RAPAPORT... Gemological Science International (GSI) has launched a new online educational course dedicated to lab-grown diamonds, it said Tuesday.The Laboratory-Grown Diamond Essentials class was created in response to the rapid rise in the number of companies active in the sector, as well as increased consumer demand for synthetics, GSI noted. "It is imperative that the jewelry industry has the a...Read More
The three-month price of copper on the London Metal Exchange was the standout performer at the close of trading on Wednesday October 21, reaching its highest in more than two years and aided by a downturn in the US dollar index, while LME nickel's price rally cooled against selling pressure over the afternoon.Copper's outright price on the LME closed at $6,991.50 per tonne on Wednesday afternoon,...Read More
RAPAPORT... Rio Tinto will launch a tender of large rough diamonds, including the last of its special stones from the Argyle deposit in Australia.The miner will feature 28,399 carats of special-sized rough - weighing more than 10.8 carats - from Argyle at the sale, which will take place in October and November, Rio Tinto said Tuesday. Colored diamonds from the site, which is due to close at the en...Read More
RAPAPORT... Botswana's government expects the country's economy to return to growth next year on the back of a recovery in the diamond sector.The nation's gross domestic product (GDP) will increase 7.7% in 2021, Thapelo Matsheka, minister of finance and economic development, forecast Monday in a meeting with the World Bank. GDP fell 24% year on year in the second quarter of 2020 as a result o...Read More
(IDEX Online) - Total sales of jewelry and watches in the US kept climbing in August, up by 9.3 per cent. That's the biggest monthly increase for four years. The July figure has been revised down from 9.0 per cent to 7.5 per cent, based on through-the-till transactions, rather than estimates. Revised sales for June were actually slightly higher, up from 3.7 per...Read More
(IDEX Online) - A team of jewelers in India have created a ring set with a record 7,801 diamonds.The design, based on a rare, sacred Himalayan flower, has 46 petals, with diamonds covering every available surface.The ring was painstakingly crafted over 11 months by The Diamond Store by Chandubhai, in Hyderabad - part of Hallmark Jewellers.It narrowly beat the previous holder of the Gui...Read More
(IDEX Online) - The US government has imposed sanctions on an Australian gemstone trader over his alleged links to al-Qaeda, the terror group behind the 9/11 attacks that claimed almost 3,000 lives. It says Ahmed Luqman Talib, 30, from Melbourne, acted as a "financial facilitator", moving money round the world to fund terrorist activity.Police raided his home yesterday in the Melbourne suburb...Read More
A summary of W Resources third-quarter results at its La Parilla, tungsten and tin project in the Extremadura region of Spain, according to a quarterly production report released on Wednesday October 21.In brief: Tungsten and tin concentrate production totaled 77.6 tonnes during the quarter, down by 13% on a like-for-like basis and up by 104% on a pro-rata basis (third-quarter 2020 production was...Read More
A climbing London Metal Exchange tin price and continued contango were at odds with dim physical demand in the United States and Europe in the week to Tuesday October 20. US tin demand continued to be weak but higher freight costs capped the slide in the delivered price. European trading activity was absent this week. There were few imports to China, keeping premiums stagnant. Tin premiu...Read More
Premiums for lead in the United States inched up on Tuesday October 20 on returning demand from the automotive sector, which is adding to seasonal stockpiling to prepare for battery replacements. US lead premiums rise on automotive battery demand. European zinc premiums firm with buying seen from diecasters and galvanizers. Shanghai zinc markets were flat on worsening import arbitrage. U...Read More
London copper futures broke above $7,000 per tonne for the first time since early 2018 on Wednesday October 21, with the wire-making metal's green credentials being touted as bullish for future demand at the virtual LME Week forum.The London Metal Exchange's three-month copper contract traded at a high of $7,027 per tonne in afternoon trading on Wednesday October 21, its highest level since J...Read More
Spot copper cathode premiums increased in the United States and East Asia in the week to Tuesday October 20, with additional rates being paid for prompt material and specific brands, while annual contract negotiations are under way, with producers rolling over offers into Europe for next year.Producers offer rollovers into Europe for 2021 supply Extra premiums on top brands for Asia buyers US cons...Read More
Wire rod prices in the United States have inched slightly higher month on month due to increasing demand while imported wire rod prices again remained flat.Fastmarkets' monthly price assessment for steel wire rod (low carbon) industrial quality, fob mill US rose by 0.8% to $31.25-32.25 per hundredweight ($625-645 per short ton) on Tuesday October 20 from $31-32 per cwt previously.Fastmarkets' pric...Read More
ArcelorMittal Europe has increased the price of hot-rolled coil (HRC) in long-term contracts with steel distributors and service centers in the north of the EU, sources told Fastmarkets on Wednesday October 21.The new offer price was ?,?550 ($649) per tonne ex-works, up by roughly ?,?80 per tonne compared with previous contracts, according to market participants' estimates.Market sources also said...Read More
European buyers expected steelmakers to announce domestic price increases because they have good order books at a time of tight supply, market sources told Fastmarkets on Wednesday October 21.Prices have either been stable or have moved slightly upward over the past week with buyers taking a watchful stance, according to market participants."The market is a bit quiet at the moment, because many ar...Read More
The price of hollow steel sections in Europe increased sharply this week while mills continue to push for and achieve higher prices, market sources told Fastmarkets on Wednesday October 21.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe was ?,?630-650 ($744-767)per tonne on Wednesday, up from?,?600-630 per tonne one week previous. "Demand is okay, the...Read More
Flat steel sales from Brazilian distributors increased by 39% year-on-year in September 2020, amid a scarcity of steel in the local market and a lack of competition from imported material.Flat steel sales reached 403,100 tonnes in the month, up from 290,000 tonnes in September 2019. Volumes were also up by 7.80% from the 373,800 tonnes shipped in August, according to figures released by national f...Read More
Half of the base metals prices on the London Metal Exchange have in recent days risen to multi-month highs, with copper reaching levels not seen since June 2018, and all of the metals are pushing higher this morning, Wednesday October 21.* Some strike action in copper in Chile has added fuel to copper’s rally* High expectations for a further stimulus ahead of the US presidential election has...Read More
Turkish steel mills continued their silence in the deep-sea scrap market for a third day this week, with participants now split on the direction prices will take, sources said on Wednesday October 21.After a third day without any new bookings, sources began to speculate on the direction prices might go.Some told Fastmarkets they were expecting prices to move up, despite the mil...Read More
Long term U.S. Treasury iShares (TLT) moved below $158.28 extending a short term downtrend. Chile iShares (ECH) moved above $24.44 extending an intermediate uptrend. Units are responding to higher copper prices. Chile is the world's largest copper producing country.Biogen (BIIB), a NASDAQ 100 stock moved below $265.05 extending an intermediate downtrend. The stock responded to disappointing third...Read More