Production of rough diamonds climbed 4% to 9.6 million carats in the third quarter of the year, compared to the same period of 2021.

Prices have fallen more than 50% from a peak in March. 

European business groups representing consumers oppose any restrictions against Russian aluminum, saying they could put thousands of companies out of business.

The spectre of recession has hung heavy over this year's LME Week festivities.

The financial chiefs of First Quantum Minerals and Lundin Mining noted a shifting trend on costs for mine supplies during their third-quarter earnings calls.

Norsk Hydro, which operates the largest primary aluminum plant in Europe, is calling for sanctions to be imposed on Russian metals.

Metal price edged higher buoyed by a weaker dollar and amid hopes the pace of US interest rate hikes would slow down.

“We might see a slowing of the economy, but inflation may not come down as much as the Fed would like and yet they will be no longer able or willing to raise rates further, and that is a very positive environment for gold,” analyst says.