James HyerczykJul 23, 2019 9:00 PM GMTGold futures weakened on Tuesday, pressured by a strong U.S. Dollar that hit its highest level against a basket of currencies since May 31. The greenback was supported by a lower Euro and British Pound.The news that the Trump administration and lawmakers had reached a two-year deal that raises limits on government borrowing to cover spending helped support the...Read More

Prices for seaborne cargoes of low-ash, low-sulfur coking coal in the second-tier segment continue to find support from sustained interest among Chinese buyers.A cargo of top-quality materials in the segment was traded at $166-167 per tonne fob Australia, sources told Fastmarkets on Wednesday July 24.Market participants in China reiterated that a tight supply of good-quality second-tier materials...Read More

An accumulation of high-grade copper scrap in the United States, following China's recent embargo of the material, has led to a drop in the US copper cathode premium range for the first time in a month. Elsewhere, positive forward spreads on the London Metal Exchange and ample availability kept Shanghai and Rotterdam premiums steady. Scrap build-up causes US cathode premium to widen downward Shang...Read More

Key data from the Wednesday July 24 pricing session in Europe. Key drivers  Antimony prices are holding firmer for both grades in Rotterdam with slightly more interest from traders than in previous weeks. Some major suppliers are said to be resuming production while traders refused to cut offers despite thin spot trading...Read More

The price of mesh-quality wire rod in Southern Europe continued to narrow upwards week on week on Wednesday July 24, with Italian mills looking to raise their offer prices ahead of the summer slowdown, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel wire rod (mesh-quality), domestic, delivered Southern Europe, was ?,?480-500 ($536-559) per tonne on Wednesday, narrowing...Read More

Here are five Fastmarkets MB stories you might have missed on Wednesday July 24 that are worth another look.While Vedanta cheered over South Africa's recent court ruling against the Zambian government's liquidation of its majority-owned Konkola Copper Mines, Zambian officials rebuked the decision and denied the enforceability of the foreign ruling that determines the future of the country's l...Read More

The rate of decline in Brazil's production of primary aluminium slowed in June, when Norsk Hydro's Albras smelter started to ramp-up production to more than 50% capacity, the country's association for the sector, Abal, said on Wednesday July 24.Data from Abal showed that the country produced 48,600 tonnes of aluminium ingots and extruded billets in June, 2.40% less than the 49,800 tonnes of June 2...Read More

Trade issues and macro-economic sentiment were affecting copper prices and short-term consumption, but customer demand was "certainly not falling off a cliff," according to the chief executive officer of US producer Freeport McMoRan.Richard Adkerson said on Wednesday July 24, during a call for the company's second-quarter results, that uncertainties from the trade dispute between the United States...Read More

A summary of Freeport-McMoRan's results for the second quarter of 2019.A summary of Freeport-McMoRan's results for the second quarter of 2019.In brief Second-quarter copper sales declines, as previously anticipated, with full year sales expected to be lower while the company transitions its giant Grasberg mine in Indonesia from open pit to underground.  The company started ore extraction from...Read More

While Vedanta cheered over South Africa's recent court ruling against the Zambian government's liquidation of its majority-owned Konkola Copper Mines (KCM), Zambian officials rebuked the decision and denied the enforceability of the foreign ruling that determines the future of the country's largest copper smelting assets. The South Gauteng High Court on Tuesday July 23 granted Vedanta an urgent in...Read More

Ground preparation for a new copper smelter in Indonesia is in progress, with construction expected to begin in 2020, according to Freeport-McMoRan, one of the project's joint venture partners. The smelter is part of a package agreed by Freeport to extend the mining rights of its Indonesian unit PT-FI from 2031 to 2041. Under the terms of the agreement, PT-FI is committed to construct a new smelte...Read More

A summary of Southern Copper Corp's results for the second quarter of 2019. In brief  Mined copper output in the second quarter surged year on year, attributed to a production ramp-up at Toquepala mine's concentrator in Peru and increased efficiency at the Buenavista unit.  Zinc production fell due to lower output at the Mexican mines of Charcas and Santa Eulalia which offset growth at t...Read More

The domestic prices for hollow steel sections in both Northern and Southern Europe widened this week, with increases proposed for trading done after the summer break, sources told Fastmarkets on Wednesday July 24.Fastmarkets' price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?615-630 ($687-704) per tonne on Wednesday, widening downward from ?,?620-630 per ton...Read More

Activity in the European hot-rolled coil (HRC) market has been limited over the past week due to high stocks at distributors and poor demand from end users, sources told Fastmarkets on Wednesday July 24.And demand is expected to slow down further in August due to traditional market cycle, with European steelmakers usually scheduling maintenances for the second half of summer and buyers preferring...Read More

RAPAPORT... Oprah Winfrey or Victoria Beckham? Rapaport Magazine asked four industry members to name the celebrity whose bling they would love to access. Here are their answers.Elisabeth Austin Founder, DiamondRunway.comDo I get to "keep" or do I only get to "borrow" from myraid? It raises questions, as I typically see the private citizenry to bericher with inspired collectors than the celebr...Read More

RAPAPORT... Nonprofit organization Mercury Free Mining (MFM) hasorganized a global challenge campaign to eliminate the use of the dangerous metal in the industry,with the winning idea earning a $1 million prize, it said Tuesday. More than 15 million artisanal gold miners inadvertentlyrelease 8,000 pounds of mercury into the environment every day, causingirreversible neurological damage, MFM e...Read More

RAPAPORT... De Beers is studying how to eliminate the carbon footprintof diamond mining by storing the emissions inside kimberlite, it saidWednesday. The miner recently received a government grant of CAD675,000 ($514,000) to test the process at its Gahcho Ku?(C) mine in Canada, havingcarried out successful laboratory experiments. The project involves injecting carbondioxide into processed kim...Read More

RAPAPORT... The French Association of Gemmology (AFG) will hold aconference in Paris on the state of the diamond industry, it said Monday.The 18th Paris Gemmological Rendez Vous - whichwill take place on September 9 - will cover topics including diamondmining, the current state of the market, colored diamonds, and the gemologicaland historical aspects of natural diamonds. Martin Rapaport, Cha...Read More

RAPAPORT... Gem Diamonds has recovered a diamond weighing 123.5carats, its third white stone over 100 carats this year, and its second thismonth. It found the high-quality, type II stone at its Let??eng minein Lesotho on July 20, the company said Tuesday. The miner also unearthed a140-carat white diamond from the deposit on July 6, and a 161-carat stone inMarch. In total, the company has ret...Read More

The price for rebar produced and delivered in Southern Europe was unchanged week on week, with Italian mills continuing their attempts to raise prices before the traditional August holiday period, sources told Fastmarkets on Wednesday July 24."We are chasing a demand that is lacking. Buyers are reluctant to place new orders until they have a clear perspective on the price direction," one Southern...Read More