The three-month copper price on the London Metal Exchange was the only base metal to close in positive territory on Thursday February 22, with the rest of the complex caught in a sell-off. "Through the afternoon sessions, and with the US dollar lower again, upward momentum was maintained and some prices recovered broadly to yesterday's levels." Sucden Financial noted. Copper dipped as low as $7,00...Read More
JOHANNESBURG (miningweekly.com) - Global diamond miner De Beers has set a production target of as high as 36-million carats for 2018.In its 2017 results announcement the Anglo American subsidiary reported a production guidance of 34-million carats to 36-million carats, which compares with 33.45-million carats produced in 2017.Advertisement"Improving global macroeconomic conditions remain supp...Read More
(IDEX Online) - Members of the Diamond Dealers Club (DDC) of New York have re-elected Reuven Kaufman as President. The other elected officials are Israel Ashkenazy as Vice-President; Abraham Einhorn as Treasurer; and Elliot Krischer as Secretary. On the Board of Directors are: Milton Basch, Fishel Beigel, Samuel Bornstein, Isaac Brown, Colin Coates, Joey Cohen, Moses Eisen, Meilech F...Read More
RAPAPORT... India holds a dominant position in the diamond industry, coming closer than any other market to spanning the entire pipeline. Besides its extensive rough and polished trade, it has made a name for itself in jewelry-making, diamond-cutting and retail. On the mining front, it still has some potential to develop its Bunder asset.But diamond manufacturing is where India exerts its greatest...Read More
Exporters of CIS-origin pig iron sold large tonnages of material this week at lower prices, but are now preparing to increase their offers amid a bullish scrap market, sources have told Metal Bulletin.Metal Bulletin's export price assessment on Thursday February 22 for high-manganese pig iron from the CIS region was $345-370 per tonne fob Black Sea, unchanged week-on-week.After the price assessmen...Read More
VANCOUVER (miningweekly.com) – Southern Africa-focused miner Lucara Diamond Corp has reported an 8% drop in full-year profit as lower production and the sale of fewer special diamonds weighed on the bottom line.The Vancouver-based miner, which operates its flagship Karowe mine, in Botswana, reported net income of $65.1-million, or $0.17 a share, for 2017, down from $70.7-million, or $0.19 a...Read More
RAPAPORT... Reuven Kaufman has been reelected as president of theDiamond Dealers Club (DDC) of New York, a position he has held since 2011, thediamond exchange said Wednesday. Reelected officers joining Kaufman (pictured) areIsrael Ashkenazy, as vice president, Abraham Einhorn, in the role of treasurer,and Elliot Krischer, who will take on secretarial duties. The full board of directors is a...Read More
Wieland-Werke will strengthen its position as Europe's largest semi-finished copper products producer by acquiring Aurubis' rolled-products division later this year, yet the deal is intended to kickstart growth in the US and Asian markets, chief executive officer Erwin Mayr told Metal Bulletin. The two German companies said they were in talks over the acquisition, which will see Wieland take on a...Read More
SHANGHAI, Feb 22 (SMM) – Nonferrous metals futures saw mixed trading as China reopens after the week-long holiday with SHFE lead, nickel and copper up slightly while aluminium slid over 1%. Both tin and zinc also edged down.In the ferrous complex, both coking coal and coke went up while rebar was down 1.7% and hot-rolled coil slipped 1.4%.Copper: SHFE copper came off from highs registered ea...Read More
SHANGHAI, Feb 22 (SMM) – Nonferrous metals futures saw mixed trading as China reopens after the week-long holiday with SHFE lead, nickel and copper up slightly while aluminium slid over 1%. Both tin and zinc also edged down.In the ferrous complex, both coking coal and coke went up while rebar was down 1.7% and hot-rolled coil slipped 1.4%.Copper: SHFE copper came off from highs registered ea...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade. Index futures were virtually unchanged following release of the weekly jobless report at 8:30 AM EST. Consensus was unchanged from the previous week at 230,000. Actual was 222,000.The Canadian Dollar dropped 0.24 to US 78.52 cents following release of Canadian December Retail Sales. Conse...Read More
Good morning from Metal Bullet's London office, bringing the latest news and pricing stories on Thursday February 22.Base metals on the LME fell across the board this morning, with a sell-off taking place following China's return to the market.Below is an LME...Read More
SHANGHAI, Feb 22 (SMM) – Nonferrous metals futures saw mixed trading as China reopens after the week-long holiday with SHFE lead, nickel and copper up slightly while aluminium slid over 1%. Both tin and zinc also edged down.In the ferrous complex, both coking coal and coke went up while rebar was down 1.7% and hot-rolled coil slipped 1.4%.Copper: SHFE copper came off from highs registered ea...Read More
SHANGHAI, Feb 22 (SMM) – This is a roundup of major news in the world of metals in China over the past week.- The People’s Bank of China issued 350 billion yuan of reverse repo on the first working day after Chinese New Year in a bid to maintain the stability of liquidity in the banking system. The injection was made through a seven-day, 160-billion-yuan reverse repo, a 28-day, 130-bil...Read More
The latest Conference Board Leading Economic Index (LEI) for January increased to 108.1 from 107.0 in December. The Coincident Economic Index (CEI) came in at 103.0, up from the previous month.The Conference Board LEI for the US increased for the fourth consecutive month in January. Large positive contributions from building permits and the financial subcomponents were the main drivers o...Read More
SHANGHAI, Feb 22 (SMM) –Copper: While LME copper rebounded and hit a high at $7,144.5/mt overnight, a possibly stronger US dollar poses risks following the Federal Reserve Board’s hint of interest rates increase. We expect LME copper to trade at $7,050-7,160/mt today with SHFE copper at 52,500-53,500 yuan/mt today. In the physical market, spot discounts are seen smaller at 200-150 yuan...Read More
Good morning from Metal Bulletin's offices in Asia, bringing the latest news and pricing stories on Thursday February 22.Base metals on the SHFE were all down on the Chinese market opening after the one-week holiday. Check Metal Bulletin's live futures report here.SHFE snapshot at 12:37pm Shanghai timeMost-traded SHFE contracts Price (yuan per tonne)Change since previous session's close (yuan...Read More
SHANGHAI, Feb 22 (SMM) –Copper: While LME copper rebounded and hit a high at $7,144.5/mt overnight, a possibly stronger US dollar poses risks following the Federal Reserve Board’s hint of interest rates increase. We expect LME copper to trade at $7,050-7,160/mt today with SHFE copper at 52,500-53,500 yuan/mt today. In the physical market, spot discounts are seen smaller at 200-150 yuan...Read More
SHANGHAI, Feb 22 (SMM) –Copper: While LME copper rebounded and hit a high at $7,144.5/mt overnight, a possibly stronger US dollar poses risks following the Federal Reserve Board’s hint of interest rates increase. We expect LME copper to trade at $7,050-7,160/mt today with SHFE copper at 52,500-53,500 yuan/mt today. In the physical market, spot discounts are seen smaller at 200-150 yuan...Read More
The metals prices on the London Metal Exchange on Thursday February 22 are down an average of 1.6%, with nickel prices down the most with a 2.3% decline to $13,460 per tonne and copper prices off 1.6% at $7,024 per tonne. With China back at work after the Lunar New year holiday, volumes on the LME have been high with 16,127 lots traded as of 07:32 am London time. Wednesday’s trading had seen...Read More