The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday August 19, with steady buying into the afternoon causing the red metal to break through nearby resistance, while zinc futures closed above $2,500 per tonne for the first time since November 2019. The copper price closed at $6,685 per tonne on Wednesday afternoon, notching its h...Read More
Global zinc premiums were collectively flat in the week to Tuesday August 18, while an uptick in lead demand in Southeast Asia allowed spot interest to mount, albeit against climbing LME three-month prices for both commodities. Catch-up demand boosts lead business in South Asia Higher offers heard in Shanghai on intermittent opening of arbitrage window; zinc premium holds The European summer slowd...Read More
Many analysts have suggested that the silver price on an inflation-adjusted metric, should be worth $600 today. These same precious metals analysts... by Steve St Angelo of SRSrocco ReportConspiracy theories, especially lousy ones, grab the attention of a lot of people. So, if you want to acquire a lot of followers while making a nice buck doing so, then it pays to continue regurgitating the...Read More
The European wire rod market was quiet in the week to Wednesday August 19 amid the traditional summer slowdown, while market participants were expecting prices to rise in September, pushed upward by costlier scrap and increased buying activity, sources told Fastmarkets.Southern EuropeFastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe, remain...Read More
The price of hollow steel sections in Europe has remained stable over the past week despite previous expectations of an increase, with the slow summer activity precluding any changes, sources told Fastmarkets on Wednesday August 19.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?540-560 ($643-667) per tonne on Wednesday, unchanged week on week...Read More
Imports of used beverage cans (UBCs) into the United States inched higher again in June as a result of squeezed domestic supply due to restrictions on recycling operations, Fastmarkets understands.The United States imported 18,654 tons of UBC scrap in June, up by 3.9% from 17,961 tons in May, bringing the year-to-date total to 80,130 tons, figures from the US Department of Commerce show.UBC scrap...Read More
Total exports of nonferrous scrap materials from the United States increased month on month in June, as foreign buying of US products continued to recover from Covid-19-induced economic shutdowns.Nonferrous exports totaled 237,106 tons in June, up 14.6% from 206,857 tons in May, but down 6.1% from 252,623 tons in June 2019.Year-to-date volumes, however, fell by 12.3% year on year to 1,375,129 tons...Read More
Secondary aluminium scrap and ingot prices in the UK rose on Wednesday August 19, with limited demand returning to the market although supply was still constrained after the Covid-19-related shutdowns.A lack of manufacturing activity in the country after the pandemic-related lockdowns in March has led to a reduced level of aluminium scrap supply in recent months, market participants said.The recen...Read More
RAPAPORT... Michael Hill's earnings slumped 81% in the last fiscal year amid the temporary closure of most of its 290 stores in the second half.The Australia-based jeweler reported profit of AUD 3.1 million ($2.3 million) for the fiscal year ending June 30, as stores remained closed for a period of five to 13 weeks to stem the spread of the coronavirus. Group revenue fell 14% to AUD 492.1 million...Read More
RAPAPORT... Mountain Province plans to sell an additional $50 million worth of rough diamonds from its Gahcho Ku?(C) mine to Dunebridge Worldwide to help generate liquidity and bolster the company.The sale "will significantly strengthen the company's financial position as it responds to the challenges posed by the Covid-19 pandemic," Mountain Province said Tuesday, describing it as being in "serio...Read More
The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday August 19, with steady buying into the afternoon causing the red metal to break through nearby resistance, while zinc futures closed above $2,500 per tonne for the first time since November 2019. The copper price closed at $6,685 per tonne on Wednesday afternoon, notching its h...Read More
RAPAPORT... Two senior jewelry executives at Sotheby's have recently stepped down from their roles.David Bennett, the company's chief auctioneer and worldwide jewelry chairman, retired earlier this summer following a 42-year career, Sotheby's told Rapaport News last week. During his time with the auction house, Bennett was named among the top 10 most powerful people in the art world by Art+Auction...Read More
The Madras High Court of India has rejected Vedanta's plea to restart its Tuticorin copper complex, which has been closed since 2018.The long-awaited verdict came on Tuesday August 19 to uphold an earlier decision to keep the 400,000 tonne-per-year copper complex in Tamil Nadu closed with no access to electricity. In 2018, 13 locals were killed in a shooting incident during a protest aga...Read More
RAPAPORT... Signet Jewelers has extended its face-mask policy, which had previously applied only to employees, to include customers as well.The jeweler will offer disposable masks to any shoppers who don't have one with them, it said Tuesday. The decision, part of Signet's new Love Takes Care program, follows a collaboration with the Cleveland Clinic regarding proper coronavirus protocols."It's ou...Read More
After a dizzying drop earlier this year, U.S. jewelry and watch sales showed a solid recovery in June. Total fine jewelry and watch sales rose by almost 2 percent in June to an estimated $5.6 billion versus $5.5 billion in June a year ago, according to the latest data from the Department of Commerce. While a 2 percent gain may sound modest, it is a dramatic recovery from Marc...Read More
RAPAPORT... Tiffany & Co. will give consumers full details of each diamond's route from mine to jewelry, encompassing therough's origin as well as the locations of cutting, grading and setting.Beginning in October, the US retailer will share the story of each newly sourced diamond weighing 0.18 carats or more, it announced Tuesday. This builds on its existing practice of disclosing the re...Read More
(IDEX Online) - Residents living near a diamond mine in Sierra Leone are seeking $288m in damages for illnesses allegedly caused by air and water pollution.They are seeking a freezing order on assets belonging to Guernsey-registered Octea, a subsidiary of Israeli billionaire Beny Steinmetz's BSG Resources, which is now in administration.An affidavit filed at Sierra Leone's High Court cla...Read More
Hot-rolled coil prices in the United States slid below $24 per hundredweight ($480 per short ton) on Wednesday August 19 after clearing that hurdle the day before for the first time since July 6.Fastmarkets' steel hot-rolled coil index, fob mill US was calculated at $23.85 per hundredweight on Wednesday, down 0.7% from $24.03 per cwt on Tuesday August 18 but up 3.9% from $22.96 per cwt on Wednesda...Read More
Steady raw material costs and increasing demand from the automotive and construction sectors have kept wire rod prices in the United States firm, market participants said. Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US held at $29-29.50 per hundredweight ($580-590 per short ton) on Tuesday August 18. This is down by 8.6% from $31.50-32.50 year over...Read More
Steel rebar producers in the United Arab Emirates have increased their prices recently, and were unwilling to give discounts because of high production costs, sources told Fastmarkets on Wednesday August 19.The country's biggest rebar producer, Ezz Steel, has been offering the product since August 17 at 1,830 dirhams ($498) per tonne ex-works for orders to be produced in September. This was up fro...Read More