(IDEX Online) - The iconic Argyle mine, producer of 90 per cent of the world's pink diamonds, closes today after 37 years.Owners Rio Tinto say the deposit, in Western Australia's remote Kimberley region, is no longer economically viable, despite the high prices commanded by its super-rare stones.The country's only operational diamond mine produced 865 million carats over its lifetim...Read More

Chilean copper production was 0.8% lower year on year in September due to lower output from Escondida, the country's copper commission, Cochilco, said on Tuesday November 3. Mined copper content output totaled 479,900 tonnes in September, against 483,800 tonnes a year before, according to Cochilco's data. The country produced 4.26 million tonnes of copper in the January-September period, slightly...Read More

Premiums for primary aluminium in Italy and Spain remained on an upward trajectory this week despite benchmark premiums in Rotterdam moving the opposite way. The divergence means the differential between Fastmarkets' P1020 premiums in Rotterdam and Italy is at its widest since 2018. Fastmarkets assessed the aluminium P1020A premium, fca dp Italy at $190-195 per tonne on Tuesday November 3, up...Read More

Chile's state-run copper producer Codelco increased its production in the third quarter of 2020 despite setbacks due to temporary closures of some of its operations, reduced costs and higher earnings during that period, the company said on Friday October 30.Codelco produced 447,000 tonnes of copper in the quarter, including a minority share in some units, up by 1.6% from 440,000 tonnes in the thir...Read More

The London Metal Exchange has approved the resignation of French bank Soci?(C)t?(C) G?(C)n?(C)rale from its Category II and LMEprecious membership structure, outlining in a note to members on Tuesday November 3 that the entity will no longer trade as a general clearing member of LMEClear with immediate effect. Soci?(C)t?(C) G?(C)n?(C)rale, also known as SocGen, began a refinement of its commodity...Read More

Three-month base metals prices on the London Metal Exchange were mostly higher during morning trading on Tuesday November 3, prompted by a slight decline in the dollar index and hopes of fiscal stimulus in the United States after today's long-awaited presidential election. Trading volumes were moderate over the morning, with LME aluminium's 5,500 lots topping the complex as of 10:30am London time;...Read More

Vale Canada has cut 154 jobs at its Thompson, Manitoba nickel operation, which was losing about C$300,000 ($225,700) a day, a company spokesman told Fastmarkets.Vale has for years been restructuring its operations in the subarctic Canadian province, having closed the Manitoba nickel smelter and refinery in July 2018, but retained the two mines and milling activities."The steps taken were completed...Read More

Scoped for growth: Nevada Copper shifts into production modeSPONSOREDnevada copper corp.Copper and sugar bans are set to be initiated next week, according to a news report by the South China Morning Post.Read More

German steelmaker Salzgitter will record a significant pre-tax loss in 2020 due to the effects of the Covid-19 pandemic, the company said on Tuesday November 3.In its preliminary report for the first nine months of the year, Salzgitter said that only a rough estimate was possible in the current circumstances.In its half-year report published in August, the company said that it expected its pre-tax...Read More

Scoped for growth: Nevada Copper shifts into production modeSPONSOREDnevada copper corp.The Kazakhstan-focused operator has been on a rollercoaster ride since it listed on the LSE at £5.Read More

Domestic rebar prices in the United Arab Emirates continued to fall this week, while imported rebar prices were stable, sources said on Tuesday November 3.Domestic rebarThe country's steel producers were offering rebar at 1,936 dirhams ($527) per tonne ex-works for orders to be produced in November, stable since September 15.But deal prices were at around 1,790-1,800 dirhams per tonne ex-works, wi...Read More

Genesis opens new chapter at UlyssesSPONSOREDgenesis mineralsPantoro bullish on bigger production profileSPONSOREDpantoro limitedRamelius now among WA gold frontrunnersSPONSOREDramelius resourcesAgile Mining - The Future is Smaller. Bigger is not always betterSPONSOREDproudfootThe company completed 2,172m of development in high-grade ore during October, the most in a single month to date, which re...Read More

Pantoro bullish on bigger production profileSPONSOREDpantoro limitedGenesis opens new chapter at UlyssesSPONSOREDgenesis mineralsRamelius now among WA gold frontrunnersSPONSOREDramelius resourcesAgile Mining - The Future is Smaller. Bigger is not always betterSPONSOREDproudfoot"What we have seen over the past six months with coronavirus is that you definitely have winners and losers in the mining...Read More

Flat steel import prices in the United Arab Emirates (UAE) increased over the past week because of a hot-rolled col shortage, sources said on Tuesday November 3.Local demand for flat steel in India and China - which are the main suppliers of flat steel to the UAE and Saudi Arabia - has been strong recently, so there have only been limited offers of flat steel to the Gulf region at high p...Read More

Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were mainly stronger this morning, Tuesday November 3, after markets were encouraged by generally robust manufacturing purchasing managers’ index (PMI) data that came out on Monday.Regardless of who wins the US presidential election, the markets expect the liquidity pumps to remain switched on, which is su...Read More

Prices for cargoes of steel billet imported into Southeast Asia have risen over the past week amid tighter supply, but high stocks and very difficult weather in the Philippines were damping the prospects of further increases, market sources told Fastmarkets on Tuesday November 3.Billet prices into Southeast Asia have moved up slowly over the past fortnight following deals into the Philippines and...Read More

In the export markets for flat steel from the Commonwealth of Independent States (CIS) trading activity was low in key outlets, although the positive global market mood supported higher offers, sources told Fastmarkets on Monday November 2.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $475-495 per tonne on November 2, unchanged w...Read More

A summary of the financial results of German metals distributor Kl??ckner & Co for the third quarter of 2020, ended September 30. In brief  The company reported lower shipments for the quarter primarily due to the impact of the Covid-19 pandemic that affected all operating segments. The business in Switzerland was relatively less affected thanks to a strong reinforcing steel product line.&nbs...Read More

U.S. equity index futures were higher this morning. S&P 500 futures were up 40 points in pre-opening trade.Bausch Health added $0.91 to US$18.25 after reporting higher than consensus third quarter revenues.Wayfair advanced $29.90 to $285.54 after reporting higher than consensus third quarter revenues and earnings.McKesson gained $5.97 to $158.00 after reporting higher than consensus fiscal sec...Read More

Turkish steel mills continued to stay away from the deep-sea scrap market amid growing uncertainty over the potential impact of the presidential election in the United States, sources said on Tuesday November 3.Mills in Turkey have been silent in the deep-sea scrap markets since the middle of last week after booking number of cargoes. Most market participants were waiting to see what impact the pr...Read More