The latest metal markets news and price moves for the start of the North American day on Wednesday June 27. Base metals on the London Metal Exchange continued to drift lower during morning trading, with ongoing trade uncertainties, a firm dollar and broad inventory drawdowns putting pressure on the complex. Here's how LME prices looked at 12:34pm in London. Hassan Butt had the latest on exchange p...Read More
RAPAPORT... De Beers recorded its largest monthly sales since January asshortages and strong sentiment supported the rough-diamond market in June.The miner sold $575 million worth of rough at last week's sightand other sales events during June, including auctions, it reported Tuesday. Itmostly maintained prices, with some small increases in larger categories where demandis especially strong, sight...Read More
RAPAPORT... In the heyday of "A Diamond Is Forever," consumers responded strongly to slogans and instructive advertising. As social media has influenced a more interactive dialogue between businesses and their customers, that is no longer the case. Today, consumers respond to innovation.In an age of unprecedented creativity and development, the jewelry industry has been lagging behind. While...Read More
An updated mineral resource estimate on TSX-listed Lucara Diamond’s Karowe mine, in Botswana, supports the continued recovery of large, high-value diamonds from the South Lobe throughout the remaining life of the openpit and the likelihood for underground mining until at least 2036, CEO Eira Thomas said on Tuesday.The mineral resource estimate, which was completed by Mineral Services Canada,...Read More
China's crude stainless steel capacity is expected to increase by 7.5 million tonnes per year to 44-45 million tpy by 2020, although there is some pessimism about mills' utilization rates, according to Zhang Zhifang, chairman of Chinese producer Taiyuan Iron & Steel. Production capacity of cold-rolled stainless steel in particular will increase in the short term, Zhang pointed out during his prese...Read More
Nickel premiums were on divergent paths across the globe in the week ended Tuesday June 26, with the summer lull pushing European premiums lower but a narrowing import arbitrage providing support for premiums in Shanghai. European premiums drift lower as summer slowdown hits Narrowing arbitrage pushes Shanghai premiums up US nickel premiums remain firm Start of summer liquidation pushes...Read More
MOSCOW – Russian State-controlled diamond miner Alrosa will base its dividend payments on free cash flow rather than net profit starting from 2018, the Finance Ministry said on Tuesday.The company's dividend payouts will not be lower than 50% of net profit, the ministry added.AdvertisementTo watch Creamer Media's latest video reports, click here AdvertisementRead More
Customers from the Middle East region continued to show interest in Iranian billet despite the high likelihood of United States sanctions, with several cargoes booked over the past week.The Gulf Co-operation Council (GCC) countries, North Africa and Southeast Asia are the main export markets for Iranian billet.While the US announced its intention to withdraw from the international deal on Ira...Read More
Prices for rebar produced and delivered in Northern Europe remained stable over the past week with mills looking to raise offers for July, sources told Metal Bulletin on Wednesday June 27. Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe held at ?,?535-545 ($624-636) per tonne delivered on Wednesday. "End user demand is stable right now, after the reduction of st...Read More
The following Metal Bulletin minor metals prices changed on Wednesday June 27:Antimony MMTA standard grade II, $/tonne: $7,900-8,150 per tonne from $8,000-8,250 Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 50,800-51,500 yuan per tonne from 51,500-52,000 yuan Cobalt MB free market high...Read More
MELBOURNE - June 25 (Reuters) - A partner in one of the world's largest lithium mines said on Monday trial dates have been set to determine whether expansion at the Western Australian mine, in which China's Tianqi Lithium holds a stake, would unfairly impact its minerals rights.Private-equity backed Global Advanced Metals (GAM) owns the rights to tantalum and other minerals produced at Greenbu...Read More
Key data from the Wednesday June 27 pricing session in Europe. Key drivers - Steady demand for ferro-titanium in the past week has seen a fairly wide range in reported trade prices, with the midpoint around $5.10 per kg ddp. - The market may ease in the seasonal slowdown months of...Read More
The following Metal Bulletin noble alloys and ores prices changed on Wednesday June 27:Noble alloys Molybdenum Europe drummed molybdic oxide, $/lb: $10.80-10.90 per lb from $10.95-11.05 Ferro-molybdenum basis 65% min, in-warehouse Rotterdam, $/kg...Read More
The recent rally in silico-manganese futures prices on China's Zhengzhou Commodities Exchange (ZCE) can largely be attributed to an impending shortage of the alloy in the country, market participants told Metal Bulletin.Silico-manganese futures prices on the ZCE have undergone a steep rally recently, with the exchange's most-traded July silico-manganese contract reaching of 8,126 yuan ($1,251) per...Read More
South African manganese miner Tshipi has been exceeding its production targets and ensuring it has adequate stockpiles to take advantage of high manganese ore prices.Metal Bulletin's 37% manganese ore index, fob Port Elizabeth stood at $5.74 per dry metric tonne unit (dmtu) on Friday June 22, up 42.4% from $4.03 per dmtu a year ago. Tshipi is targeting manganese ore production of 3.3 million tonne...Read More
Dollar Closes at Highest Level This YearThe U.S. dollar index scored a tremendous gain, breaking above resistance and closing at the highest price point of 2018. Gaining almost 3/4 of a percent on the day, the dollar gained 0.679 points and closed at 95.025. Today's close is above all previous highs achieved throughout this year. On May 29, the dollar closed at 94.79, and on June 14 the dollar...Read More
(Kitco News) - Investors should not buy the dip in the commodity sector as price performance is skewed to the downside for the rest of the year, said Barclays Commodities Research.The main drivers keeping commodities prices at bay are deleveraging in China and weakening synchronous global growth, Barclays said in a recent research report. “The commodity rally that ensued in April has stal...Read More
OPEC’s production-cutting deal had set the stage for the oil market in 2017, but base metals prices hinge on policy coming out of China.Industrial metals continue to see support from strong Chinese buying and the reflationary trade that followed Donald Trump’s election victory.However, analysts at J.P. Morgan think prices have run ahead of fundamentals, with the exception of zinc.The o...Read More
(Kitco News) - Gold and silver prices were moderately lower in early-afternoon U.S. trading Wednesday. Gold hit a six-month low and silver dropped to a seven-week low today. However, the gold market is now well oversold on a near-term technical basis and due for a decent corrective rebound very soon. Also, the big rally in crude oil recently is a solid clue the raw commodity sector has bottomed ou...Read More
TORONTO — Nickel prices have jumped almost 40 per cent since bottoming out in January, yet most miners of the steelmaking metal are still bleeding cash at a rapid rate.Canadian nickel miner Sherritt International Corp. noted this week that more than 60 per cent of global output is losing money on a simple cash margin basis. Once capital spending and other costs are added in, the actual perce...Read More