(Updates with closing prices)By Peter HobsonLONDON, July 25 (Reuters) - Nickel prices dived more than 3%on Thursday, its blistering rally unwinding as a sharp slowdownin euro zone factory activity undermined the outlook for metalsdemand.Benchmark nickel on the London Metal Exchange (LME)ended 3.3% down at $14,075 a tonne.The stainless steel ingredient hit $15,115, its highest in ayear, on July 18...Read More
(Corrects last paragraph to remove reference to company mininggold)July 25 (Reuters) - Canadian miner Teck Resources Ltdon Thursday reported quarterly profitslightly below analyst estimates, hurt by lower copper and zincprices.The ongoing U.S.-China trade war and slowing macroeconomicoutlook have hurt copper prices and other base metal prices,hurting Teck's income.Production at its steelmaking coa...Read More
I have always secretly wanted to work at a precious metals bullion dealer. I love gold GC00, +0.07%. And silver and platinum. I love them philosophically, and I also just like shiny rocks. But if you think about it, trading metals is a really weird business. Say you are bullish on silver and want to speculate on it, thinking it will appreciate in price. You can buy an ETF, yes, or you can buy sil...Read More
In June 2019, the HUI stood at 145 and since then has managed to regain some of its value by rallying to 210 for a gain of 45% in less than 2 months.The European Central Bank will 'talk' rate cuts and possibly implement one when they meet this Thursday, July 25, 2019.Keeping the bigger picture in mind, there is the constant shadow of yet another head fake which will deter some investors.Gold and S...Read More
Base metals prices traded on the London Metal Exchange continued to capitalize on marginal gains made in the morning session on Wednesday July 24, with the pervading macro optimism and a weaker US dollar overshadowing modest turnover.Nickel rebounded 2.6% to close at $14,545 per tonne, retracing some the significant gains made last week when the three-month contract hit a $15,115-per-tonne high on...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
Here Are 3 Hot Things to Know About Stocks Right Now The Nasdaq and the S&P 500 closed at record highs Wednesday, while the Dow Jones Industrial Average fell on weak earnings reports from Caterpillar (CAT - Get Report) and Boeing (BA - Get Report) . Caterpillar declined after the company posted weaker-than-expected earnings and warned that annual profit would...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 IPO shares were issued at 35c and last month another $55 million was raised at a price of 40c each. Shares have since hit an all-time high of 58.5c.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
The latest highlights included 9.1m at 16.52% zinc-equivalent and 24.9m at 21.09% Zn-eq in the gossan and sulphide lenses respectively, in the North Zone of the LS West Region.The company is now planning an IP survey on an 8km gravity anomaly identified in the LS North and East regions, following the "tremendous success" of correlating drilling results to anticipated mineralisation from IP surveys...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
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from Fastmarkets' Wednesday July 24 pricing session in Europe:Key drivers The ferro-titanium market has stabilized after a run of losses and while there was one sale around $4.50 per kg and below the current range, it was in isolation, with most sources expecting a stabilizing in the market. The ferro-titanium market is establishing a price floor, with producer supply cited to be in...Read More
Key data from Fastmarkets' Wednesday July 24 pricing session in Europe:Key drivers The ferro-titanium market has stabilized after a run of losses and while there was one sale around $4.50 per kg and below the current range, it was in isolation, with most sources expecting a stabilizing in the market. The ferro-titanium market is establishing a price floor, with producer supply cited to be in...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
The first transaction of the week led to a fall in prices after a Turkish mill booked a mixed steel scrap shipment from the United States, sources told Fastmarkets on Wednesday July 24.Based in the Marmara region of Turkey, the mill bought a US-origin cargo comprising 21,000 tonnes of HMS 1&2 (80:20) at $294 per tonne, 22,000 tonnes of shredded material at $299 per tonne and 2,000 tonnes...Read More
A summary of Antofagasta's production results for the first half of 2019.IN BRIEF: First-half copper production of 387,300 tonnes was up 22.2% year on year because of higher throughput and grades at most operations, particularly at Centinela, where output rose by 36.8% to 141,900 tonnes. Production at the flagship mine Los Pelambres was up 13.4% year on year at 180,400 tonnes. First-half moly...Read More
Hopes that a US-China trade deal may be moving a step closer have given equities and US bond yields a slight boost this morning, Wednesday July 24, but the metals have not followed.Further evidence of slowing growth with disappointing US data out on Tuesday, which bodes ill for today's flash manufacturing purchasing managers' index (PMI) data, are no doubt weighing on sentiment.The International M...Read More