Crude oil soared higher yesterday and also intoday’s pre-market trading, which shows you why it was a good idea to remaincautious yesterday, even despite crude oil’s breakdown below the rising supportline. We previously wrote the following:We saw a tiny breakdown onWednesday, but it was not based on the decisive move lower, but rather based onthe fact that time passed and the ne...Read More
The major gold miners’stocks have rallied dramatically out of mid-March’s stock-panic lows, soaringto new bull-market highs. Theirjust-reported Q1’20 operational and financial results reveal whether today’shigher gold-stock prices are fundamentally justified. They also illuminate whether this gold-stockupleg is likely to continue powering higher, despite the cat...Read More
Powell gave a much-awaited speech yesterday, in which he sent one bearish and two bullish messages for gold. What exactly did he say and what does it mean for the yellow metal?Powell Sends One Bearish and Two Bullish Messages for GoldJerome Powell gave a speech yesterday at the Peterson Institute for International Economics. The Fed Chair acknowledged the unprecedented depth of the coronavirus cri...Read More
The precious metals market did almost nothingyesterday, and consequently we have relatively little to comment on today.There are two subtly bearish signs that we would like to feature, nonetheless.The first subtly bearish sign is the change in theway the USD Index “topped” this month. In early April, and then in late April,the USDX reversed close to the 101 level and then moved lower i...Read More
Technical expert Clive Maund explains why he believes gold and silver are powering up for a stratospheric advance.The deflation and depression is right here, right now, and if you don't believe that, try asking some of the 30 million people who just lost their jobs in the U.S., or those who (used to) work in the catering and tourism industries.The Federal Reserve is reacting to this situation by w...Read More
Technical analyst Clive Maund explains why he's bullish on silver. The way you see silver now depends on whether you see a glass that is half empty or half full. If you are a pessimist by nature you will be grumbling about its underperformance relative to gold up to this point, but if you are an optimist, as we certainly are with regards to silver, you will see it as maintaining the opportunity to...Read More
US sanctions against Islamic Republic of Iran Shipping Lines (IRISL) and its Shanghai-based subsidiary, E-Sail Shipping Co, are unlikely to have an impact on steel freight costs, sources told Fastmarkets on Wednesday June 10.The US Treasury Department 8 designated 121 tankers, container ships and other vessels owned or tied to Iranian shipper IRISL for additional secondary sanctions, which came in...Read More
The LME three-month copper price was the standout performer at the close of trading on Wednesday June 10,achieving its highest closing price since January 23, while tin futures similarly recorded a six-month high. Copper's outright price on the London Metal Exchange closed at $5,907 per tonne on Wednesday afternoon, climbing from an intraday low of $5,776.50 per tonne, while turnover topped the ba...Read More
Carmakers Volkswagen AG and Ford Motor Company have signed agreements that strengthen their global alliance in producing electric vehicles (EVs) and other commercial vehicles for customers in Europe and elsewhere, the companies said in a joint statement on Wednesday June 10.The deal includes increasing investment by Volkswagen in Argo Al - a start-up in which Ford already had ownership and develop...Read More
RAPAPORT... Alrosa's diamond sales plunged 85% to $40.1 million in May as the miner allowed customers to defer purchases.Rough sales slumped 86% year on year to $36.2 million, while polished revenues fell 22% to $3.9 million, the Russian miner reported Wednesday.However, total sales of rough and polished were still nearly triple April's $15.6, showing the beginning of a rebound in demand."In...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.Aluminium: Short-term upside targets achievedLME aluminium's price recovery to $1,600 per tonne has been driven by macro forces acting on all metals, and amplified for aluminium by technical factors after prices became so oversold at the double-bottom lows in April and May. With a 4-million-tonne supply surplus this year, al...Read More
RAPAPORT... HRD Antwerp has closed its equipment division, effective June 9, as part of a restructuring of the Belgian grading laboratory.The organization will increase its focus on its grading and education services, CEO Ellen Joncheere said in a statement Tuesday. The equipment division - which specializes in machines for detection, examination and manufacturing - will continue to sell diam...Read More
The wider import loss weighed on the Shanghai nickel market this week, while premiums in both the US and Europe were unchanged amid subdued spot interest and a lack of buyers. Arb loss weighs on Shanghai premiums. Nornickel spillage of little concern to Europe. US market focuses on longer-term business amid spot inertia. China premiums fall on widening arb loss Shanghai nickel premiums d...Read More
RAPAPORT... The World Jewellery Confederation (CIBJO) has shelved its 2020 congress due to the coronavirus pandemic.The event, which was originally scheduled for October 5 to 7 in Dubai, will instead take place in 2021, CIBJO said Tuesday. The organization's board made the decision at a virtual conference. It's the first time it has postponed the congress, noted CIBJO president Gaetano Cavali...Read More
RAPAPORT... Christie's will auction a special collection of jewelry by designer Anna Hu, with the proceeds going to support healthcare workers fighting against the coronavirus pandemic.The sale of the three pieces will benefit Diamonds That Care, Alrosa's new social-responsibility initiative. Hu is in the process of creating the jewelry using brown diamonds from Alrosa's Yakutia mines, Christ...Read More
Chilean copper output rose by 2.6% year on year in April, with the country's three top producers all reporting growth despite restrictions put in place to curb the spread of the Covid-19 outbreak.The national copper commission, Cochilco, said on Tuesday June 9 that the country produced 470,600 tonnes of copper content in April, up from 458,600 tonnes in April 2019. Output was d...Read More
There were significant tonnages of zinc delivered into London Metal Exchange European warehouses in the week to Tuesday June 9 amid sluggish regional spot demand, while US metal suppliers are hopeful restarts at automakers will mean more zinc and lead consumption. Fresh inflows of more than 23,000 tonnes prompt questions around European demand. Restart of US auto sector brought hopes of a zi...Read More
(IDEX Online) - De Beers reportedly sold just $35m of rough diamonds at it May Sight, with demand decimated by coronavirus. The equivalent sale last year brought in $416m. The May figure for Sight 4 was disclosed to news website Bloomsberg by a well-placed source but has not been confirmed by De Beers.It did not announce the figure, as would be normal practice.The company is currently adoptin...Read More
(IDEX Online) - Alrosa's rough and polished sales showed some signs of recovery in May, after a disastrous April. They were, however, a mere fraction of its pre-COVID-19 figures. The Russian state-owned miner sold a total of $40.1m worth of diamonds in May, compared with $15.6m in April, which felt the full force of lockdown. By comparison, total sales in January, before the pandemic hit, wer...Read More
RAPAPORT... Signet Jewelers' net loss increased to $190 million in the first fiscal quarter as the company closed all its stores for most of the period.That figure compares with a loss of $10 million during the same period a year ago, the retailer, which owns Kay, Jared and Zales, reported Tuesday. The company began closing locations in late March.Revenue declined 40.5% to $852.1 million in t...Read More