BEIJING - Premiums for imports of copper into China, the world's biggest copper consumer, sank to an 18-month low on Monday in a sign that demand for physical metal is waning after a buying spree.The premiums, paid on top of benchmark three-month London Metal Exchange (LME) prices, fell 10.7 percent from Friday's levels to $62.50 a tonne, the lowest since June 2017. China imposing a 25% tariff on...Read More
LONDON - Is it a ceasefire, a truce or the opening to a lasting peace deal?The jury is very much out on exactly what Presidents Donald Trump and Xi Jinping agreed during their talks at the G20 summit in Buenos Aires. But for industrial metals it's enough.The London Metal Exchange (LME) suite of base metals is today enjoying a relief rally after weeks of bludgeoning from bearish funds.Speculators h...Read More
Shares in Canada's Nautilus Minerals (TSX:NUS), one of the world's first seafloor miners, climbed more than 10% on Monday as the company disclosed is negotiating the terms of an agreement with arm's length third parties that would involve the creation of a joint venture company.The purpose of the new firm, Nautilus said, would be to fund the acquisition of the Production Support Vessel (PSV) that...Read More
KINSHASA - Congo's Gecamines said on Monday it had signed a production-sharing deal for copper and cobalt deposits with HongKong Excellen Mining, which will pay a $40 million signing bonus.Democratic Republic of Congo is Africa's top copper producer and the leading miner of cobalt, which is used for electric car batteries, but remains one of the world's poorest countries.Congo's state mining compa...Read More
North Vancouver/Stockholm-based Boreal Metals (TSXV:BMX) announced today it has completed seven diamond drill holes totalling 951 metres of exploratory diamond drill program at its Burfjord copper-gold project in Norway. In a press release, the miner said that assay results are expected in the coming weeks. The Burfjord project is comprised of six exploration licenses totaling 5,500 hectares near...Read More
Miner and commodities trader Glencore (LON:GLEN) is letting go its head of copper trading, Telis Mistakidis, by the end of this year, as the executive has recently been under increased scrutiny following a string of investigations, problems and legal headaches in the Democratic Republic of Congo.The 56-year-old, known to everyone simply as "Telis" is one of the world's most powerful commoditie...Read More
* OPEC works on deal to cut output, still needs Russia on board* Canadian supply cut lends support* Soaring U.S. output is OPEC's biggest headache* Texas oil output more than Iraq, OPEC's No.2 producer -Barclays (Adds API data)By Jessica Resnick-AultNEW YORK, Dec 4 (Reuters) - Oil prices pared gains in volatile trade on Tuesday amid fears that demand would stall due to a trade war between the Unit...Read More
* NSE index down 0.3 pct, BSE index 0.42 pct lower* Election results awaited - analyst* RBI decision on WednesdayBy Tanvi MehtaDec 4 (Reuters) - Indian shares fell on Tuesday tracking weaker sentiment across Asia, as domestic investors remained cautious ahead of election results for some states next week.The result of elections in the states of Madhya Pradesh and Mizoram, among others, are expecte...Read More
* MSCI all world index eases 0.9 percent* European share markets continue selloff* Confusion over timing of trade truce, China commitments* U.S. yield curve inversion raises recession concerns* Dollar weakens, sterling bounces (Updates with open of U.S. markets)By Laila KearneyNew York, Dec 4 (Reuters) - A key gauge of world equity markets fell on Tuesday as hopes faded for a speedy resolution to...Read More
Dec 4 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Tuesday:** A federal judge who has been asked to sign off on the U.S. government's decision to approve CVS Health Corp's CVS.N acquisition of insurer Aetna Inc (NYSE:AET) said he was "less convinced" than the government that the companies had struck a deal that ensured the merger was...Read More
* FTSE 100 down 0.6 pct, FTSE 250 down 1.3 pct* Top EU court advisor says Brexit could revoke Article 50* Thomas Cook (NS:THOM) hits 6-year low* Gold stocks rally on higher prices* Quarterly reweighting roils some shares (Adds details, closing prices)By Helen Reid and Josephine MasonLONDON, Dec 4 (Reuters) - Concerns about growth, doubts about a U.S.-China trade truce, and a rising pound drove Bri...Read More
Investing.com - Gold prices rose to nearly a five-month high on Tuesday as a continuing decline in the dollar boosted foreign demand for the precious metal, while investors shift attention to the next Federal Reserve policy meeting.At 9:49 AM ET (14:49 GMT), gold futures for February delivery on the Comex division of the New York Mercantile Exchange gained $6.20, or 0.50%, to $1,245.50 a troy ounc...Read More
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESToronto, Canada (December 3, 2018) - Mega Uranium Ltd. (MGA: TSX) ("Mega") announces today that it is proposing to complete a non-brokered private placement to sell up to 15,909,091 units (the "Units") at a price of $0.11 per Unit, for aggregate gross proceeds of up to $1,750,000 (the "Financing").Ea...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.4 pct, FTSE 250 down 0.3 pct* Top EU court advisor says Brexit could revoke Article 50* Thomas Cook (NS:THOM) sinks 15 pct to 6-year lowBy Helen ReidLONDON, Dec 4 (Reuters) - Concerns about growth, doubts about a U.S.-China trade truce, and a rising pound drove Britain's top stock index down on Tuesday.The FT...Read More
RAPAPORT... Sales and profit grew at Indiandiamond manufacturer Asian Star in the second fiscal quarter amid improvedjewelry exports and a strong performance at its Dubai trading unit.The Mumbai-based group saw strong margins in its jewelry division, especially the export business, Pranav Kapadia, Asian Star's chief manager for accounts and tax, told Rapaport News. It also enjoyed a robu...Read More
RAPAPORT... Chow Tai Fook and Swarovski have led a consortium ofinvestors in a digital jewelry program that claims to reduce sourcing time byup to 80%. Atelier Technology - which launched in January - aimsto connect the supply chain and eliminate unnecessary administration, therebybringing more products to market at a faster rate, it said Tuesday. Five jewelershave made an undisclosed investm...Read More
RAPAPORT... An 18.04-carat diamond fetched $828,500 at Bonhams on Monday,exceeding its presale estimate of $400,000 to $600,000, Bonhams said Tuesday. The emerald-cut, G-color, VS2-clarity ring flanked bytrillion-cut diamonds led the company's New York Fine Jewelry sale. Itwas the first time the stone - which was from a private collection - had appearedat auction. "We saw some fierce bidding...Read More
RAPAPORT PRESS RELEASE, December 4, 2018, New York... The sharp decline in prices of small, low-value diamonds will exert further pressure on India's manufacturing sector, according to the latest issue of the Rapaport Research Report. Prices in some categories have dropped by up to 20% in 2018 due to an oversupply and weaker demand.The report, "A Crisis in Melee," outlines four factors influe...Read More
(IDEX Online) - Chow Tai Fook Jewellery Group Limited posted a 20% increase on the year in revenue to HK$29.7 billion ($3.8 billion) in its interim results for the six months ended 30 September. The jeweler said the results were due to stabilizing consumer demand and reviving Mainland [China] visitation which fuelled the jewelry market. Profit increased by 8.8% to HK$1.94 billion (...Read More
Import rebar prices in the United Arab Emirates (UAE) went up this week but billet import prices decreased in new deals, Fastmarkets heard on Tuesday December 4.Demand was not strong because stocks were high already, market sources said.Domestic rebarThe country's largest producer, Emirates Steel, was still offering rebar at 2,016 dirhams ($549) per tonne ex-works for December production. Conares...Read More