Last October, LBMA analysts released an unusually bullish price target for gold based on general economic fears and potential dollar weakness.Gold has risen in 2019 for slightly different but related reasons - trade tensions with China, negative interest rate debt, and deepening signs of world recession.Banks have turned very bullish on gold, with Bank of America throwing down a potential $2000 ta...Read More
With silver up $0.74 on the day, Harvey has an important update on what's happening with gold & silver on the COMEX...by Harvey Organ of Harvey Organ BlogGOLD:$1503.00 UP $31.00(COMEX TO COMEX CLOSING Silver: $17.18 UP 74 CENTS (COMEX TO COMEX CLOSING)/ Closing access prices: Gold : $1501.65 silver: $17.11today, gold broke through $1500.00 and silver s...Read More
The meeting of battery materials market participants at Antaike's Battery Materials conference in Guiyang, China, came just as news broke of Glencore's plan to put one of its copper-cobalt mines on care and maintenance - Fastmarkets covers the Chinese market reaction and other topics of discussion at the conference on August 7-8. Cobalt sulfate trading pauses on big gap between offers, bids It was...Read More
Billet prices in the Turkish domestic and import markets have weakened over the past seven days because of poor demand and a downturn in raw materials prices, sources said on Thursday August 8.Negative sentiment continued to dominate the Commonwealth of Independent States (CIS) export market for steel billet in the first week of August, amid a weakening of the finished long steel markets and the r...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 8 that are worth another look.The meeting of battery materials market participants at Antaike's Battery Materials conference in Guiyang, China, came just as news broke of Glencore's plan to put one of its copper-cobalt mines on care and maintenance - Fastmarkets covers the Chinese market reaction and other topics of disc...Read More
German copper refiner Aurubis Group has forecast a continued weakening of the European copper market in its latest financial statement, indicating a significant dent to earnings as a result of subdued copper demand across the continent."Demand for flat rolled products, especially in the European automotive sector, has been declining since Autumn 2018. This is expected to continue for the rest of t...Read More
Shigemoto Toma joined Anglo American in Singapore last week as a senior base metals trader to expand the company's physical and financial trading book and help its shift towards being a miner-trader.Toma has joined the copper trading team, Anglo confirmed on Thursday August 8.Toma, who had been part of Macquarie's base metals trading team since February 2018, had mostly focused on aluminium...Read More
The three-month nickel price on the London Metal Exchange continued its upward trajectory during morning trading on Thursday August 8, rallying by more than 11% to reach its highest level in 18 months. Nickel's futures price reached an intra-morning high of $16,690 per tonne, appreciating by more than $1,800 per tonne, while more than 10,600 lots have already traded as at 9am London time. In what...Read More
A 3.3% year-on-year rise in China's exports in US dollar terms, which was above expectations, has provide some relief to markets, with Asian equities, base metals and precious metals up across the board.How long the more cheerful mood lasts is a moot point when generally the economic data is weak, there seems no let-up in trade disputes and judging by the strength of gold and the yen, and the weak...Read More
China's domestic stainless steel prices increased over the past week amid unabated concerns over Indonesia's export ban for unprocessed nickel ore, which is set to come into effect in 2022.Fastmarkets' price assessment for stainless steel cold-rolled coil 2mm grade 304 domestic, ex-whs China in the country's major market of Wuxi was 15,000-15,400 yuan ($2,127-2,183) per tonne including value-added...Read More
Ferrous scrap prices are expected to remain stable in the United States through the second half of the year, compared with the downward momentum during the first six months, despite the recent recovery in prices, Gerdau chief executive officer Gustavo Werneck said on Wednesday August 8.While US scrap prices rebounded in the August trade, Werneck did not expect that upward movement to continue over...Read More
Brazilian steel producer Gerdau took a stronger stance in negotiations with pig iron and ferrous scrap suppliers in the second quarter to keep its metal spread from falling, chief executive officer Gustavo Werneck said in a conference call on Wednesday August 7."It has been difficult to pass on higher production costs in a low-demand scenario [by way of higher product prices], so we needed to take...Read More
The prices of steel billet and rebar in Egypt were stable in the week ended Thursday August 8 on demand that remained weak due to the continuing uncertainty over the country's import duties."Most of next week will be Eid al-Adha [religious] holiday, so there was no buying this week," a local market source told Fastmarkets.In April, Egypt imposed a temporary additional import duty on rebar and bill...Read More
Domestic prices for steel rebar and wire rod in Turkey have continued to fall over the past week due to the strengthening of the country's lira and limited demand, sources said on Thursday August 8.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, exw Turkey, was TRY2,920-2,970 ($530-540) per tonne on Thursday, down from last week's TRY2,980-3,020 per tonne ex-works...Read More
Turkish long steel export prices have gone down over the past week because of persistent weak demand, sources said on Thursday August 8.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey, was $445-455 per tonne on an actual weight basis on Thursday, down from last week's $450-460 per tonne fob.Turkish mills were offering the material at around $455...Read More
Diamond trade slow due to seasonal lull andmarket uncertainty. US jewelry sales compensating for weakness elsewhere, but retailersholding less inventory. New US tariffs on China imports to impact jewelers morethan diamantaires. Trade war affecting confidence as stock-market wealthdeclines, with Dow -3% (August 1 to 7). Political protests creating concern forimportant Hong Kong show. Yuan's devalua...Read More
RAPAPORT... Lucapa Diamond Company garnered $6.2 million at a tender ofrough stones from its Lulo and Mothae mines, bringing the total to $35.5million for the year to date. The miner sold 3,558 carats from its Lulo mine in Angola, bringing in $4.4 million atan average price of $1,234 per carat, it reported Thursday. The company also sold 4,376 carats fromthe Mothae mine in Lesotho for a total...Read More
RAPAPORT... Pandora has named two-time Emmy-nominated actress MillieBobby Brown as the face of a global campaign for its new jewelry collection, inan effort to reinvigorate interest in its brand and appeal to a youngeraudience. Brown is best known for the Netflix series Stranger Things, the 2019film Godzilla: King of Monsters, and her appointment as theyoungest-ever Goodwill Ambassador for th...Read More
RAPAPORT... The American Gem Trade Association (AGTA) has revealed thewinners of its 2019 Spectrum Awards, covering 14 categories from bridal to men's jewelry."When we see the entries coming into our office and those submitted during our New York City drop-off program, there's always a lot of speculation about how the judges will respond to each piece," said AGTA CEO Douglas Hucker. "After al...Read More
Junior diamond miner Lucapa reported that its latest sales of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho has taken total sales from both mines to US$35.5 million for the year to date. In its latest sale, Lucapa had sold a run of mine parcel of 3,558 carats of Lulo diamonds for S$4.4 million, at $1,234/ct. This took total sales of Lulo diamonds to date...Read More