Image: GlencoreZinc hit fresh highs above $3,400 a tonne on Friday, the best level since August 2007 as supply worries intensify and the base metal complex finds support from a robust outlook for global growth."From the macro point of view, this is not an environment where you'd want to be shorting metals," Michael Widmer, head of metals research at Bank of America Merrill Lynch, told Bloomberg Ne...Read More
By Marc JonesLONDON, Jan 12 (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.YUAN TO WATCHNext week's data on Chinese GDP, industrial output and retail sales figures are expected to confirm a very modest slowdown is taking place in the world's second largest economy. It has been largely propell...Read More
As a general rule, the most successful man in life is the man who has the best informationaheadoftheherd.comIn the 1800's the United States under President James Monroe invoked the Monroe Doctrine, which stated that any effort by European nations to control any independent state in North or South America would be viewed as "an unfriendly disposition towards the United States."The intent of the Mon...Read More
Metal Bulletin reviews the major stories that have affected the steel market over the past week.Iron ore prices retreated on Friday, to around $78 per tonne, following weakness in China's steel market, and after the potential for supply disruptions as a result of a cyclone in Australia reduced significantly.Seaborne coking coal prices were firm at the end of the week, with fob Australia...Read More
Jan 12 (Reuters) - Federal Reserve Bank of Philadelphia President Patrick Harker repeated on Friday his expectation for two interest-rate rises this year thanks to a "pretty good" U.S. economic outlook."I see two rate increases as the likely appropriate path for 2018," Harker said in prepared remarks in Ivyland, Pennsylvania that largely reflected a speech he gave a week ago.(R...Read More
LIMA, Jan 12 (Reuters) - Peru's economy likely grew "a little under" 2.7 percent last year because of weaker-than-expected public investments that factored into the bank's interest rate cut this week, the central bank said on Friday.But the bank still expects the economy to grow by 4.2 percent this year, as recent political uncertainty should be transitory, Jorge Estrella, the manager of...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ? SHFE zinc stood out from the performance of other nonferrous metals with a 0.8% rise today, while nickel was down close to 2% and lead down 1%. Copper and aluminium both edged down 0.5%.The ferrous complex remained weak with iron ore down over 2% and rebar down 1.6%. Coking coal and hot-rolled coil were down some 1.4% and coke closed 0.7% lower.Copper: SHFE copper was...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ?Copper inventory in Shanghai bonded area stood at 481,000 mt for the week ending Friday January 12, up from 480,200 mt last week. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@smm.cn Read More
BERLIN, Jan 12 (Reuters) - The leader of Germany's centre-left Social Democrats said on Friday he expects the European Union to have a finance minister to oversee financial issues in the bloc.The remarks by Martin Schulz to German broadcaster ZDF came hours after his party agreed a blueprint for negotiations with Chancellor Angela Merkel's conservatives on forming a coalition government."The...Read More
FRANKFURT, Jan 12 (Reuters) - German residential property developer Instone Real Estate is targeting a flotation on the Frankfurt stock exchange in March, adding to a growing pipeline of spring listings in Germany, people close to the matter said. The company is working with Morgan Stanley , BNP Paribas and Unicredit as bookrunners on the deal alongside global coordinators Deutsche Bank and Credit...Read More
KINSHASA, Jan 12 (Reuters) - Congo's Central Bank on Friday raised its economic growth forecast for 2018 to 5 percent from 4.4 percent last month, but lowered its 2017 growth estimate to 3.5 percent.Congo's economy is expected to get a boost from a rebound in commodities prices after a dip since 2015 dented revenues and reduced growth to 2.5 percent in 2016.The mining and oil sectors account for s...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ?China’s imported unwrought copper reached 4.69 million mt in 2017, down 5.2% from levels seen in 2016.The import volume in December stood at 450,000 mt, down 4.3% from a month ago and down 8.2% from December 2016. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, pleas...Read More
(Refiles to fix typo)* Consumer prices rise 0.3 pct in Dec. vs est. rise of 0.2 pct* Retail sales up 0.4 pct vs est increase of 0.4 pct* Facebook falls after making changes to News Feed* Indexes up: Dow 0.76 pct, S&P 0.50 pct, Nasdaq 0.55 pct By Sruthi ShankarJan 12 (Reuters) - Wall Street's main indexes surged on Friday as strong results for JPMorgan lifted financial stocks and robust retai...Read More
FRANKFURT, Jan 12 (Reuters) - The risk of an imminent hike in the European Central Bank's interest rates is low, Germany's representative on the ECB's rate-setting body said on Friday, reaffirming a pledge to keep policy easy for a long time to come. Investors started to bet on a December rate hike this week after the accounts of the latest ECB meeting showed policymakers were preparing for a chan...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ?Copper: LME copper is expected to trade at $7,065-7,200/mt today with support at the 20-day moving average while the SHFE 1803 contract is to trade at 54,200-55,300 yuan/mt. In the spot market, the premiums are set to be firmer at flat to 50 yuan/mt today.Zinc: LME zinc is aiming for $3,400/mt against the backdrop of good fundamentals in the international market. We se...Read More
(Includes additional detail and context, separate Goldman fine)By Pete SchroederWASHINGTON, Jan 12 (Reuters) - The Federal Reserve fined five large U.S. banks a combined $35.1 million to settle cases of mortgage servicing flaws dating back to 2011.The central bank announced the fines against Goldman Sachs , Morgan Stanley , CIT Group , U.S. Bancorp , and PNC Financial as part of a broader effort...Read More
* Stocks lifted led by resources shares* Rand falls ahead of Ramaphosa speech (Updates figures, adds detail, quotes)JOHANNESBURG, Jan 12 (Reuters) - South African shares firmed on Friday, supported by resources stocks lifted by better than expected Chinese trade data, while the rand slipped in cautious trading ahead of a weekend speech by the leader of the ruling African National Congress party. T...Read More
(Adds comment from finance minister, analyst)By Bruno FederowskiSAO PAULO, Jan 12 (Reuters) - Brazil has made slower-than-expected progress in cutting government spending ahead of presidential elections, a Standard & Poor's director said on Friday, a day after the agency downgraded the country's rating deeper into junk territory.The agency on Thursday lowered its long-term rating for Brazil s...Read More
Russian miner Alrosa (MCX:ALRS), the world's top diamond producer by output, received Friday approval from Angolan President Joao Louren??o to expand its stake in local producer Catoca.The deal, worth $70 million, gives Alrosa a further 8.2% stake in Catoca Mining, providing the diamond giant with access to a production base outside Russia.Deal gives Alrosa a further 8.2% stake in Catoca Mining, p...Read More