RAPAPORT... Ernie Blom will serve another two years as president ofthe World Federation of Diamond Bourses (WFDB), after Yoram Dvash turned downthe role. "The executive of the WFDB at their meeting [in Germany inMarch] asked me to stay for one more term," Blom (pictured) told Rapaport News onWednesday. He first became president in 2006, and he has held the position atvarious times since then....Read More

However gold's best days are still in front of it, the inaugural ResourceStocks conference in Sydney was told today.Gold was trading around $1,294/oz on the spot market at the time of writing.Unsurprisingly, gold equities have been affected by the precious metal's slide.On the S&P/TSX Composite Index yesterday, the metals and mining was down 1.47% with the gold patch worst hit, down...Read More

SHANGHAI, May 16 (SMM) – Spot copper in the Shanghai market was offered at a discount of 120-80 yuan/mt over the SHFE 1806 contract on the morning of Wednesday May 16, SMM learned.This compared with a discount of 10 yuan/mt to a premium of 60 yuan/mt over the SHFE 1805 contract in the previous morning. The SHFE 1805 contract was delivered on Tuesday with a settlement price of 50,910 yua...Read More

GENEVA – The Farnese Blue diamond, which was passed down through European royal families for 300 years, sold at auction in Geneva on Tuesday for 6.7-million Swiss francs ($6.7-million), beating auctioneers Sotheby's estimate of 3.5-million to 5-million Swiss francs.The 6.16 ct, dark grey-blue gem from the Golconda diamond mines of India was first given to Elisabeth Farnese, daughter of t...Read More

RAPAPORT... The historic Farnese Blue diamond smashedits pre-sale estimate at Sotheby's auction in Geneva on Tuesday. The 6.16-carat, pear-shaped, fancy dark grey-blue, SI1-clarity diamond,which Queen Elisabeth Farnese of Spain received on her wedding day, passedthrough four prominent European royal families. The stone fetched $6.7 million, or $1.1 million per carat, well above its pre-sale e...Read More

The company announced a net loss of C$11 million (US$8.6 million) for the March quarter, compared with a net loss of $1.2 million in the previous corresponding period.Read More

SHANGHAI, May 16 (SMM) –Copper: Base metals faced resistance as US Treasury yields touched a seven-year high and as the US dollar strengthened last night. LME copper lacked upward momentum after it rose to a high of $6,905/mt, and fell to a low of $6,765/mt as the US dollar gained. The SHFE 1807 contract also dipped overnight as its LME counterpart weakened. The contract is likely...Read More

RAPAPORT... India's polished-diamond exports grew 14% in April,according to data the nation's Gem & Jewellery Export Promotion Council(GJEPC) released recently. Shipments increased year-on-year to $1.99 billion for themonth, with the volume of exports rising 17% to 2.8 million carats, the GJEPCfigures showed. The average price of exports decreased 2% to $719 per carat. Polished imports sl...Read More

JOHANNESBURG (miningweekly.com) – Improved market conditions and cost controls have seen diamond miner Alrosa deliver strong first-quarter financial results, with net profit doubling to 33.2-billion rouble.Earnings before interest, taxes, depreciation and amortisation increased by 78% on the preceding quarter to 48-billion rouble. Revenue increased by 58% quarter-on-quarter to 96-billion rou...Read More

Most of the base metals prices on the London Metal Exchange were little changed on the morning of Wednesday May 16, the exceptions were zinc (+0.6%) and tin (-0.5%). Copper was up by 0.1% at $6,818 per tonne. Volume on the LME has been below average, with 3,245 lots traded as at 06.27 am London time. This follows a day of two halves on Tuesday where prices came under pressure as the morning progre...Read More

SHANGHAI, May 16 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar rebounded to a four-month high of 93.46, and closed at 93.25 last night as the US Treasury yield climbed up and its retail sales data met the expectation. Most LME base metals dipped as the US dollar strengthened. Lead dropped nearly 1.2%. LME copper fell over...Read More

That isn't to say Neo Lithium has slowly gone about its work at the 3Q project in Catamarca Province, Argentina - far from it.The company went from discovery to PEA publication in 22 months and, if its projections for the feasibility study release are correct - scheduled for next year - 3Q will go down as one of the fastest discovery to development stories in the lithium brine space.The market has...Read More

Domestic prices for hollow steel sections in Europe went down this week with offers being reduced again due to quiet trading conditions, market sources told Metal Bulletin on Wednesday May 16.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe fell by ?,?5 per tonne to ?,?645-655 ($767-778) per tonne delivered on May 16, fro...Read More

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Index futures were virtually unchanged following release of April Housing Starts at 8:30 AM EDT. Consensus was a slip to 1.307 million units from 1.319 million units in March. Actual was 1.287 million units.Macy's soared $2.74 to $32.67 after releasing stronger than consensus first quarter s...Read More

SHANGHAI, May 16 (SMM) – Both nonferrous and ferrous metals closed mixed on Wednesday May 16. SHFE nickel, aluminium, zinc edged up. SHFE copper closed 0.5% lower and tin dipped. SHFE lead closed flat.Coke rose close to 1% while hot-rolled coil gained 0.7%. Rebar closed flat. Iron ore dropped close to 1% and coking coal dipped.Copper: The SHFE 1807 contract regained almost all losses at...Read More

HONG KONG, May 16 (SMM) – Global aluminium market is set to be in a surplus in 2019 and 2020 but will return to a deficit in 2021 and 2022, according to Lynn Zhao, analyst at Macquarie Bank.The surplus will come from China’s continuous build-up of capacity, she told delegates at a seminar held by the investment bank on Wednesday May 16 in Hong Kong during LME Asia Week.She added that C...Read More

SHANGHAI, May 16 (SMM) – Both nonferrous and ferrous metals closed mixed on Wednesday May 16. SHFE nickel, aluminium, zinc edged up. SHFE copper closed 0.5% lower and tin dipped. SHFE lead closed flat.Coke rose close to 1% while hot-rolled coil gained 0.7%. Rebar closed flat. Iron ore dropped close to 1% and coking coal dipped.Copper: The SHFE 1807 contract regained almost all losses at...Read More

HONG KONG, May 16 (SMM) – While copper prices appeared to struggle at the moment, a brighter future awaits it, according to Vivienne Lloyd, senior analyst of base metals at Macquarie Bank.Most market participants were “too bullish” on copper at the start of the year against the backdrop of various labour negotiations at copper mines in south America, she told delegates at a semin...Read More

SHANGHAI, May 16 (SMM) – Both nonferrous and ferrous metals closed mixed on Wednesday May 16. SHFE nickel, aluminium, zinc edged up. SHFE copper closed 0.5% lower and tin dipped. SHFE lead closed flat.Coke rose close to 1% while hot-rolled coil gained 0.7%. Rebar closed flat. Iron ore dropped close to 1% and coking coal dipped.Copper: The SHFE 1807 contract regained almost all losses at...Read More

HONG KONG, May 16 (SMM) – Following a strong rally earlier this year to 10-year highs, zinc prices have retreated and looked like “an old man in the room” compared with other metals, according to Vivienne Lloyd, senior analyst of base metals at Macquarie Bank.This was largely due to increased exchange inventory and a flattened forward curve, she told delegates at a seminar held b...Read More