RAPAPORT... Mountain Province's profit increased in the second quarter amid a stronger Canadian dollar that reduced its debt levels, it said Tuesday. Profit jumped 61% to CAD 10.3 million ($7.8 million) for thethree months ending June 30, as it recorded exchange-rate gains of CAD 7.5million ($5.6 million) due to the appreciation of the currency against its US counterpart. The Canada-based com...Read More

RAPAPORT... Sales at India's Titan Company increased in the first fiscal quarter, but growth was weaker than the jeweler had expected due to challenging conditions in the domestic market.Revenue climbed 16% year on year to INR 52.08 billion ($736.7million) in the three months ending June 30, while profit rose 11% to INR 3.64billion ($51.4 million). Sales were strong in studded and wedding jew...Read More

RAPAPORT... De Beers' first-half earnings highlighted the many challenges facing the diamond trade. But beyond the sharp declines the mining company suffered, CEO Bruce Cleaver and chief financial officer Nimesh Patel were insistent with their messaging: This, too, shall pass.The executives recognized that the challenges came from within the trade rather than a slump in consumer demand, even as th...Read More

RAPAPORT... Global demand for gold jewelry rose 2% year on year to 531.7tonnes in the second quarter amid an expansion of the Indian market, theWorld Gold Council (WGC) reported. Appetite for gold jewelry in India climbed 12% to 168.6tonnes in the three months ending June 30, the highest increase in two years. Thequarter contained 37 days considered auspicious in India for getting married, compare...Read More

Quality emerges at Galan's blue-chip lithium addressSPONSOREDgalan lithiumLondon-based brokerage Peel Hunt has initiated coverage of the company, saying Alpala remained firmly on the radar of reserve-hungry majors. Peel Hunt entered the fray with a ‘buy' rating, noting the company's significant potential as a take-out target."We firmly see Alpala in the next round of mega-copper projects...Read More

Stainless steel scrap prices in the United States have continued to rise, with the London Metal Exchange cash nickel value moving closer toward the $7-per-lb mark."If you told me two months ago that stainless steel scrap would be the shining light of hope in the scrap market in the late summer, I would have laughed in disbelief," one large domestic scrap dealer said."With LME nickel maintaining he...Read More

Bulk cargo sales to Turkey, Bangladesh and Vietnam have infused some energy into the US ferrous scrap export market, showing signs of stability in prices.A scrap broker sold a cargo to Turkey out of Florida on Tuesday August 6 - consisting of a 90:10 mix of No1 and No2 heavy melting scrap and shredded scrap - at an average price of $294 per tonne.The sale was relatively comparable...Read More

Activity returned to the Turkish deep-sea scrap import market in the middle of the week with a fresh cargo sold at lower prices than earlier deals, sources said on Wednesday August 7.A steel mill in the Iskenderun region booked a US cargo, comprising 20,000 tonnes of HMS 1&2 (90:10) and 20,000 tonnes of shredded at an average price of $294 per tonne cfr.The price for the shredded portion of the ca...Read More

Seaborne premium hard coking coal prices appeared to have stabilized on Wednesday August 7, with buyers continuing to take positions.Top Australian brands have been reported changing hands at $161 per tonne fob Australia since last Friday, on steady buying interest, according to sources.A premium mid-volatility cargo traded for a price just above $157 per tonne fob, up from transaction levels of $...Read More

Cargill has closed its base metals risk management business with the departure of staff across the United States, including Minneapolis-based Federico Stiegwardt, global head of the unit. Other departures include Cesar Canali and Justin King in New York, Cart Bechtel in Chicago, and associated support teams, people familiar with the matter told Fastmarkets. David Arteaga had already indicated to C...Read More

Seaborne iron ore prices continued to fall on Wednesday August 7 amid very limited buying interest among steel mills.Fastmarkets' index for iron ore 62% Fe fines, cfr Qingdao: $93.31 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe Pilbara Blend Fines, cfr Qingdao: $91.81 per tonne, down $4.24 per tonne.Fastmarkets' index for iron ore 62% Fe low alumina fines, cfr Qingdao: $9...Read More

Gerald Group subsidiary SL Mining will re-evaluate its plan to increase iron ore production to 6 million tonnes per year after the export ban put in place by the government of Sierra Leone late last month.It had also suspended operations at its Marampa mine on July 3 this year after the country's Minister of Mines and Mineral Resources, Foday Rado Yokie, issued...Read More

We have long held the view that there is a race against time between the trade disputes tipping the global economy toward recession and a trade deal spurring growth while businesses restock as their confidence recovers. For now, the slip toward recession seems to be winning. Equities in Asia were mixed on Wednesday August 7 after a mixed performance in western markets on Tuesday, but more central...Read More

A slight increase in trading activity in northern China led to prices for hot-rolled coil edging up on Wednesday August 7, while those in the eastern region were supported by a trading spurt in the latter half of the day.DomesticEastern China (Shanghai): 3,690-3,700 yuan ($524-525) per tonne, unchangedNorthern China (Tangshan): 3,740 yuan per tonne, up 10 yuan per tonneA Shanghai-based trader said...Read More

China's domestic rebar prices were unchanged on Wednesday August 7 amid a fluctuating futures market clouded by a lot of pessimism generated by trade tensions between the country and the United States.Domestic Eastern China (Shanghai): 3,770-3,800 yuan ($536-540) per tonne, unchangedNorthern China (Beijing): 3,730-3,760 yuan per tonne, unchangedEarly gains in the futures market led some buyers to...Read More

Three-month base metals prices on the London Metal Exchange were mostly down during morning trading on Wednesday August 7, with nickel down by 1.2%.The three-month nickel price was most recently trading at $14,765 per tonne, down by $180 per tonne from Tuesday's closing price of $14,945 per tonne. "[On Tuesday] nickel peaked at just over $15,000 per tonne on continued fears over Indonesian exports...Read More

U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade. Walt Disney dropped $5.86 to $136.01 after reporting lower than consensus fiscal third quarter earnings. Weight Watchers (WW $21.01) is expected to open higher after reporting higher than consensus second quarter earnings. The company also raised guidance. CVS Health advanced $2.41 to $...Read More

Cobalt market participants expect a further uptick in cobalt hydroxide payables, following the news that Glencore intends to temporarily shut down its Mutanda project in Democratic Republic of Congo (DRC), Fastmarkets learned at Antaike's Battery Materials Conference in Guiyang, southwest China, being held August 7-8.But the slow response of the downstream battery sector may hinder any immediate s...Read More

A growing trade spat in East Asia could disrupt the trade in lithium cobalt batteries, flurochemicals, and minor metals. Rising trade tensions between Japan and South Korea threaten to disrupt the lithium cobalt battery market in East Asia in a rapidly developing sideshow to the United States-China face-off. By removing each other from import white lists, the Japan and South Korea threaten supply...Read More

Cobalt prices in the Chinese market, including cobalt metal and sulfate, rose quickly on Wednesday August 7, with sentiment strengthening after concerns of near-term supply surplus eased to a large extent.Earlier in the day on August 7, Glencore announced it will shut its Mutanda copper-cobalt mine in the Democratic Republic of the Congo (DRC) by the end of 2019 for care and maintenance, mainly as...Read More