SHANGHAI, Jul 4 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar inched down to close at 94.58 on a stronger euro before the US Independence Day holiday. Base metals mostly went down, however, due to worries over global trade conflicts and weak Chinese manufacturing data released earlier this week. LME zinc le...Read More
* Asian shares near 9-month low, Nikkei down 0.5 pct* Falls in U.S. tech shares heighten worries* Yuan steady for now after PBOC's movesBy Hideyuki SanoTOKYO, July 4 (Reuters) - Asian stocks were on shaky ground on Wednesday while the Chinese yuan stood near 11-month lows as the spectre of a Sino-U.S. trade war haunted investors ahead of an end-of-week deadline for U.S. tariffs on billions of doll...Read More
SHANGHAI, Jul 3 (SMM) – The nonferrous complex closed with mixed performances on Tuesday July 3. SHFE lead dropped 0.84%, nickel and aluminium dipped while zinc and tin nudged up and copper gained 0.18%.The ferrous complex fell across the board. Coke led the decreases with a loss of 1%. Coking coal edged down close to 1%, rebar lost 0.64% and hot-rolled coil and iron ore dipped.Copper:...Read More
By Sudarshan VaradhanCHENNAI, July 3 (Reuters) - Vedanta Ltd VDAN.NS has sought a permanent injunction against the Tamil Nadu (NS:TNNP) state government from interfering with the operations of its copper smelter, according to a petition filed with the country's environmental court.The Indian company, subsidiary of billionaire Anil Agarwal-controlled Vedanta Resources VED.L , also asked the court...Read More
(Bloomberg) - Berkeley Energia, the Australian company developing the project on land near Salamanca, says it's reviving Spain's grand mining tradition as it begins uranium production at a time when the global energy industry faces higher prices over the long term for the radioactive metal used to power nuclear plants. While Berkeley expects its Spanish uranium mine to be in production by the en...Read More
By Ben MartinLONDON, July 3 (Reuters) - Billionaire Anil Agarwal faces investor resistance to his $1 billion bid to buy out minority shareholders in Vedanta Resources VED.L and take the London-listed Indian miner private.Vedanta, chaired by its 64-year-old founder Agarwal, on Monday announced that its independent board directors were prepared to back an 825 pence-a-share bid from Agarwal's famil...Read More
SHANGHAI, Jul 3 (SMM) – Copper: LME copper broke support at the 60-week moving average last night to a low of $6,519/mt as US dollar jumped on robust manufacturing data. It recovered part of the losses to close at $6,571/mt, down $48/mt from the previous trading day. We see it test support at $6,500/mt in the short run with trading range today at $6,520-6,580/mt. The SHFE 1808 contract...Read More
* FTSE 100 up 0.6 pct at close* Glencore drops after U.S. subpoena* IAG rises after price target increase (Adds detail, updates prices at close)By Kit ReesLONDON, July 3 (Reuters) - Britain's top share index climbed on Tuesday following a shaky start to the month, although mining giant Glencore GLEN.L fell after one of its subsidiaries received a U.S. subpoena.The blue-chip FTSE 100 .FTSE index...Read More
Investing.com - Gold prices were higher on Tuesday as the greenback fell and trade tensions lingered.Comex gold futures for August delivery surged 1.12% to $1,255.70 a troy ounce as of 11:01 AM ET (15:01 GMT).Trading is expected to be thin ahead of the U.S. independence day holiday, with the U.S. stock market closing early at 1:00 P.M. ET (17:00 GMT).Gold was bolstered by a weaker U.S. dollar. Gol...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 up 0.3 pct* Glencore drops after U.S. subpoena* IAG rises after price target increaseBy Kit ReesLONDON, July 3 (Reuters) - The UK's top share index climbed on Tuesday following a shaky start to the month, although mining giant Glencore GLEN.L fell after one of its subsidiaries received a U.S. subpoena.The blue-chi...Read More
* Trade war concerns grow as July 6 U.S. tariff deadline nears* Shanghai stocks lowest in 28 months, Hang Seng dives over 3 pct* Chinese yuan slips past 6.7 per dollar for 1st time in a year* Merkel says compromise reached on migration issue* European stocks seen opening higherBy Tomo UetakeTOKYO, July 3 (Reuters) - Chinese stocks went into a tail spin on Tuesday as turbulence gripped equity marke...Read More
Turkish steel mills have remained quiet in the deep-sea scrap markets, waiting for lower prices from suppliers due to falling values for finished steel and billet, sources said on Tuesday July 3.The mills in the country booked a number of deep-sea cargoes from the United States last week but fell quiet later in the week. The material in the cargoes was priced around $354 per tonne cfr for HMS 1&2...Read More
RAPAPORT... Sales of jewelry and other luxury items rose in greater Chinain May, driven by improved consumer sentiment and a higher rate of tourism toHong Kong, according to government sources. In China, retail sales of gold, silver and jewelry increased6% year on year to $3.05 billion (CNY 20.3 billion) for May, the NationalBureau of Statistics of China reported recently. Sales for the January-to...Read More
Prices for rebar in the United Arab Emirates were stable this week with demand being low for seasonal reasons, sources told Metal Bulletin on Tuesday July 3.Construction activity is at a very low level in the heat of summer, and demand is not expected to improve any time soon, sources said.Domestic rebarMajor rebar producers in the UAE rolled over their rebar prices again on June 29 and prices are...Read More
RAPAPORT... Israel Diamond Exchange (IDE) president Yoram Dvash hascalled for India to lower its 5% import duty on polished diamonds, claiming itrestricts trade between the two countries. "The tax makes it very difficult for Indian diamantaires whobuy polished goods in Israel, and for Israeli diamantaires who wish to tradewith their Indian counterparts," Dvash said Monday. He made the plea to Vija...Read More
RAPAPORT... Rio Tinto has launched an advertising campaign in India thatwill highlight a new range of fashion and bridal jewelry featuring Australiandiamonds sourced from its Argyle mine. The collections featured in the "As Real as You" campaign willbe available at 63 retailers across the nation, and will include designs usinguncut diamonds, known in India as chakri. The miner will track the ston...Read More
RAPAPORT PRESS RELEASE, July 3, 2018, New York ... Diamond market sentiment was positive in June after the Las Vegas shows demonstrated robust US jewelry demand. Suppliers held polished prices firm amid shortages in some categories and as high rough prices squeezed manufacturing profit margins. The RapNet Diamond Index (RAPI?,,?) for 1-carat diamonds increased 0.8% in June. Prices strengthened in...Read More
RAPAPORT... A mob of 300 to 500 people overran Gemfields Group'semerald-exploration operations in Ethiopia on Friday, forcing staff members toflee. Employees, contractors and service providers at Web GemstoneMining (WGM) were safely evacuated to a town a two-hour drive away, the companyreported Monday. Two WGM team members suffered minor injuries, with the gemstoneproducer expecting both of them t...Read More
The latest news and price moves to start the Asian day on Wednesday July 4.Zinc prices on the London Metal Exchange struggled at the close of trading on Tuesday July 3, falling by 1.1% during the afternoon and dipping below $2,800 per tonne for the first time since August 2017 amid broadly bearish trading conditions. Read more in our live futures report.Here are how prices looked at the close of t...Read More