Jonathan Berchole has joined BNP Paribas to develop a physical metals trading book and help expand the bank's existing financing business, Metal Bulletin learned on Wednesday July 4. Berchole joined the bank in London this month as head of physical trading, having left Mercuria Energy...Read More
The Chinese yuan's recent losses against the US dollar has pressured steel prices in Asia to move down, with continual drops for both flat and long steel products across the region.Traders in the region have dropped prices in a bold move to sell more cargoes before the currency further loses value. Some market participants are betting on more price drops, entering into bigger short-selling positio...Read More
Zinc prices on the London Metal Exchange fell by more than 3% at the close of trading on Wednesday July 4, with the absence of US trading expediting a broad downtick in metals prices. The continuation of growing trade concerns has facilitated market inactivity, and in turn, a broad decline in the complex, while a pullback in global equity markets and a fall in the Chinese yuan has added to bearish...Read More
Brazilian products continued to command a big premium over Australian materials in the seaborne iron ore market on Wednesday July 4.Metal Bulletin 62% Fe Iron Ore Index: $64.20 per tonne cfr Qingdao, down $0.35 per tonne Metal Bulletin 62% Fe Pilbara Blend fines Index: $62.97 per tonne cfr Qingdao, down $0.49 per tonneMetal Bulletin 58% Fe Premium Index: $51.66 per tonne cfr Qingdao, down $0.29 pe...Read More
The seaborne coking coal spot market took a breather on Wednesday July 4 with buyers withdrawing to the sidelines in anticipation of prices to drop. "Coking coal prices are propped up due to speculation and rumors fueling supply concerns but the reason feels weak and unconvincing," a North Asian end-user source said. A South Asian end-user source concurred, saying "the market is definitely going s...Read More
SHANGHAI, Jul 4 (SMM) – Nonferrous metals fell across the board on Wednesday June 4 and sharply extended their losses in the afternoon. SHFE zinc led the decreases with a loss of over 3%. SHFE nickel and copper slumped over 2%, lead dropped over 1% and tin and aluminium dipped.The ferrous complex recovered some previous losses. Rebar, hot-rolled coil and coke increased close to 1% while...Read More
SHANGHAI, Jul 4 (SMM) – Overall economic activity across downstream copper sectors in China shrank in June as these industries, except for electronics and home appliances, entered the low season, SMM research found. This weighed on production rates across downstream copper sectors. The composite SMM purchasing managers' index (PMI) across five downstream sectors of copper in June ca...Read More
SHANGHAI, Jul 4 (SMM) – Spot copper was mostly offered at a discount of 60 yuan/mt to flat over the SHFE 1807 contract in Shanghai on Wednesday July 4. This narrowed from a discount of 120-50 yuan/mt on Tuesday amid active transactions, which were mostly contributed by traders. Offers for cargoes are likely to turn from discounts to premiums on Jul 5 as falling futures prices of co...Read More
SHANGHAI, Jul 4 (SMM) – Some 153,500 mt of copper scrap received the green light in the 15th batch of approvals for restricted solid scrap imports, marking the largest volumes so far this year.The approval was released on Monday July 2 by the solid waste management centre of China's Ministry of Ecology and Environment. The approved volume this time exceeded the 125,700 mt in the&nbs...Read More
SHANGHAI, Jul 4 (SMM) – Copper: Worries over trade war intensified last night as China’s Ministry of Foreign Affairs affirmed its stance towards the tariffs on US goods to be imposed on July 6. LME copper slumped to a low of $6,493/mt during the European trading session and closed at $6,509/mt last night. It is likely to test support at $6,500/mt again in the short term, with trad...Read More
Turkish steel producers have stayed away from the deep-sea scrap market, amid limited domestic and export demand for finished steel products, sources told Metal Bulletin on Wednesday July 4.Steel mills in Turkey have already finished their deep-sea bookings for July and expected to start booking for August. But it seems they are happy to wait as long as they can because of the weak finished s...Read More
New Century Resources has cut its third-quarter forecast for the Century Mine zinc tailing project in Queensland, Australia, but said it remains on track for first production in August. At an investor roadshow the company said the expected output for August to September 2018 was now 4,000 tonnes of zinc metal, rather than the 13,000 tonnes it forecast late last y...Read More
RAPAPORT... De Beers' decision to sell synthetic diamond jewelry raises important issues that are fundamental to the future of the natural diamond industry. Let us begin by analyzing the role of De Beers in the diamond industry. Until about 2000 and the advent of their "Supplier of Choice" program, De Beers was the custodian of diamonds. They maintained rough diamond prices by buying excess suppli...Read More
RAPAPORT... A company in Sierra Leone has obtained and exported a 144.12-caratrough diamond worth at least $600,000, authorities in the west African nationsaid Tuesday. A licensed diamond exporter brought the stone to theprecious-minerals trading department of the National Minerals Agency (NMA) lastweek for valuation, the NMA and the Ministry of Mines and Mineral Resources(MMMR) reported. The NMA...Read More
The latest metal markets news and price moves for the start of the North American day on Wednesday July 4. Base metals prices on the London Metal Exchange were mostly lower during morning trading following a poor morning session in SHFE trading and growing concerns of global trade tensions. The three-month copper price reached an intraday low of $6,423 per tonne - around its nine-month low - and c...Read More
RAPAPORT... The Gemological Institute of America (GIA) has graded a5.01-carat lab-grown diamond that, its producer claims, is the largest pinksynthetic diamond in the world. New York-based Unique Lab Grown Diamond created the stone usingchemical vapor deposition (CVD). The square-radiant-shaped, fancy intensepinkish-orange synthetic stone has the equivalent of SI clarity, the GIA saidin a lab note...Read More
The duty-free aluminium import arbitrage between the United States and Asia is little changed this month but remains wide with the US Midwest premium well supported throughout June. The differential between canceling aluminium without the 10% Section 232 tariff from London Metal Exchange-listed warehouses in Asia and shipping the material into the US Midwest has maintained at high levels in every...Read More
(IDEX Online) - Signet Jewelers Limited has announced two executive appointments rounding out a leadership team "aligned to drive the company's transformation under its "Path to Brilliance" plan. Mary Elizabeth Finn has been named Chief People Officer, while Stephen E. Lovejoy has been named Chief Supply Chain Officer, effective immediately. Finn and Lovejoy will report directly to the Chief Exec...Read More
RAPAPORT... Stornoway Diamond Corporation will recommence operations at itsRenard mine in Canada after a brief suspension caused by a nearby forest fire,it said Tuesday. The miner will start sending staff members to the site onWednesday, and expects full operations to resume immediately. Stornoway announced the temporary suspension on Monday dueto restricted access to the mine. While the blaze did...Read More