A ramp-up in Chinese zinc production is expected to accelerate from the second quarter of this year, boosted by the completion of upgrades at smelting facilities across the country and a surge in treatment charges (TCs) amid a relatively oversupplied raw materials market, sources told Fastmarkets.A large amount of refined zinc capacity in China has been shut or suspended over the past two years du...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday March 25, capped by low-volumes trading while risk appetite continues to falter in the wake of last week's US Federal Reserve policy meeting. Volumes traded were low over the day's trading, with copper leading the complex at just over 12,000 lots changing hands by the close, down from 26,065 lots on...Read More
The Comex copper market was listlessly trading on Monday March 25 morning in the United States, with the market in a general state of paralyses. The copper price for May settlement on the Comex division of the New York Mercantile Exchange was flat at $2.8425 per lb. Without fresh catalysts, the red metal has been unable to generate a consistent direction over the last few weeks, which has continue...Read More
Base metals prices on the London Metal Exchange were generally suppressed during morning trading on Monday March 25, continuing on the downward trajectory from last week.Weakening European and United States' economic data continue to exert downward pressure on all metals, but nickel and tin bore the brunt of this downturn, recently trading down by $100 per tonne and $175 per tonne respectively. "I...Read More
Gold has fallen from 1320 to a low o 1303 while DXY bounced from 95.84 to a high of 96.63. The rally in stocks is boosting US dollar demand. For a number of mixed reasons, the greenback is taking up the bid. Despite the accommodative stance by the Fed and yesterday's dovish shift in rate hike expectations, gold is under pressure. "While the US central bank killed the dream of an additio...Read More
Chilean state miner Codelco said on Monday it had terminated its contract with Canadian company SNC-Lavalin Group Inc at its Chuquicamata mine in northern Chile, accusing the engineering firm of failing to comply with its work commitments at the world's largest open pit mine.World top copper miner Codelco said the $260 million contract with SNC-Lavalin had included engineering, supply and construc...Read More
Romios Gold Resources (TSXV: RG) announced that it has amended an agreement it signed with Crystal Lake Mining (TSXV: CLM) whereby Romios' Newmont Lake property has been optioned to CLM provided that the latter has funding in place to finance its commitment to spend $3 million on an agreed exploration program before September 20, 2019.In a press release, Romios explained that the Definitive Agreem...Read More
Rebar suppliers have increased their prices for buyers in Russia's Central federal district, the major steel-consuming region in the country, on seasonally improved demand in the secondary market.Fastmarkets' weekly price assessment for domestic 12mm A500C rebar in Russia, including 20% VAT, was 39,000-40,000 roubles ($603-618) per tonne cpt Moscow on Monday March 25, up from 38,500-39,000 roubles...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday March 25, capped by low-volumes trading while risk appetite continues to falter in the wake of last week's US Federal Reserve policy meeting. Volumes traded were low over the day's trading, with copper leading the complex at just over 12,000 lots changing hands by the close, down from 26,065 lots on...Read More
Here are five Fastmarkets MB stories you might have missed on Monday March 25 that are worth another look.A motion to undo United States President Donald Trump's blanket tariffs on imports of steel and aluminium has been denied, the US Court of International Trade (CIT) said in a ruling dated Monday March 25.A ramp-up in Chinese zinc production is expected to accelerate in the second quarter...Read More
Cargoes of copper scrap for import into China have been trading at a bigger discount in March, with buyers staying on the market sidelines on worries they may not get approval to import scrap before new restrictions come into effect this summer.The discount for No2 copper scrap, birch and cliff, comprising 94-96% copper, rose to $0.32-0.38 per lb cif China on Monday March 25. That compared with $0...Read More
The Comex copper market was listlessly trading on Monday March 25 morning in the United States, with the market in a general state of paralyses. The copper price for May settlement on the Comex division of the New York Mercantile Exchange was flat at $2.8425 per lb. Without fresh catalysts, the red metal has been unable to generate a consistent direction over the last few weeks, which has continue...Read More
The premium for the supply of aluminium to main Japanese ports (MJP) for the second quarter of 2019 has settled at $105 per tonne, representing a 25% increase from the first-quarter benchmark of $83-85 per tonne. Deals for a total of 48,850 tonnes of aluminium for April-June delivery between at least one consumer, several traders and three major producers have been reported to Fastmarkets as of Mo...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Monday March 25*Copper -$118.25 (-795.69 yuan) Aluminium -$276.78 (-1,862.40 yuan) Zinc -$157.80 (-1,061.80 yuan) Nickel -$219.56 (-1,477.40 yuan) *Fastmarkets calculates the physical arbitrage for import into China daily by using SHFE...Read More
Base metals prices on the London Metal Exchange were generally suppressed during morning trading on Monday March 25, continuing on the downward trajectory from last week.Weakening European and United States' economic data continue to exert downward pressure on all metals, but nickel and tin bore the brunt of this downturn, recently trading down by $100 per tonne and $175 per tonne respectively. "I...Read More
RAPAPORT... Diamond resources at Lucapa Diamond Company's Lulo alluvial mine in Lesotho are90% higher than it originally estimated, according to an independent valuation. Lulo has 80,400 carats remaining in the mine, according to a December 2018 study by external consulting company Z Star Mineral ResourceConsultants. That figure was reevaluated from a previous Lulo resource estimation conduct...Read More
RAPAPORT... Alrosa's newest mine could become one of the company's richest sources of large rough diamonds, recent testing has found. The Russia-based miner conducted experimentation, between March 11 to 15, at apreviously untested portion of the Zapolyarnaya pipe, located at its Verkhne-Munskoye deposit. The purpose of the testing was to determine thequantity, color, grade and per-carat...Read More
RAPAPORT... Luxury jeweler Graff is preparing to cut and polish the exceptional 13.33-carat Lesotho Pink that sold for $8.8 million in February. The company revealed this week that it bought the stone from Gem Diamonds at a tender in Antwerp. At $656,933 per carat, the sale was the highest average price for any rough diamond recovered at the Let??eng mine in Lesotho, Gem Diamonds sa...Read More
RAPAPORT... The American Gem Society (AGS) will honor three industryleaders at its Circle of Distinction dinner, it said last week. Alan Zimmer, CEO of Reeds Jewelers, will receive theLifetime Achievement Award. Zimmer's father opened Reeds in 1946, with the business now covering more than 50 store locations across the US. Caryl Capeci, president of Chow Tai Fook North America, andElliot Tann...Read More
The Mexican government has officially reinstated a 15% safeguard duty on imports of certain steel products from countries with which it does not have free trade agreements, according to a decree published on the country's official gazette on Monday March 25.The ruling will impose 15% import duties on steel goods classified under 186 tariff codes, including heavy plate, sheets, hot-rolled coil, col...Read More