London Metal Exchange three-month base metals prices were down at the close of trading on Wednesday July 22 following news that China's central bank will cease its monetary easing activity amid fears that it would over-stimulate its economy while it recovers from the Covid-19 pandemic.The People's Bank of China injected 1.81 trillion yuan ($259 billion) of new loan liquidity on July 10. Following...Read More

AND WITH NO SILVER AROUND: WHAT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!by Harvey Organ of Harvey Organ BlogJULY 21//ERIC SPROTT SENDS SILVER HUGELY NORTHBOUND WITH A MASSIVE 75 MILLION OZ PURCHASE//SILVER UP $1.38 TO $21.18//GOLD FOLLOWS NICELY UP $26.090 TO $1842.60//COMEX GOLD STANDING: 24.2 TONNES//A MASSIVE 15.368 MILLION OZ ADDED TO THE SLV: (THIS IS A FRAUD)//A HUGE 4.97 TO...Read More

The seaborne premium hard-coking coal fob Australia index increased on Wednesday July 22 following the latest transaction, which market participants attributed to an optimistic outlook shared among miners and traders, Fastmarkets heard.Fastmarkets indicesPremium hard coking coal, fob DBCT: $109.93 per tonne, up $1.67 per tonne Premium hard coking coal, cfr Jingtang: $119.23 per tonne, down $0.24 p...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Comfortable consolidationAluminium appears comfortable consolidating for the moment, and this will leave prices in a stronger position to challenge overhanging long-term trend-line resistance from the May 2018 high, which stands at $1,670 per tonne currently.Copper: Consolidation unlikely to lastCopper reached its...Read More

RAPAPORT... Independent US jewelers with financial stability have weathered the Covid-19 crisis well, but face a serious challenge if the pandemic persists, according to Jewelers of America (JA) CEO David Bonaparte."Mainstream mom-and-pop retail jewelers, especially the ones that are in a standalone location, aren't doing that badly," Bonaparte said Monday in an interview with Rapaport News....Read More

RAPAPORT... Some Signet Jewelers team members will not return from furlough after the company restructured its store operations during the Covid-19 shutdown.The jeweler has recalled most of its furloughed employees, but has laid off an unspecified number, it noted. In June, the owner of Kay Jewelers, Jared and Zales announced it was closing 380 stores.The jeweler is moving toward a more digit...Read More

RAPAPORT... Alrosa will spend $12 million over the next two years prospecting and developing several diamond deposits in Zimbabwe.The government has allowed the Russian miner to begin exploration through Alrosa Zim, a joint venture with national miner Zimbabwe Consolidated Diamond Company (ZCDC). Geologists will start sampling and trenching this month in selected zones in the provinces of Mat...Read More

CIS export steel billet prices continued to strengthen early this week after a fresh sale and on limited availability of August-rolling volumes, Fastmarkets heard on Wednesday July 22.Rare offers from CIS mills were heard within the range of $380-385 per tonne fob Black/Azov Sea ports. This was up from $375-385 per tonne fob late last week.Some Russian producers, however, quoted significantly high...Read More

RAPAPORT... The Jewelers Board of Trade (JBT) reduced companies' credit scores at an "unprecedented" rate in the second quarter as businesses missed payments during the Covid-19 crisis.Many jewelers that bought on terms of 90 days or less before the pandemic were unable to meet their obligations to suppliers because revenues dried up during lockdowns. As a result, the JBT downgraded 1,70...Read More

Italian steel re-rollers have been targeting a price increase for heavy plate due to the rising cost of steel slab, sources told Fastmarkets on Wednesday July 22.Fastmarkets' weekly price assessment for steel domestic plate, 8-40mm, exw Southern Europe, was ?,?430-440 ($493-505) per tonne on July 22, up by ?,?10 per tonne week on week from ?,?420-430 per tonne.The assessment was based on achievabl...Read More

(IDEX Online) -  Alrosa is investing $12m seeking out new diamond reserves in Zimbabwe.The Russian state miner announced a joint venture in December 2018 with the national miner Zimbabwe Consolidated Diamond Company (ZCDC), and is now embarking on two-years of prospecting and preliminary exploration works for primary diamond deposits.Zimbabwe is hoping to exploit its rich diamond reserves and...Read More

(IDEX Online) - An Indian laborer who leased a tiny square of land to dig for diamonds has unearthed a 10.69 carat stone valued at $67,000. Anandilal Kushwaha, 35, paid just $2.70 for the six-month rights to a 25ft by 25ft patch in an area of Panna, Madhya Pradesh, known for its diamond deposits. The stone will be auctioned by the mineral resources department and Mr Kushwaha says he'll share...Read More

(IDEX Online) - A pioneering new app uses facial recognition-type technology to positively identify diamonds and combat fraud.It allows anyone in the jewelry industry with an iPhone or iPad and a $50 outlay to start registering and verifying diamonds using a special viewer that fits over the camera lens.Tech firm GemEx says its patented DiamondEye is the only affordable ID system in the marketplac...Read More

Despite the worsening effects of the Covid-19 pandemic, Western participants in the global nickel markets saw hopeful signs, while a lack of arbitrage kept Chinese trading at a low level.Some "desperate" selling in the United States was considered to be isolated.European market participants expected a post-summer pick-up, and a boost from nickel briquettes being listed on the Shanghai Futures Exch...Read More

Rio Tinto has formally complained of Landsvirkjun - the energy supplier to its ISAL aluminium smelter - abusing its market dominance in Iceland and threatened to close the plant entirely if the alleged anti-competitive conduct does not end, it said. The complaint, lodged by the company to the Icelandic Competition Authority (ICA) against state-owned generator Landsvirkjun, marks the end of the fir...Read More

London Metal Exchange three-month base metals prices were down at the close of trading on Wednesday July 22 following news that China's central bank will cease its monetary easing activity amid fears that it would over-stimulate its economy while it recovers from the Covid-19 pandemic.The People's Bank of China injected 1.81 trillion yuan ($259 billion) of new loan liquidity on July 10. Following...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Comfortable consolidationAluminium appears comfortable consolidating for the moment, and this will leave prices in a stronger position to challenge overhanging long-term trend-line resistance from the May 2018 high, which stands at $1,670 per tonne currently.Copper: Consolidation unlikely to lastCopper reached its...Read More

Grade A copper cathode premiums in Asia softened in the week to Tuesday July 21, with a higher LME three-month price limiting buying opportunities, while tight spreads kept premiums in Europe and the United States steady week on week. Asian sellers heed caution amid Chile supply woes. Rotterdam stock decline perplexes European participants. Spot market remains quiet in the US. Premiums b...Read More

Artemis all set thanks to unique approachSPONSOREDartemis resourcesCodelco will have the first option on Enami's stake but it is likely to face competing bids from other companies, including BHP, according to a Mining and Energy Ministry source, reported BNAmericas.Ecuador's finances have been hard hit by both the drop in the price of oil, its main export, and the economic impacts of the COVID-19...Read More

More zinc and lead metal were delivered onto exchange warehouses as spot interest remained low for both metals with premiums flat across different markets this week. Significant deliveries of zinc and lead metal to LME sheds showed ample availability and poor demandFastmarkets' latest tally of zinc production lost so far this year because of the Covid-19 pandemic amounts to 744,000 tonnesThe arbit...Read More