be at least one percentage point better than the high end of its guidance range, it said Wednesday. It initially predicted sales would drop 14% to 17%. T...Read More
RAPAPORT... Tiffany & Co. investors approved LVMH's $15.8 billion acquisition of the company at a special meeting on Wednesday, paving the way for the transaction to close early in the new year.Shareholders of the storied US jeweler voted "overwhelmingly" in favor of the modified deal, LVMH said in a statement Thursday. More than 99% of votes were in favor, Reuters reported.LVMH expects t...Read More
(IDEX Online) - Leibish Polnaur, veteran of the color diamond market, bought a quarter of the stones at Argyle's record-breaking tender.He outbid rivals for 16 of the 62 gems in the penultimate sale, marking the closure of the iconic mine, in Australia, after 37 years.Mr Polnaur, founder of Israel-based Leibish, said asking prices 15 per cent higher than last year so he upped his bids by "20...Read More
RAPAPORT... Independent jewelry retailers in the US reported solid sales over the holiday period, as consumers had more disposable income and more couples got engaged."Sales were fantastic," said Eva-Michelle Spicer, owner of Spicer Greene Jewelers in Asheville, North Carolina. "In December alone they were up 45% year on year, and last year was our best December ever. We are not only having more s...Read More
(IDEX Online) - Diamond exports from Surat almost doubled in November.India's cutting and polishing capital bounced back from lockdown doldrums with $1.1bn of overseas sales. That's a 92 per cent increase on November 2019, according to the Gem and Jewellery Export Promotion Council (GJEPC).The city's 7,000 manufacturing units have been working flat out since they returned to f...Read More
RAPAPORT... Bold designs, unconventional shapes, and big white diamonds are what our Instagram community loved best this year. Looking at the diamond-jewelry posts our 80,000 followers saved the most from @jewelryconnoisseur_by_rapaport, we saw that strong, fierce styles stood out. A "save" means the follower archived the image for future reference, making it a better indicator than a like, s...Read More
Base metal prices on the London Metal Exchange edged lower at the close on Thursday December 31, with a number of participants still out of the market due to the holiday season.But the majority of metals did close higher than where they opened the year on January 2, 2020. Three-month copper fell by $81.50 per tonne day on day to close at $7,766 per tonne. But the price was up by more than 25%...Read More
Aluminium inventories in Shanghai-bonded warehouses had the sharpest drop aside from nickel after stocks were delivered to China on a persistently open arbitrage window, while stocks for copper and zinc continued rising amid no arbitrage opportunities and little activity.Aluminium stocks significantly down on persistent opening arbitrage window Fastmarkets assessed Shanghai-bonded aluminium stocks...Read More
Discussions between Chinese copper smelter Jiangxi Copper and Zambian producer Chambishi on annual blister copper refining charges (RCs) for 2021 are at their final stage, with both sides expecting a rise in terms, Fastmarkets has learned.Benchmark RCs for contractual supply of intermediate copper products in 2021 have still not been signed, sources said. Two sources close to the matter said...Read More
London Metal Exchange base metal price futures prices all declined in morning trading on Thursday December 31, with lawmakers in the United States still at loggerheads regarding additional stimulus for the economy there.While American citizens will each receive $600 as part of a stimulus package designed to boost the economy, provide funding for coronavirus jabs and prevent job losses, Senate Repu...Read More
The export steel billet market in the Commonwealth of Independent States fell quiet on Thursday December 31 amid a pre-holiday lull in the region and in consumer markets, sources told Fastmarkets.Although some major CIS millswere reported to still have February-shipment tonnages, the mills were not in a hurry to sell them, anticipating further price increases in January, several sources told Fastm...Read More
Indian mills are aiming to increase domestic hot rolled coil (HRC) prices by at least 3,000 rupees ($41) per tonne over the month of January, Fastmarkets heard on December 31.An official from an Indian mill said that current domestic HRC prices are at a discount of at least 4,000 rupees per tonne compared to the international prices of the commodity."We're aiming to achieve 55,000 rupees per tonne...Read More
Steel billet and reinforcing bar prices have increased again in Egypt for the week ended Thursday December 31, but demand remains weak due to the year-end lull in business, market sources told Fastmarkets.Market participants want to see the global direction of prices at the beginning of January before placing orders.Demand for rebar and billet has been slow in the country since the imposition of a...Read More
Flat steel prices in Turkey continued to increase in the week to Thursday December 31, but buying was weak because most buyers were busy with inventory calculations, sources told Fastmarkets.Additionally, hot-rolled coil (HRC) prices fell during the week in China because of weak trading, which created market concerns of whether global flat steel prices will follow, trading sources said.Fastma...Read More