Base metal stocks Articles

Jiangxi Copper takes lead in 2019 TC/RC benchmark negotiations, agrees deal with Antofagasta at $80.80/t [UPDATE]

November 16, 2018 / Staff reporter

[updating with detail and comment throughout]Jiangxi Copper and Antofagasta agreed terms on 2019 copper concentrates treatment and refining charges (TC/RCs) at $80.80 per tonne/8.08 cents per lb on Thursday November 15, sources from both companies told Fastmarkets.The deal is in line with market expectations and is 1.8% lower than the benchmark of $82.25/8.225 cents agreed in 2018 between Freeport...Read More

Alumina index moves closer to $400/t on high-liquidity day

November 16, 2018 / Staff reporter

Liquidity in the Pacific alumina market picked up on Thursday November 15 with prices on a fob Australia basis hitting a fresh eight-month low. Fastmarkets MB's benchmark daily fob Australia index stands at $410.98 per tonne on Thursday, down from $423.33 per tonne the day before. The index is now at levels not seen since March 2018 before Hydro declared force majeure at the Alunorte refinery...Read More

ASIAN MORNING BRIEF 16/11: Zinc price rallies on LME despite low stocks; Jiangxi Copper, Antofagasta agree to 2019 TC/RC terms; Chinese nickel investment may not quickly ease tight supply

November 16, 2018 / Staff reporter

The latest news and price moves to start the Asian day on Friday November 16.Zinc futures on the London Metal Exchange rallied by 3% at the close on Thursday November 15, ending a weeklong downward trend and supported by a decade-low in total LME inventories. Read more in our live futures report.Here are how prices looked at the close of trading:Jiangxi Copper and Antofagasta have agreed...Read More

NORTH AMERICAN MORNING BRIEF 15/11: LME zinc price climbs 3%; Antofagasta, Jiangxi agree on copper concs benchmark

November 16, 2018 / Staff reporter

The latest metal markets news and price moves to start the North American day on Thursday November 15.Base metals prices on the London Metal Exchange rallied against a high dollar index during morning trading, recovering losses made at Wednesday's close and topped by strong gains in zinc and nickel futures.Climbing by 3%, the three-month zinc price reached an intraday high of $2,595 per tonne over...Read More

EUROPEAN MORNING BRIEF 15/11: SHFE base metals prices rebound; nickel premiums unchanged; European tin premium holds at 21-month high

November 16, 2018 / Staff reporter

Good morning from Fastmarkets MB's offices in Asia as we bring you the latest news and pricing stories on Thursday November 15.Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Thursday, reversing the previous day's losses on a weaker dollar and easing trade tensions.Check Fastmarkets MB's live futures report here. Nickel premiums in China...Read More

LIVE FUTURES REPORT 15/11: LME zinc rallies 3% in mixed LME close; nickel, lead lose gains

November 16, 2018 / Staff reporter

Zinc futures on the London Metal Exchange rallied 3% at the close on Thursday November 15, ending a weeklong downtrend and supported by a decade-low downdraft in total LME inventories.Across the entire base metals asset class, volumes traded on the exchange were moderately high, with the trading of zinc's 15,062 lots the most since Thursday August 16 and second on the day to copper's 16,465 lots."...Read More

Swiss investment bank UBS Group applies for LME Category II membership

November 16, 2018 / Staff reporter

Swiss multinational investment bank, UBS Group, has applied for Category II membership on the London Metal Exchange, according to a note released by the exchange on Thursday November 15. The LME currently has 32 Category II members and the Swiss bank's London subsidiary, UBS Ltd, is already a member. Last month, Chinese broker Nanhua Futures similarly took steps...Read More

LIVE FUTURES REPORT 15/11: Comex copper price jumps up on positive macroeconomics

November 16, 2018 / Staff reporter

The Comex copper price moved higher on Thursday November 15 amid a broad-based increase due to a solid macroeconomic backdrop ahead of the end of year holiday season .The copper price for December settlement on the Comex division of the New York Mercantile Exchange jumped 4.20 to $2.7520 per lb."We continue to expect a strong rebound in copper prices by the end of 2018 principally because investor...Read More

DAILY SCRAP REPORT: Prices down on fresh transactions

November 16, 2018 / Staff reporter

Turkish steel producers resumed their deep-sea scrap purchasing on Thursday November 15, following a downturn in prices.A steel producer in northern Turkey booked a Baltic Sea cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $335 per tonne cfr.Another steel mill in the Iskenderun region booked a United States cargo, comprising 17,000 tonnes of HMS 1&2 (80:20) at $335 per tonne and 3,000...Read More

LIVE FUTURES REPORT 15/11: Comex copper price jumps up on positive macroeconomics

November 16, 2018 / Staff reporter

The Comex copper price moved higher on Thursday November 15 amid a broad-based increase due to a solid macroeconomic backdrop ahead of the end of year holiday season .The copper price for December settlement on the Comex division of the New York Mercantile Exchange jumped 4.20 to $2.7520 per lb."We continue to expect a strong rebound in copper prices by the end of 2018 principally because investor...Read More

ASIAN MORNING BRIEF 16/11: Zinc price rallies on LME despite low stocks; Jiangxi Copper, Antofagasta agree to 2019 TC/RC terms; Chinese nickel investment may not quickly ease tight supply

November 16, 2018 / Staff reporter

The latest news and price moves to start the Asian day on Friday November 16.Zinc futures on the London Metal Exchange rallied by 3% at the close on Thursday November 15, ending a weeklong downward trend and supported by a decade-low in total LME inventories. Read more in our live futures report.Here are how prices looked at the close of trading:Jiangxi Copper and Antofagasta have agreed...Read More

FOCUS: HPAL process 'not a quick solution' to battery-grade nickel tightness

November 16, 2018 / Staff reporter

Planned investment by China in high-pressure acid-leaching (HPAL) projects for nickel mining will materialize, but the projected production timeframes are very likely to be pushed back, and development costs are liable to increase, market participants have told Fastmarkets."[The Chinese are] looking to take advantage of the expected growth [in nickel demand for battery uses]. All of us are skeptic...Read More

Bluequest supports Xiana's purchase of Glencore's MAP copper assets

November 16, 2018 / Staff reporter

Bluequest Sourcing, a 100% subsidiary of commodity trading house Bluequest Resources, has advanced Xiana Mining's secured convertible loan facility to support its acquisition of Minera Altos De Punitaqui (MAP) from Glencore.Concurrent to the financing, Bluequest has entered into an exclusive offtake agreement for 100% of MAP's copper concentrate production. The acquisition, for $25 million payable...Read More

US flat steel import prices follow downward trend in global markets

November 16, 2018 / Staff reporter

The price for imported flat-rolled steel in the United States continues to follow global markets lower due to mounting concerns about 2019 demand.But some sources said that prices are likely to rebound when US buyers return to the market after year-end holidays and once world prices stabilize.Prices for Russian and Ukrainian steel exported to Turkey are already trending upward, one East Coast trad...Read More

US wire rod market expects mill price increases to stick

November 16, 2018 / Staff reporter

Wire rod industry sources in the United States expect recently announced mill price increases to be accepted, although the domestic market remains flat for now.Fastmarkets AMM's assessment for industrial quality low-carbon rod held at $39.25-41.25 per hundredweight ($785-825 per short ton) on Wednesday November 14, and imported wire rod was steady at $744-762 per short cfr port of Houston.Scr...Read More

European car sales down 7% in October on new emissions test

November 16, 2018 / Staff reporter

The number of new passenger car registrations in the EU dropped by 7.34% year-on-year in October 2018, the European Automotive Manufacturers Assn (ACEA) said on Thursday November 15.New car sales in Europe totaled 1,083,635 units in October, compared with 1,169,462 vehicles sold in the corresponding month of 2017.The decrease in October was "at a more moderate pace than in September," ACEA said. D...Read More

TURKEY STEEL BILLET: Import prices weaken with poor demand but local, export values steady

November 16, 2018 / Staff reporter

Turkish imported billet prices have weakened slightly over the past week on limited demand and a downturn in steel prices in China, while domestic and export billet prices were unchanged, sources said on Thursday November 15.Fastmarkets' weekly price assessment for billet imports into Turkey was $475-480 per tonne cfr, narrowing downward from last week's $475-485 per tonne cfr.The CIS export bille...Read More

EUROPE CRC: Domestic prices slip downward in slow market

November 16, 2018 / Staff reporter

Domestic prices for cold-rolled coil (CRC) have moved down slightly over the past week in Europe on slow trading, sources told Fastmarkets on Thursday November 15.Demand was slow because distributors have sufficient volumes in stock, according to market sources.In addition, the future price trend in the coil market was not clear to buyers so they preferred to hold back from purchasing.This week, d...Read More

CIS STEEL BILLET: Prices down on low sentiment, lack of support

November 16, 2018 / Staff reporter

CIS export billet prices softened slightly in the middle of this week with negative sentiment starting to spread due to the return of Chinese suppliers to export markets as well as rumors of possible tariffs on billet imports into Egypt in the near term."The case has been raised, but the officials responsible for a study have not made any comment yet," an Egyptian source told Fastmarkets on Thursd...Read More

TURKEY LONG STEEL: Domestic prices rise with weaker lira

November 16, 2018 / Staff reporter

Turkish long steel prices have continued to move in line with the lira-dollar exchange rate over the past week, sources said on Thursday November 15.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,250-3,400 ($593-621) per tonne ex-works, up from the last week's TRY3,200-3,335 per tonne including 18% VAT.The slight increase in...Read More