The three-month aluminium price on the London Metal Exchange was the standout performer at the close of trading on Thursday October 8, breaching nearby resistance levels amid growing concerns over instability at Malaysian commodities hub Port Klang, while the metal's forward curve continued to shrink into the afternoon.Aluminium's outright price on the LME closed at $1,804 per tonne on Thursday af...Read More

Seaborne coking coal prices in the fob Australia market fell on Thursday October 8 amid limited demand, especially with China being absent, sources said.Fastmarkets indicesPremium hard coking coal, fob DBCT: $135.12 per tonne, down $2.48 per tonnePremium hard coking coal, cfr Jingtang: $145.10 per tonne, unchangedHard coking coal, fob DBCT: $111.02 per tonne, down $2.50 per tonneHard coking coal,...Read More

The three-month nickel price on the London Metal Exchange was the standout performer during morning trading on Thursday October 8, with hopes of an impending US stimulus package supporting the complex, while a fresh cancellation of 260 tonnes kept LME tin futures firmly above $18,000 per tonne. Nickel's underlying price on the LME was recently trading at $14,760 per tonne, climbing just over 1.5%...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.Although we correctly forecast a significant rise in hot-rolled coil (HRC) prices in the United States in September 2020, our price forecast proved too conservative.An impressive V-shaped recovery in key economic fundamentals critical to steel consumption is driving stronger demand for steel at the start of the fourth quarte...Read More

The latest forecasts from Fastmarkets' team of analysts are ready to view.In the iron ore market, supply issues including heavy rains at the start of the year, followed by staffing problems during the Covid-19 pandemic, have affected exports from Brazil. This has helped Australia gain a larger market share, but since June, Brazilian export volumes have returned to levels last seen before the...Read More

Turkish domestic long steel prices have been giving mixed signals between the effects of falling scrap costs and the weakening of the country's lira, sources said on Thursday October 8.Domestic rebar prices have gone down due to weak demand and the negative sentiment in the scrap markets, despite the weakening lira pushing them upward.Fastmarkets' weekly price assessment for steel reinforcing bar...Read More

Vale New Caledonia (VNC) will cease operations at the onset of 2021, parent company Vale's chief financial officer Luciano Siani Pires said on Thursday October 8.The news comes exactly one month after the asset's proposed sale to Australian zinc miner New Century Resources fell through.Vale announced its failure to successfully negotiate the sale of a 95% stake in VNC to the Australian miner on Se...Read More

Diamond market sentiment improving ahead of holiday season. Polished prices stable. Strong bridal category supporting the trade. Some jewelers buying for inventory but main focus is on memo. Selective demand has left dealers struggling to fill orders due to scarcity of stones in specific categories. Manufacturers trying to raise production after robust rough buying at lower prices in Aug.-Sep. Cov...Read More

RAPAPORT... Group revenue at Watches of Switzerland was stronger than expected during the second fiscal quarter as luxury products continue to perform well in both the US and UK markets.Sales rose 20% year on year to GBP 202.7 million ($262.6 million) for the first 10 weeks of the 13-week period ending October 25, the company said Tuesday. Revenue in the UK increased 13% to GBP 145.1 million...Read More

RAPAPORT... The Natural Diamond Council (NDC) is looking to work more closely with retailers and the trade to take its marketing activities to the next level, CEO David Kellie explained in the latest episode of the Rapaport Diamond Podcast. Kellie stressed it would take an industry-wide effort to advance consumer desire for diamonds, and urged the trade to consider the jewelry featured i...Read More

RAPAPORT... Sotheby's garnered HKD 304.3 million ($39.3 million) from its Hong Kong Magnificent Jewels auction, even as several big-ticket items failed to find buyers.An "imperial green" jadeite and diamond necklace was the top seller, fetching $8.1 million, the auction house said Wednesday. Sotheby's did not provide a presale estimate for the piece. Meanwhile, a cut-cornered rectangular modi...Read More

RAPAPORT... More than half of consumers plan to treat themselves and others to luxury products this year during the holidays, feeling that indulgence is important at this time, according to a survey by Accenture.This comes despite the fact that two out of every five shoppers intended to spend less for the seasonal period than they did last year, the professional services company noted in its 14th...Read More

Premiums for P1020-grade aluminium in Rotterdam have fallen in the week to Thursday October 8, with recent stock cancellations and a Covid-19-related lockdown in Port Klang, Malaysia, creating narrower spreads on the London Metal Exchange.Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam, at $110-120 per tonne on Thursday, down from a two-year high of $115-120 per tonne last...Read More

(IDEX Online) - Edward Asscher, president of the World Diamond Council, has responded forcefully to criticism of the Kimberley Process.In a Memo written for IDEX Online he defends KP, founded almost 20 years to stop African rebels trading in blood diamonds.He responds to accusations levelled by industry veteran Jacques Voorhees, that controlling the movement of diamonds was "laughable as a solutio...Read More

(IDEX Online) - Mine workers have called off strike action at Petra Diamonds, in South Africa, after both sides agreed a pay deal.Debt-ridden Petra upped its original offer of four cent and will now pay employees an increase of 5% or 5.5%, plus one-off payments of between $300 and $500 approx.The British miner, which owns the famous Cullinan mine, has put itself up for sale as its debts mounts and...Read More

(IDEX Online) - Happy couples are spending more on engagement rings during the pandemic, say US jewelry retailers.They're saving cash on weddings and honeymoons because of coronavirus restrictions, so they can splash out on a more expensive stone. The pandemic has also seen more couples take a long, hard look at their relationship and decide it's time to commit to marriage.More than...Read More

(IDEX Online) - Diamond traders from Israel are flocking to set up offices in Dubai, after the historic signing of a normalization agreement.Thirty-eight Israelis have approached the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange.Dubai and Israel are both among the world's top five centers for diamond trading (the others are Belgium, India and China).But until now d...Read More

Peruvian copper production volumes fell back into decline in August due to lower output from Southern Peru Copper Corp and Antamina, but the country continued to produce more zinc and tin, according to data from the ministry of energy and mines, Minem, published on Wednesday October 7.Peru produced 193,852 tonnes of copper in August, a 10% year-on-year decrease from 215,426 tonnes. Output was also...Read More

The world's largest metals stockpile is becoming more difficult to finance. That is a problem for those who trade it, and for metal markets in general.Shanghai's Yangshan bonded zone is currently home to at least 245,000 tonnes of copper, more than double the amount housed in all London Metal Exchange warehouses combined, as well as heaps of nickel, zinc and aluminium worth $2.1-2.3 billion at tod...Read More

Members of the Mine Workers Union at Candelaria, a Chilean copper-gold-silver mine 80%-owned by Lundin Mining, have decided to go on strike after a 5-day mediation for labor negotiations ended without success, the company said late on Wednesday October 7.According to the mining company, the trade union represents about 350 workers. The previous labor agreement with them expired on September 30. No...Read More