Silver's use in industry is becoming more critical, and here's what it may or may not be saying about silver's ability to rally without gold...by Steven Saville of The Speculative InvestorAn article titled "Silver's Critical Role In Electrification May Fuel Its Rise" contains some interesting comments about the silver market, but with one minor exception the information presented in this article h...Read More
Prices for iron ore lumps remained strong on Monday July 2 despite a few transactions involving fines being concluded below prevailing levels.Metal Bulletin 62% Fe Iron Ore Index: $64.54 per tonne cfr Qingdao, down $0.48 per tonne Metal Bulletin 58% Fe Premium Index: $51.92 per tonne cfr Qingdao, up $0.42 per tonne Metal Bulletin 65% Fe Iron Ore Index: $91.60 per tonne cfr Qingdao,...Read More
Seaborne coking coal spot prices were largely stable on Monday July 2 despite some offers being made above prevailing levels, which kept end-users away from the market. "The offers are not representative of the current market. Prices were propped up after last week's trade [of $211 per tonne cfr China]," a Chinese trader told Metal Bulletin. An end-user source said that the current market was arti...Read More
By Oliver Griffin Glencore PLC (GLEN.LN) said late on Friday that Glencore Energy has, through its Brazilian subsidiary, agreed to acquire 78% of ALE Combustiveis. The Anglo-Swiss commodities trader said that ALE Combustiveis is the fourth largest fuel distributor in Brazil and has a network of around 1,500 gas stations in 22 states, as well as 260 convenience stores. No financial information was...Read More
Mining and metals investors started the third quarter the same way they ended the second, offloading the sector over fears of the impact of a global trade war.A trade tit-for-tat comes at a bad time just as China, responsible for half the world's industrial metal demand, enters a period of slower economic growth."Escalating global trade tensions bring a risk of demand destruction across commodity...Read More
(Bloomberg) - Commodities face a twin threat in the coming months, according to Morgan Stanley, which flagged burgeoning risks to consumption from a potential escalation in global trade tensions, especially for metals, as well as any slowdown in China."Escalating global trade tensions bring a risk of demand destruction across commodity markets as costs rise for end-users and access to materials is...Read More
A court in the Democratic Republic of Congo suspended a hearing about a lawsuit brought by a former shareholder of a Glencore Plc-owned cobalt and copper mine.The case was put on hold pending a decision by the country's Court of Appeal on whether the High Court should have jurisdiction over the case, Judge Roger Songambele said at the court Monday in the capital, Kinshasa.Congolese-American busine...Read More
* Majority stake purchase seen valued at $3.5-$4.0 bln -minister* Govt drafting documentation on taxation, operational control* Deal might be completed in July - officialBy Cindy SilvianaJAKARTA, June 30 (Reuters) - Indonesia's state-owned mining holding company PT Inalum is close to finalising a multi-billion-dollar deal to acquire a majority stake in the giant Grasberg copper mine, government of...Read More
(Bloomberg) - Billionaire Anil Agarwal added to a string of commodities deals with plans to buy out minority investors in Vedanta Resources Plc, the resources group that he's seeking to transform into one of the world's largest.Agarwal's Volcan Investments Ltd. will offer 825 pence a share for the 33.5 percent of Vedanta it doesn't already own and plans to cancel its London listing. Vedanta surge...Read More
SHANGHAI, Jul 3 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose above 95 with support from robust manufacturing data in the country. Base metals dipped across the board on strengthened US dollar and weaker Chinese manufacturing data, except for tin. LME nickel slumped over 2.5%, zinc fell over 1%, and alumin...Read More
SHANGHAI, Jul 2 (SMM) – Both nonferrous and ferrous futures fell on Monday July 2, except for SHFE tin, as China’s manufacturing activity slipped in June and as a wave of tariffs are on the horizon.A loss of 1.7% in SHFE lead led the declines in the nonferrous complex. Aluminium dropped 1.2%, nickel edged down close to 1%, zinc and copper closed slightly lower as they recovered some lo...Read More
* FTSE 100 down 1.2 pct at close* Cyclicals lead losses* Micro Focus up after co agrees software biz sale (Adds detail, updates prices at close)By Kit ReesLONDON, July 2 (Reuters) - Britain's index of leading shares began July on a negative note as worries over global trade kept the pressure on banking and mining stocks, though Micro Focus was lifted by news of the sale of one its software busin...Read More
SHANGHAI, Jul 2 (SMM) – Refining charges (RCs) for imported blister copper were mostly offered at $200-220/mt cif as of Monday July 2, SMM learned. This compared with $190-220/mt cif at the start of June. For domestic blister copper delivered to refineries, RCs were mostly offered at 1,600-1,800 yuan/mt as of July 2, flat from SMM data a month ago. Read More
SHANGHAI, Jul 2 (SMM) – Aluminum Corporation of China Limited (Chalco) began the trial operation of its new 400,000-mt/year copper smelting project in Ningde city, Fujian province on Saturday June 30, SMM learned.With total investment of over 5 billion yuan, the project also has a sulphuric acid capacity of 1.46 million mt. It is expected to generate over 1,000 jobs with annual revenue up to...Read More
SHANGHAI, Jul 2 (SMM) – The price gap between copper cathode and copper scrap narrowed 358 yuan/mt to 1,055 yuan/mt over the week ended Friday June 29, suggesting less substitution function of scrap. Prices of copper scrap dipping slower than that of copper cathode also led to the narrower spread, SMM data showed. The average price of #1 bare bright copper stood at 45,510...Read More
CIS export billet prices continued to fall gradually at the beginning of this week with trading activity in the major outlets remaining sluggish over the weekend.Metal Bulletin's CIS billet export index was $516 per tonne fob Black Sea on Monday July 2, compared with $519 per tonne fob Black Sea on June 29.Offers of the material varied within the range of $515-520 per tonne fob Black Sea. But such...Read More
SHANGHAI, Jul 2 (SMM) – Operating rates at wire and cable producers across China stood at 83.4% in June, down 8.39 percentage points from the same month last year, an SMM survey showed.This is also down 7.55 percentage points from last month.The month-on-month decline was because these producers accepted orders selectively on financial pressures towards the middle of the year. The Shang...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.9 pct* Cyclicals lead losses* Micro Focus up after co agrees software biz saleBy Kit ReesLONDON, July 2 (Reuters) - Britain's index of leading shares began July on a negative note as worries over global trade kept the pressure on banking and mining stocks, though Micro Focus was lifted by news of the sale o...Read More
Nickel prices on the London Metal Exchange fell over 2% by the close of trading on Monday July 2, topping broad losses across the complex while escalating trade tensions and dwindling equity markets weigh on commodities.Reaching a high of $14,940 per tonne over the day, nickel's three-month price fell sharply during afternoon trading, drifting back to the $14,500 per tonne region. "If Chinese...Read More