Access our research platformsSign-in to our platforms to access our extensive research, our latest insight, data and analytics and to connect to our industry experts.Sentiment surrounding coronavirus (COVID-19) has dominated markets and copper price movements so far in 2020. As a result of the virus, near-term global demand is softening, and the copper market is facing oversupply as a period...Read More
RAPAPORT... The novel coronavirus has put the brakes on every aspect of gem trading around the globe, and the limit on international travel is one of the most notable setbacks. Miners, geologists and suppliers usually must make their way from remote mining sites to manufacturers, keeping the flow of goods moving toward the end user. What are they doing now while this crisis plays out? And what is...Read More
(IDEX Online) - The French luxury conglomerate LVMH says it will vigorously defend itself against legal action after the collapse of its planned $16.2bn acquisition of Tiffany & Co.In a strongly-worded press release it said the lawsuit was "totally unfounded" and accused the New York-based jeweler of "dishonesty" and misleading its shareholders."The long preparation of this assignment (the law...Read More
(IDEX Online) - Diamond polishing is returning to near-normal in Surat, say Indian trade bosses, as factories re-open and the spread of COVID-19 appear to have been limited.An estimated 5,000 of the city's 7,000 cutting and polishing units (70 per cent) are now functioning again, and government rules now allow 70 per cent of staff to work, rather than 50 per cent, as previously.The Gem and Je...Read More
(IDEX Online) - The body of Jaysukh Gajera, president of Surat Diamond Polishers' Association, has been found on the bank of a river in Surat district.He headed the trade body for 15 years but went missing last Wednesday.Local police were quoted as saying Mr Gajera, 53, had been facing financial crisis during lockdown. They said they were exploring a number of possibilities. ...Read More
Domestic prices for hot-rolled coil in Northern Europe were fairly stable day on day on Monday September 14, although steelmakers were continuing to seek higher prices, sources told Fastmarkets.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe, was calculated at ?,?476.45 ($564.32) per tonne on Monday, up by ?,?0.44 per tonne from ?,?476.01 per tonne on September 11.The...Read More
The three-month aluminium price on the London Metal Exchange surpassed nearby resistance at the close of trading on Monday September 14, closing just above $1,800 per tonne after today's fresh cancellation of 41,325 tonnes triggered afternoon buying, while lead futures rose by 1.7% in the US trading session to push beyond $1,900 per tonne. Aluminium's outright price on the LME closed at $1,800.50...Read More
Vedanta Resources will divest its Mount Lyell copper mine in Tasmania, Australia, after aborting a plan to restart the mine due to restrictions related to Covid-19, Australian media reported.The original plan to bring the Queenstown mine back on line from February 2020 has been shelved, with the Indian company deciding last week to put the mine up for sale, Australian Broadcasting Corp (ABC) repor...Read More
The Singapore High Court has published a notice stating that commodities trader ZenRock filed a winding-up application on August 25 this year, while another commodities trader, Hontop, has been put under judicial management.The notice was published in the Singaporean government's electronic Government Gazette on Friday September 11.ZenRock's winding-up application will be heard on September 28, th...Read More
Rio Tinto and Turquoise Hill Resources (TRQ) have signed a memorandum of understanding (MOU) to fund the completion of the Oyu Tolgoi underground copper project in Mongolia, Rio Tinto said on Thursday September 10.The MOU seeks to raise up to $500 million in additional lending from selected international financial institutions. Rio Tinto owns approximately 50.8% of shares in TRQ, which owns a 66%...Read More
The impact of the Covid-19 pandemic on the aluminium industry has led many smelters to diversify their operating strategy and production levels, and Alvance Aluminium's Dunkerque smelter was no exception, its managing director Am?(C)lie Hennion told Fastmarkets.Hennion explained that flexibility was key for the Dunkerque smelter in France and that there was still a high level of market uncertainty...Read More
Barring those for zinc and tin, deliverable base metals stocks at Shanghai Futures Exchange-approved warehouses were little changed in the week to Friday September 11.Zinc stocks declined the most in percentage terms, falling by 21.4% (15,872 tonnes) to 58,453 tonnes as of Friday.Warehousing company Yuqiang in Shanghai saw the largest outflow with 5,432 tonnes of zinc this week, leaving behind 5,9...Read More
Fastmarkets' Ferrous Analytics report will help subscribers keep track of hot metal costs and steel production spreads in China, along with key pricing components of the steelmaking raw materials supply chain in Asia.Analysts at Fastmarkets have been impressed by the persistent strength - and indeed the acceleration - of the raw materials prices identified in this month's Ferrous Analytics report....Read More
Export prices for flat steel products from the Commonwealth of Independent States (CIS) increased during the week to Monday September 14 on higher offers, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel hot-rolled coil, export, fob Black Sea, CIS was $505-515 per tonne on Monday, up from $492-505 per tonne one week earlier.Fastmarkets' weekly...Read More
Steel rebar producers in Egypt have increased their prices with effect from Monday September 14, Fastmarkets has learnt.The country's biggest producer, Ezz Steel, was now offering rebar at E ?10,100 ($640) per tonne ex-works including 14% VAT. This was up from E ?9,750 per tonne ex-works including VAT. ...Read More
China's hot-rolled coil prices gained in the domestic market on Monday September 14, but some exporters signed deals to Vietnam at prices below market averages.DomesticEastern China (Shanghai): 3,920-3,940 yuan ($574-577) yuan per tonne, up 20-30 yuan per tonnePrices in Shanghai gained from Friday, following futures gains, but trading activity was merely moderate, sources told Fastmarket...Read More
Tight regional supply of hot-rolled coil, as well as Vietnamese steelmaker Formosa Ha Tinh Steel Corp's increase in November-shipment offers, continued to boost import prices in Vietnam in the past week.Market sources said there were limited materials in the spot market because at least two major Indian steel mills had withdrawn offers in anticipation of more improvements in India's domestic marke...Read More
Base metals prices and equity markets were for the most part firmer on Monday September 14, and the common theme seems to be higher hopes for Covid-19 vaccines.Pharmaceutical company AstraZeneca said it has resumed phase three clinical trials, China stated that it was close to a viable vaccine too and drugmaker Pfizer said a vaccine could be distributed in the United States by the end of the year....Read More
Scoped for growth: Nevada Copper shifts into production modeSPONSOREDnevada copper corp.AVZ closes on financing for tier-one lithium projectSPONSOREDavz mineralsIn a report released on Monday, Bernstein forecast copper prices would average US$8,100/tonne in 2024, up from an estimated average of US$5,900/tonne in 2020.Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 38 points in pre-opening trade. Strength in index futures was influenced by a series of mega-takeover offers.Gilead slipped $0.60 to $64.30 and Immunomedics jumped $44.87 to $87.12 after Gilead offered to acquire Immunomedics for $88 per share cash. Value of the offer is $21 billion.Oracle gained $5.56 to an all-time h...Read More