Vale's fall in iron ore production in the first quarter of 2018 will not affect the Brazilian miner's output guidance for the year, executive officer for ferrous minerals and coal Peter Poppinga said this week."We continue [to be] committed to the 390 million tonnes production target,"' he told analysts during a conference call on Thursday April 26.Vale's first quarter iron ore output&nb...Read More
LONDON, April 26 (Reuters) - Kazakhstan-focused Kaz Minerals will scrap its secondary listing in Hong Kong because of a lack of appetite from investors, the company said on Thursday.Since the 2011 secondary listing only a small number of shareholders have elected to hold their stock on the Hong Kong register, Kaz Minerals said.Trading in Kaz Minerals' Hong Kong shares, which represent only 0.03 of...Read More
However, some of the nuggets were "partially embedded in rock matrix", meaning further processing is required to gain an accurate assessment of the grade of the sample.Read More
Rising interest rates and a rising dollar are creating serious headwinds for the price of gold.Continue...Read More
Tesla options traders have been placing bearish bets ahead of earningsTesla Inc (NASDAQ:TSLA) isdown 0.6% to trade at $279, following news the company's autopilot chief Jim Kellerleft the company -- the most recent in a long line of executive departures for the electric automaker. A CNBC interview this morning with famous short seller Jim Chanos could also be weighing on the stock. Chanos reitera...Read More
FRANKFURT (Reuters) - The European Central Bank kept policy unchanged on Thursday and ECB chief Mario Draghi played down concern over recent softness in the euro zone economy, leaving the door open to ending lavish bond purchases by the end of the year.Having tweaked its guidance last month to reflect solid growth, Draghi argued that the economy remained strong, although he acknowledged evidence o...Read More
Investing.com - Gold was lower on Thursday, as a higher U.S. dollar kept prices down.Comex gold futures for June delivery were down 0.23% to $1,319.70 a troy ounce as of 10:35 AM ET (14:35 GMT).The price of bouillon was driven lower by the rise in the greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.25% to 91.26.Gold i...Read More
(Bloomberg Gadfly) - The most drawn-out deal in the global mining industry looks set for another round.Freeport-McMoRan Inc. shares have fallen about 21 percent since they opened Monday, headed for their worst weekly performance in almost three years.The reason is a further wrinkle in the Indonesian government's attempt to lift its stake in the Grasberg mine on the island of New Guinea, one...Read More
Turkish steel mills continued to book deep-sea scrap for May deliveries on Thursday April 26, with prices remaining largely stable, Metal Bulletin has heard.The mills in the country booked four deep-sea cargoes on Thursday, totaling 130,000 tonnes, according to market sources.A steel mill in the Iskenderun region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of...Read More
The 1mm white diamond was recovered from an unscreened soil sample and is believed to be a fragment of an original diamond.The company said the presence of a chrome spinel inclusion on the broken surface of the diamond was interpreted to be an indication that the diamond was close to the source and the transport distance was minimal.It also recovered ilmenites from the soil samples, with surfaces...Read More
Just last week, it appeared that a general rally in commodities was underway. Gold, silver, the base metals and crude oil were all soaring.Continue...Read More
Apple will release earnings on TuesdayEarnings season will continue to dominate the headlines next week, as Dow stocks McDonald's (MCD), Merck & Co.,Inc (MRK), and Pfizer (PFE) will all be featured. Meanwhile, FAANG name Apple (AAPL), Elon Musk-led Tesla (TSLA), and social media giant Snap (SNAP) will also have their moment in the spotlight. Earnings are hardly the only highlight of the week, t...Read More
Detroit (Reuters) - U.S. auto sales in April likely fell nearly 8 percent from the same month in 2017 despite big discounts for consumers, industry consultants J.D. Power and LMC Automotive said on Thursday.For much of the past two years, the discounts offered by automakers have remained at levels that industry analysts say are unsustainable and unhealthy in the long term.April U.S. new vehicle sa...Read More
Diamond market seasonallyquiet. Polished prices steady, but profit margins squeezed after April rough increase.Polished trading more profitable than rough manufacturing. Petra 1Q roughprices +5%. Let??eng 1Q average price +98% to $3,276/ct. Miners sold more caratsthan recovered in 1Q: De Beers sales -38% to 8.8M cts., production +15% to 8.5Mcts. Alrosa sales -6% to 13.3M cts., production -17% to 7...Read More
MOSCOW, April 26 (Reuters) - Russia's Norilsk Nickel (Nornickel) has cut the 2018 production forecast for its new Bystrinsky copper project near the Chinese border due to a problem with equipment which it hopes to fix in the second quarter, it said on Thursday.Nornickel, part-owned by Russian tycoon Vladimir Potanin and aluminium giant Rusal, said its 2018 output forecast from its main assets was...Read More
NEW YORK, April 26 (Reuters) - Gold and diamond companies including Berkshire Hathaway Inc's Richline Group Inc joined with IBM to develop blockchain technology to track the origin of jewelry and ensure it is ethically sourced, the companies said on Thursday.The joint initiative dubbed TrustChain aims to make it easier for consumers to track diamonds and precious metals through the various steps o...Read More
India's largest iron ore miner NMDC lowered its domestic prices last week, in line with the softening overseas prices. The miner fixed its lump ore price at 2,990 rupees ($44.68) per tonne and iron ore fines price at 2,560 rupees per tonne, it said last week. Both prices are down 100 rupees per tonne from the level announced on April 4 when the miner had rolled over its prices set in March. NMDC's...Read More
CEO Fabio Schvartsman said the company had "shown remarkable flexibility and performance during a very complex" March quarter, in which it had experienced lower volumes across several divisions. Read More
(IDEX Online) - Organizers of the first Bharat Diamond Week at the Bharat Diamond Bourse (BDB) in Mumbai, India, said the show exceeded expectations. The Bharat exchange is already planning the next edition of the fair which it says will be even bigger and feature new elements. The first-ever Bharat Diamond Week was opened by US Consul General Edgard D. Kagan in the presence of BDB President Anoo...Read More
Investing.com - Gold prices were off their best levels of the day on Thursday as strength in the dollar and Treasury yields continued to weigh, keeping prices within reach of three week lows.Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were trading at $1,323.50 by 04:54 AM ET (08:54 AM GMT), off an earlier high of $1,327.80.Gold prices settled with a los...Read More