The London Metal Exchange is looking for ways to boost its options market, which has been struggling for some years to replicate the growth seen in the same sector among its peers.The exchange has launched a consultation, scheduled to end on July 29, on developing electronic options via a new trading platform while retaining its current inter-office options trading structure.Items up for discussio...Read More

BHP is to scale down operations and cut jobs at its Cerro Colorado copper mine in Chile's Atacama Desert, the company said on Thursday July 2. The Australia-based mining company said the number of employees working at the mine, which is part of the larger Pampa Norte asset, will be reduced over the next four months."Cerro Colorado has begun discussions with employees and contractors...Read More

RAPAPORT... Times are hard for luxury in general, and jewelry in particular. In a recent survey by McKinsey & Company, jewelry was one of the luxury products consumers were most willing to forgo post-Covid-19, considering the financial crisis the virus has left in its wake. The question is, how does discretionary spending fit into the "new normal," and what does the future hold for the average...Read More

The latest forecasts from Fastmarkets' team of analysts is ready to view.Stainless steel prices are relatively stable this month, showing little change since our previous tracker. Such stability masks growing issues for stainless steelmakers, however, who are increasingly unable to pass on rising costs to consumers and are, thus, facing cuts to their margins.In general, this is due to an excess of...Read More

(IDEX Online) - Declare your undying love with a diamond engagement ring based on a Pokemon character.The 0.3-carat solitaire (pictured) is set between a pair of gold ears belonging to Pikachu, a fictional yellow rodent that appears in video games, TV shows, movies, trading card games, comic books and much besides.The Pokemon empire is marketing this and two other engagement rings, in partnership...Read More

(IDEX Online) - Subsidiaries of the Indian diamond giant Dharmanandan have developed a low-cost ventilator to sav the lives of COVID-19 patients.The device, (pictured) which costs under $3,500, was launched yesterday.Dharmanandan, with a $1bn annual turnover, developed the Respiwin device in just five months through its Dharmanandan Research Centre (DRC) Techno and InnovSeed company.A team of...Read More

Scott Shi and Ben Liu have joined Shanxi Securities while the Chinese brokerage company looks to enhance its commodities business, Fastmarkets understands.Shi - formerly of Hong Kong Exchanges and Clearing (HKEX) - and Liu - who worked at Gelin Dahua previously - will...Read More

The three-month zinc price on the London Metal Exchange was the highest climber among the base metals complex during morning trading on Thursday July 2, supported by strong buying during Asian trading hours, while an 810-tonne inflow failed to stop LME nickel's price incline. The three-month zinc price was recently at $2,064 per tonne, up by 1.1% from Wednesday's closing price of $2,041 per tonne....Read More

RAPAPORT... Alrosa has resumed operations at its International underground mine following a brief suspension after several employees tested positive for Covid-19.Management at the Russian miner's Mirny mining and processing division, which oversees the site, decided to reopen International after the majority of workers tested negative for the virus, Alrosa said Tuesday. A total of 12 employees tes...Read More

RAPAPORT... The International Gemological Institute (IGI) is reopening its New York grading laboratory following a three-month closure amid the coronavirus pandemic."As the metropolitan area has been cleared to enter phase 2, the institute is safely restarting business operations," IGI North America president Avi Levy said Monday. Initially, the institute will implement a gradual rollout, limiting...Read More

Hot-rolled coil prices in the United States continue to hover just below $24 per hundredweight ($480 per short ton) on short mill lead times, uneven demand and concerns about the potential economic impact of a surge in Covid-19 infections.Fastmarkets' daily steel hot-rolled coil index, fob mill US was calculated at $23.85 per cwt ($477 per ton) on Thursday July 2, down by 0.6% from $23.99 per cwt...Read More

Most Turkish flat steel prices hit a monthly peak on June 12, following feedstock prices, before edging back down when buyers concluded their procurement activity, market participants told Fastmarkets on Thursday July 2. Turkish flat steel producers are fully booked until mid-September. Feedstock scrap prices fluctuated in June. Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), U...Read More

Steel billet import prices decreased in Egypt on lower bids in the week to Thursday July 2, sources told Fastmarkets.In addition, Egypt imposed a 10% duty on imports of finished steel products under HS code 7208, 7209, 7210, 7211, 7212, 7213, 7214, 7215, and 7216, in effect from June 24.The duty does not affect semi-finished product imports, but billet is already subject to a 16% safeguard duty un...Read More

European importers of long steel and hot-rolled coil have claimed that this week's definitive decision in the EU steel imports safeguard case review ignored the interests of independent buyers and focused protection only on steelmakers, market sources told Fastmarkets on Wednesday July 1.The European Commission (EC) presented its definitive decision in the safeguard case on June 30. The adjusted m...Read More

Turkey exported 467,295 tonnes of flat steel products in May, marking a 3.5% increase annually, according to the Turkish Statistical Institute (TUIK). The total flat steel export increase was driven mainly by a 59.5% increase in coated coil exports during the month, which offset falling hot-rolled and cold-rolled coil exports. The reason for the increase in coated steel exports was strong demand i...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesWhile the deal, announced on June 4, is worth up to A$125 million, Evolution received $60 million in cash up front - equal to Aeris' market capitalisation at yesterday's close.Read More

Pure Gold, Canada's Next Gold Mine, This YearSPONSOREDCardinal heading down familiar gold roadSPONSOREDcardinal resourcesSarama right in the middle of big exploration, corporate build-upSPONSOREDsarama resources Exore excels in Cote d'IvoireSPONSOREDexore resourcesThe past five years have been the worst for new copper discoveries in 30 years, with just one major deposit found. Less than 1...Read More

Markets participants are in an optimistic mood while they focus on economic data that is improving and hopes of a Covid-19 vaccine this morning, Thursday July 2, while apparently choosing not to focus on the havoc that the pandemic is causing.* US total vehicle sales climbed to an annualized 13.1 million units in June, after 8.7 million units in May; sales were around 17 million in 2019. * Spanish...Read More

Monthly average consumption of steel scrap in Brazil was expected to have fallen by 50% year-on-year during the first half of 2020, amid lower demand from steelmakers due to the Covid-19 pandemic, local scrap association Inesfa said on Thursday July 2.The association estimated that first-half consumption would have totaled 1.95 million tonnes, or 325,000 tonnes per month. Full-year 2019 consumptio...Read More

An accident interrupted operations at one of the coking coal mines operated in Poland by Jastrzebska Sp??lka Weglowa (JSW), the company said on Thursday July 2.A short-lived methane fire at the Budryk long-wall mine on Thursday prompted the stop-work order, JSW said."Mining in the wall has been suspended. The causes of the incident will be...Read More