SHANGHAI, Jul 5 (SMM) – Spot copper was mostly offered at a discount of 20 yuan/mt to a premium of 30 yuan/mt over the SHFE 1807 contract in Shanghai on Thursday July 5. This compared with a discount of 60-0 yuan/mt on Wednesday amid falling futures prices. Transactions cooled from Wednesday as the market grew cautious on declining copper prices. Offers from sellers fell as a...Read More
World's second largest miner Rio Tinto (ASX, LON:RIO) said its recent decision to consolidate the sales and marketing teams in London and other European countries into one located in Frankfurt, Germany, had less to do with Brexit than with "synergies."In an interview with Australian Financial Review (subs. needed), chief executive Jean-S?(C)bastien Jacques said the plan was part of a wider reorga...Read More
By Sai Sachin Ravikumar and Sudarshan VaradhanNEW DELHI, July 5 (Reuters) - India's environmental court did not allow Vedanta Ltd VDAN.NS to reopen its copper smelter in the southern Indian state of Tamil Nadu (NS:TNNP), a lawyer representing the state said on Thursday after a hearing on the matter.India's National Green Tribunal did not accept Vedanta's request to reopen the smelter on an interim...Read More
South African mines that are on care and maintenance are bad for the economy and the issue is being raised with the Minerals Council, Mineral Resources Minister Gwede Mantashe said.The Department of Minerals and Energy has been to 11 mining areas to obtain feedback on the mining charter, Mantashe said at the opening of Sasol Ltd.'s Shondoni Colliery in Secunda in Mpumalanga province.The government...Read More
SHANGHAI, Jul 5 (SMM) – Copper: LME copper tumbled further after it broke support at $6,500/mt, touching a low of $6,344/mt as SHFE base metals dipped across the board amid intensified worries over a trade war. The SHFE 1808 contract also slumped all the way after opening, to a low at 49,180 yuan/mt before closing at 49,680 yuan/mt. We expect LME copper to trade at $6,360-6,420/mt, and...Read More
(Bloomberg) -- Commodity bull Goldman Sachs Group Inc (NYSE:GS). has poured cold water on the notion that a trade war between the U.S. and China represents a serious threat to raw materials, saying most of them aren’t likely to be significantly impacted, and after recent declines now’s the time to buy.The Wall Street lender said the economic impact from sanctions between the U.S. a...Read More
* MSCI Asia-Pacific index down 0.5 pct, Nikkei loses 1 pct* Spreadbetters expect European stocks to open little changed* Moves limited before Washington's July 6 tariffs deadline* Trade woes keep copper, zinc stuck near one-year lows* Crude slips after Trump demands OPEC "reduce pricing now"By Shinichi SaoshiroTOKYO, July 5 (Reuters) - Asian stocks fell for the fourth day and major currencies trad...Read More
* MSCI Asia-Pacific index down 0.1 pct, Nikkei down 0.15 pct* US markets closed on Weds, Asia lacks strong direction* Moves limited before Washington's July 6 tariffs deadline* Copper, zinc stuck near one-year lows amid trade woes* Crude slips after Trump demands OPEC "reduce pricing now"By Shinichi SaoshiroTOKYO, July 5 (Reuters) - Asian stocks were shaky while major currencies barely budged in e...Read More
Former Trafigura base metals trader Ben Thomson has joined Viant Commodities to look after the company's European business, Metal Bulletin has learned. Thomson joined the Singapore-headquartered trading company last month. He was the head of the base metals Singapore desk at Trafigura until January this year, having joined in 2013...Read More
The Turkish deep-sea scrap import market remained silent on Thursday July 5, due to continuing weak demand in the country's finished steel markets, according to sources.After finishing bookings for July deliveries, Turkish steel producers have gone quiet as demand for finished steel in both the local and export markets has failed to bounce back after the country's presidential and general election...Read More
Leon Westgate has joined VTB Capital as head of metals strategy, Metal Bulletin has learned. Westgate, who was most recently a senior metals and bulk analyst and head of...Read More
Diamond market slows as US wholesalers take vacation. Positive sentimentcontinues after polished prices strengthen in second quarter. 1 ct. RAPI +0.8%in June. Manufacturers upholding discounts as they defend high rough prices. Depreciationof currencies in China and India reducing budgets of local dealers and causingshift in demand to lower qualities. Diamantaires aligning their inventory withretai...Read More
Australia's Lucapa Diamond (ASX:LOM) said Thursday production at its 40%-owned prolific Lulo project, in Angola, rose 20% during the June quarter.Production at the mine, which has yielded massive diamonds this year, reached 5,058 carats during the three months to June, up from the 4,203 carats in the previous corresponding period, the company said.The total weight of special stones dug up by Luca...Read More
The board of directors of G?(C)camines has implemented a new corporate structure including a more decentralized organization and a drive to promote a new generation of younger managers. The Democratic of Congo's (DRC) state-run miner said the reorganization will not result in any job losses but may include the redeployment of some staff from one area to eventually work in another division of eithe...Read More
Sentiment weaker amid bankruptcy rumors. Localbuyers cautious due to firm polished prices and recent rupee depreciationagainst the dollar (-2.4% in June to $1 = INR 68.80). Fewer foreign buyers inMumbai, owing to US summer vacation. Good demand for 0.30 to 3 ct., G-J, VS-SI,RapSpec A3+ diamonds. Manufacturing steady after $575 million De Beers Junesight. RoundRead More
RAPAPORT... Petra Diamonds will offload its majority stake in theKimberley mine, claiming the deal will ensure a sustainable future for theproject and help the company focus on its core assets. Ekapa Mining has agreed to buy Petra's 76% interest in the SouthAfrica deposit for $22 million (ZAR 300 million), Petra said Thursday. Thecompanies are currently in a joint venture incorporating the Kimberl...Read More
World's second largest miner Rio Tinto (ASX, LON:RIO) said its recent decision to consolidate the sales and marketing teams in London and other European countries into one located in Frankfurt, Germany, had less to do with Brexit than with "synergies."In an interview with Australian Financial Review (subs. needed), chief executive Jean-S?(C)bastien Jacques said the plan was part of a wider reorga...Read More
RAPAPORT... As the glitterati gathered for a swank cocktail party on theAvenue des Champs-Elys?(C)es to mark Paris Fashion Week, Penelope Cruz (pictured, right) was busyposing for the cameras alongside Nadja Swarovski (left). The Spanish model and moviestar was attending the "Atelier Swarovski: Cocktail of the New PenelopeCruz Fine Jewelry Collection" event topromote her latest money-making v...Read More
Comex copper prices crashed to a one-year low on Thursday morning in the United States with market sentiment in the red metal affected by fears of an escalating trade war as well as thin trading. Copper for September settlement on the Comex division of the New York Mercantile Exchange tumbled 6.40 cents or 2.2% to $2.8530 per lb. Earlier, the contract touched $2.8370, the lowest since July 2017. T...Read More
RAPAPORT... Lucapa Diamond Company's sales from its Lulo mine rose 6%year on year to $5 million in the second quarter, it said Thursday. The average price of rough diamonds from the Angola assetjumped 56% to $1,479 per carat for the three months ending June 30. Productionincreased 20% to 5,058 carats, including 61 stones weighing more than 10.8carats. Sales rose 3% year on year to $15.9 million fo...Read More