Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...Read More
Eight of the nine Category 1 members of the London Metal Exchange have indicated their support for continuing to trade official lunchtime prices in the open-outcry ring.Does this mean that one company does not support ring trading? And could one of the exchange's members be preparing to leave the trading floor?The exchange revealed on Monday August 9 that it had majority support for the ring, in a...Read More
Jack ChanPosted Aug 9, 2021Gold sector as represented by $HUI is now on amajor SELL signal.Long-term signals can last for months and are more suitable for investors.Short-term is on SELL signal.Short-term signals can last for days and weeks and are more suitable for traders. Speculation is now in bear market values.COT data suggests overall lower prices. Our ratio is on BUY signal, barely.USD is i...Read More
China's copper imports declined for the fourth month in a row, Marex's Dee Perera said from the LME desk, and she noted sell-side analysts had downgraded full-year growth forecasts for China due to the COVID-19 resurgence.Copper closed down more than 1% on the London Metal Exchange.It was a glum day for base metals with nickel losing more than 3%.Iron ore continued to weaken, with MySteel 62% Aust...Read More
Solar panels require aluminium for the front frame and a combination of aluminium and galvanised steel (zinc) for structural parts.Read More
The trade union representing workers at the Caserones copper mine in Chile will go on strike on Tuesday August 10 after failing to reach a deal through government-mediated negotiations with owner Minera Lumina Copper Chile.The company did not change its most recent offer during the extended talks, leading union members to officially vote to go on strike, the union said on Monday August 9.Workers a...Read More
The prices for low and high grades of seaborne manganese ore diverged further in the week ended Friday August 6, with extensive power restrictions across China continuing to disrupt operations at alloy smelters.Fastmarkets calculated its weekly index for manganese ore, 44% Mn, cif Tianjin, at $5.37 per dry metric tonne unit (dmtu) on Friday, up from $5.14 per dmtu previously."High-grade ore miners...Read More
China's January-to-July copper import volumes dropped by more than a tenth compared with the first seven months of 2020, the latest Chinese customs data shows. The biggest copper buyer in the world bought 3.219 million tonnes of unwrought copper and copper products in the first seven months this year, down 10.6% compared with the same period in 2020 which was a record year for imports.The average...Read More
Here are five Fastmarkets stories you might have missed on Monday August 9 that are worth another look.On August 9, there was a blast at Novolipetsk Steel's (NLMK) oxygen plant in Lipetsk, Russia, but it will only have a minor impact on production, the company told Fastmarkets.The trade...Read More
Adam HamiltonArchivesAug 06, 2021The US stock markets continue to power ever higher to an endless series of new records. Leading the way are the big US stocks, with extraordinary gains fueled by the Fed's radically-unprecedented money printing. The winding-down Q2'21 earnings season illuminates how these massive companies are faring fundamentally. While their results were spectacular, their valuat...Read More
Europe's biggest copper producer, Aurubis, is planning to offload part of its downstream business to focus on primary copper smelting and recycling, it said on Monday August 9.The Germany-based company will sell a portion of its flat-rolled copper product operations to Intek Group, which fully controls KME, a leading player in the European copper and copper alloy semifinished-product industry. Ope...Read More
Import prices for steel scrap in Turkey dipped on Monday August 9 after recent bookings made by steel mills in the country came to light at the start of this week, sources told Fastmarkets.A steel mill in the Iskenderun region bought a United States-origin cargo for September shipment comprising 30,000 tonnes of HMS 1&2 (80:20) at $461 per tonne, and 5,000 tonnes of shredded and 5,000 tonnes of bo...Read More
Shipbreaking steel scrap prices in Turkey dropped during the week to Monday August 9, in line with prices for imported scrap, market participants told Fastmarkets.Turkish steel mills booked at least five deep-sea cargoes, with prices dropping through the week.Fastmarkets' assessment for steel scrap, heavy melting scrap 1&2 (80:20 mix) United States origin, cfr Turkey was calculated at $463.90...Read More
Share this article VANCOUVER - Ethos Gold Corp [ECC-TSXV] shares rallied in active trading Monday after the company released impressive sampling results from its Toogood property in Newfoundland.The company said samples taken from an area located 420 metres east of a new high-grade surface trend on the Toogood property assayed at 7,877 g/t gold. Other sub-crop grab samples also contained visible...Read More
Stronger-than-expected United States employment figures on Friday August 6 turned the dollar higher, which weighed on prices, with most base metals weaker this morning, Monday August 9, but gold and silver underwent a 'flash crash' at the start of trading in Asia.Signs of a stronger US recovery weighed heavily on gold and silver on Friday, which led to a chaotic start to trading this morning. US 1...Read More
The Biden Administration has revealed its cards towards the crypto industry, but not everyone on Capital Hill thinks they have a winning hand. Also, a quick win in the Healthcare sector!Biden goes to bat for the oligarchs (photo credit Jon Tyson)Click here to read our latest Insights. Read More
Key data from the Friday August 6 pricing session in London and ChinaKey driversCobalt hydroxide payables fell in the second half of the week to Friday August 6 after a rise on August 4, with a deal reported at a higher level. Most buyers were still reluctant to accept a higher level in the second half of the week considering...Read More
Biden has been dishing out so much government aid lately that some states don't even know what to do with it. The gargantuan $1.9 trillion American Rescue Plan Act (ARPA) is chock-full of funding for every conceivable sector. Recipients have been given a general idea of where the money can be used, but overall it looks like each state will have the final say. Until more information is available,...Read More
Australia-listed junior miner Core Lithium has signed a four-year binding offtake agreement with Chinese major Ganfeng Lithium, the companies announced Monday August 9.Over four years, Core Lithium will deliver 300,000 dry metric tonnes of spodumene concentrate from its Finniss project, at a rate of 75,000 tonnes per year, according to the agreement.Finniss is a lithium mine in development, locate...Read More