Three-month base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday July 30, with LME nickel's 1.3% price dip leading the complex-wide decline, while a tightening of copper's forward curve led to thin volumes and a negative close on the day.Weighing equally heavily on the base-metals complex, the US economy shrank by 32.9% over the second quarter...Read More
Three-month base metals prices on the London Metal Exchange were subdued during morning trading on Thursday July 30, with thin volumes indicating bearish sentiment, while a low dollar and continued outflows did little to stop copper futures from leading on the downside. Copper's outright price on the LME was recently trading at $6,419.50 per tonne, sliding by just under 1% from Wednesday's closing...Read More
Base metals prices were for the most part firmer this morning, Thursday July 30, while broader markets were more mixed.The United States Federal Reserve provided more liquidity to international markets at its meeting that ended on Wednesday, but did not make any major changes. It also said that the path of the US economic recovery would depend on the course of Covid-19 in the country. Given the la...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view. We also review our price forecasting accuracy for the second quarter 2020.Q2 2020 price forecast performance review According to the results of Fastmarkets' Apex for the second quarter of 2020 published this week, Fastmarkets' base metals research team was the second most accurate price forecaster for nickel (99.06%), lead...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
One of the largest "industrial hedgers" in the COMEX Silver market gets a surprise $765M loan from the Trump Administration?by Bix Weir of Road to RootaKodak, one of the largest "industrial hedgers" in the COMEX Silver market, gets a surprise $765M loan to make pharmaceuticals from the Trump Administration? And the loan was from the "U.S. International Development Finance Corporation?" MY SPIDEY S...Read More
With the silver price up 30% in July, along with reaching the $26 target level, it seems like the next move is a correction lower... by Steve St Angelo of SRSrocco ReportWith silver up 30% for the month, the shiny metal is now back on the Mainstream Media Radar. Yeah, it's been seven long years since silver traded at $24, but now it looks as if it is just in the beginning stages of a new Bull M...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.This year has come with several unexpected events which increased the bullish case for iron ore prices, while the Chinese government's spending on infrastructure is likely to boost iron ore demand and add upside support to prices. But supply disruptions and a demand surge which caused price spikes are now easing. We do not e...Read More
The latest forecasts from Fastmarkets' teamof analysts are ready to view.Chinese crude steel production outperformed our expectations with its recovery since the Covid-19 pandemic lockdowns. Crude steel output was up by 2.3% year-on-year in the first half of 2020 to 503 million tonnes, and we have revised upward what was initially a more bearish forecast for this year. We now estimate that product...Read More
Three-month base metals prices on the London Metal Exchange were collectively lower at the close of trading on Thursday July 30, with LME nickel's 1.3% price dip leading the complex-wide decline, while a tightening of copper's forward curve led to thin volumes and a negative close on the day.Weighing equally heavily on the base-metals complex, the US economy shrank by 32.9% over the second quarter...Read More
ED&F Man's Ed Meir clinched the top spot on the base metals predictions leaderboard for the second quarter of 2020 with 98.87% accuracy while ING's Wenyu Yao took the top spot for precious metals predictions over the period with a 98.75% accuracy rating.For steel raw materials, Casper Burgering of ABN Amro topped the leaderboard with a 90.89% accuracy score. Click on the image below to download th...Read More
Sentiment weak as trading centers reinforce Covid-19 restrictions. Supply shortages supporting polished prices as cutters refrain from rough purchases. Manufacturing profit margins better than pre-pandemic, resulting from select rough buying that aligns with polished demand. Focus on online trading. D, IF investment demand improving. Miners building rough inventory as sales slump. De Beers 1H reve...Read More
Brazilian miner Vale is expecting copper prices to remain at high levels through the remainder of 2020, because it sees strong signs of demand resilience amid expectations of reduced supply, especially from South America, the company's top executives said on Thursday July 30."We are firm believers in the copper price uptrend," chief executive officer Eduardo Bartolomeo told analysts and investors...Read More
RAPAPORT... Hong Kong's retail market took a turn for the worse this month amid the coronavirus's resurgence, reversing a slight improvement in June, the government cautioned Thursday.The municipality has entered a third wave of infections, prompting authorities to shut parts of the economy this week in an effort to contain the outbreak. "With inbound tourism remaining at a standstill and loc...Read More
RAPAPORT... Revenue at Gem Diamonds fell in the first half of the year amid a temporary shutdown of its mine and weak demand due to the coronavirus.Sales of rough diamonds from the Let??eng mine in Lesotho dropped 22% to $74 million by value, and also fell 22% by volume to 43,384 carats in the six months ending June 30, the miner reported Thursday. The average price inched up slightly to $1,7...Read More
RAPAPORT... A necklace featuring a 115.83-carat diamond was the top seller at Christie's in New York on Wednesday, bringing in $6.3 million at the live Magnificent Jewels auction.The pear brilliant-cut, F-color, VVS1-clarity diamond hangs from a chain of 31 pear brilliant and pear modified brilliant-cut diamonds ranging from 0.97 to 5.50 carats. The price achieved was within estimates. Total...Read More
RAPAPORT... De Beers suffered heavy losses in the first half of the year due to Covid-19, and cautioned that substantial challenges would remain for the diamond market.The diamond miner fell into the red for the six months ending June 30, with an underlying loss of $214 million compared to a profit of $187 million a year earlier. Earnings before interest, tax, depreciation and amortization (E...Read More
(IDEX Online) - Jewelers are invited to submit creative design concepts on the theme of "Collision and Fusion" in the IGI's 2020 JEWEL Jewelry Design Contest.The first prize is $1,140 cash and a scholarship to coursework at one of IGI's International Schools of Gemology, and there are two second prizes. In the wake of the COVID-19 pandemic, organizers aim to help young designers con...Read More
(IDEX Online) - The French luxury conglomerate LVMH says it still plans to buy Tiffany & Co, despite a plunge in profits because of COVID-19.First-half operating profits for LVMH Mo?? <
(IDEX Online) - Alrosa is to auction 2,300 carats of special-size rough diamonds online.The Russian state-owned miner is increasingly trying alternatives to physical sales, as COVID-19 continues to depress markets and restrict travel.Its total rough and polished sales for June totaled just $31.3m, down from $222.4m for the same month last year.Alrosa said it was offering buyers unprecedented flexi...Read More