SHANGHAI, Jun 27 (SMM) –Copper: LME copper touched a low of $6,692/mt on Tuesday as the weakening trend became apparent. The SHFE 1808 contract was firmer than its LME counterpart overnight, climbing up above the five-day moving average. While the depreciation of yuan helped support the SHFE copper price, it remains under pressure in the short term amid bearish sentiment and weak consumption...Read More
Base metals on the London Metal Exchange ended mostly higher at the close of trading on Wednesday June 27, with nickel and zinc prices making a slight recovery from recent lulls while copper and tin prices continue to drift. Falling 0.3% over the afternoon, copper's three-month price closed at a three-month low, ending below $6,700 per tonne for the first time since March 28. The red metal ha...Read More
Prices for domestic hollow steel sections narrowed in Northern Europe this week as mills prepared to push up prices, sources told Metal Bulletin on Wednesday June 27.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe narrowed by ?,?5 per tonne to ?,?640-650 ($747-759) per tonne delivered on Wednesday June 27, from ?,?6...Read More
Steel and aluminium purchasers in the United States who feel cheated by the Section 232 tariffs should take the matter up with President Donald Trump, who likely would be sympathetic, according to a trade attorney who represents domestic producers.Alan Price, a partner at Washington law firm Wiley Rein LLP, urged downstream buyers to ask the president to erect import barriers for their products to...Read More
A lingering LME backwardation added further downward pressure to Shanghai and Taiwan zinc premiums in the latest pricing session on Tuesday June 26. Backwardation in LME zinc's cash/three-month spread widened to $47.25 per tonne on Wednesday. US rates were unchanged, but the logistics and freight market were characterized as nightmarish. Lead demand remains strong in Asia, particularl...Read More
RAPAPORT... Alrosa's shareholders elected a new supervisory board at thecompany's annual general meeting Tuesday. The role of the 15-person supervisory board is to exercisegeneral control over the miner's operations. Its members include CEO SergeyIvanov, as well as politicians such as Anton Siluanov, Russia's ministerof finance. The Russian state and regional governments own about 66% of Alrosa. B...Read More
RAPAPORT... Rapaport Academy has created two online courses to helpretailers improve their marketing and sales. The e-learning platform launched the new programs inresponse to retailers' requests for extra resources to help their online andin-store activities, it said Wednesday. Digital Marketing Essentials forJewelers teaches retail-store owners how to use online marketing to boost theirbusiness...Read More
RAPAPORT... Pallinghurst Resources has changed its name to GemfieldsGroup as it turns its primary focus to colored gemstones. The group's shareholders overwhelmingly voted in favor ofthe change at its annual general meeting Tuesday. It will use the new name onthe Johannesburg Stock Exchange beginning July 11. The company, which also extracts platinum-group metals and manganese, pursued the name ch...Read More
Comex copper prices were once again facing a bout of selling with a stronger dollar and the persistent threat of additional tariffs weighing on the red metal. Copper for September settlement on the Comex division of the New York Mercantile Exchange dipped 1.50 cents or 0.5% to $2.9770 per lb. The With trade tensions mounting, commodities continue to face pressure from macroeconomic instability, ty...Read More
RAPAPORT... The Kimberley Process (KP) has agreed to shorten the amountof time it takes to clear diamond exports from the Central African Republic(CAR) to one week.The KP monitoring team that polices CAR's exports made thedecision following the KP intersessional meeting in Antwerp last week, thenation's ambassador to Belgium said Tuesday. Approval of shipments previouslytook two weeks.The global s...Read More
The latest metal markets news and price moves for the start of the North American day on Wednesday June 27. Base metals on the London Metal Exchange continued to drift lower during morning trading, with ongoing trade uncertainties, a firm dollar and broad inventory drawdowns putting pressure on the complex. Here's how LME prices looked at 12:34pm in London. Hassan Butt had the latest on exchange p...Read More
RAPAPORT... De Beers recorded its largest monthly sales since January asshortages and strong sentiment supported the rough-diamond market in June.The miner sold $575 million worth of rough at last week's sightand other sales events during June, including auctions, it reported Tuesday. Itmostly maintained prices, with some small increases in larger categories where demandis especially strong, sight...Read More
RAPAPORT... In the heyday of "A Diamond Is Forever," consumers responded strongly to slogans and instructive advertising. As social media has influenced a more interactive dialogue between businesses and their customers, that is no longer the case. Today, consumers respond to innovation.In an age of unprecedented creativity and development, the jewelry industry has been lagging behind. While...Read More
An updated mineral resource estimate on TSX-listed Lucara Diamond’s Karowe mine, in Botswana, supports the continued recovery of large, high-value diamonds from the South Lobe throughout the remaining life of the openpit and the likelihood for underground mining until at least 2036, CEO Eira Thomas said on Tuesday.The mineral resource estimate, which was completed by Mineral Services Canada,...Read More
China's crude stainless steel capacity is expected to increase by 7.5 million tonnes per year to 44-45 million tpy by 2020, although there is some pessimism about mills' utilization rates, according to Zhang Zhifang, chairman of Chinese producer Taiyuan Iron & Steel. Production capacity of cold-rolled stainless steel in particular will increase in the short term, Zhang pointed out during his prese...Read More
Nickel premiums were on divergent paths across the globe in the week ended Tuesday June 26, with the summer lull pushing European premiums lower but a narrowing import arbitrage providing support for premiums in Shanghai. European premiums drift lower as summer slowdown hits Narrowing arbitrage pushes Shanghai premiums up US nickel premiums remain firm Start of summer liquidation pushes...Read More
Customers from the Middle East region continued to show interest in Iranian billet despite the high likelihood of United States sanctions, with several cargoes booked over the past week.The Gulf Co-operation Council (GCC) countries, North Africa and Southeast Asia are the main export markets for Iranian billet.While the US announced its intention to withdraw from the international deal on Ira...Read More
Prices for rebar produced and delivered in Northern Europe remained stable over the past week with mills looking to raise offers for July, sources told Metal Bulletin on Wednesday June 27. Metal Bulletin's weekly price assessment for domestic rebar in Northern Europe held at ?,?535-545 ($624-636) per tonne delivered on Wednesday. "End user demand is stable right now, after the reduction of st...Read More
The following Metal Bulletin minor metals prices changed on Wednesday June 27:Antimony MMTA standard grade II, $/tonne: $7,900-8,150 per tonne from $8,000-8,250 Antimony MB Chinese free market MMTA standard grade II, yuan/tonne: 50,800-51,500 yuan per tonne from 51,500-52,000 yuan Cobalt MB free market high...Read More