Aluminium The LME aluminium price has been declining steadily thanks to persistent selling momentum since the April 19 high at $2,718 per tonne. It spent most of May consolidating within what seems like a bear-flag formation and the price has now broken below it too. As such, the technical configuration is vulnerable to further selling. But the daily RSI and stochastic lines are starting to s...Read More
Mixed fundamental data on Q1 The latest WBMS data suggest that the global copper market was in a deficit of 96,000 tonnes in April, bringing the group’s take on the January-April deficit to 215,000 tonnes. According to the WBMS, refined production grew 2.9% year on year in January-April 2018, while refined consumption expanded by 4.6%. But we think the WBMS is painting an overly bullish pictu...Read More
Lead remaining resilience Lead prices traded sideways last week within a $2,385-2,449 per tonne range, with the bottom end holding above the low set two weeks ago at $2,365 per tonne. This is a resilient performance relative to the likes of copper, aluminium and zinc, which have been under significant pressure. From the recent highs around June 6-7, lead prices have fallen 7.5%, while copper, alum...Read More
Vanadium prices resumed their rally in earnest last week after buyers paid higher prices to secure scarce units, with no signs of change to the persistent tight supply situation. Chinese export prices jump with spot units in limited supply amid persistent foreign inquiries European ferro-vanadium prices surge in the second half of the week after sellers hold firm with their offers Thin spot supply...Read More
LME stock slide a bullish constant for nickel, alloy surcharges Following the run-up in nickel prices throughout May and into June, prices for most common nickel-containing stainless steel grades gained some momentum, despite limited pull from the demand side. Alloy surcharges hit six-year highs for June deliveries, aided also by molybdenum price gains. Indeed, LME nickel prices held up well in la...Read More
It has been a while since we reviewed recent trends in the global tinplate sector, so this week we summarise some highlights from our most recent Galvanized Steel and Tinplate Market Tracker report. US tinplate market after the tariff Straightforward exemptions from the Section 232 tariff have run out. In the run-up to the publication of the Commerce Department’s findings there were wide mont...Read More
Chinese smelters to the rescue Zinc prices staged a modest rebound last week as a pull-back in the dollar reduced selling pressure in the base metals. Broader marker concerns around escalating trade uncertainties have also eased somewhat, although this may prove temporary. Supply-side developments have also helped sentiment in zinc as major Chinese smelters are discussing plans to cut production,...Read More
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Click here to download the Selected Demand IndicatorsACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the lat...Read More
Three-month base metals prices on the London Metal Exchange were split into two camps on the morning of Tuesday July 3, with aluminium and tin prices both off by 0.3%, while the rest of the complex was up by between 0.1% and 0.6%. Zinc led the rebound, while copper was the laggard at $6,578 per tonne. Volume has been above average with 8,372 lots traded as at 7:13am London time. Precious metals we...Read More
Australian iron ore lump prices continued to rise on Tuesday July 3, while fines prices stayed rangebound.Metal Bulletin 62% Fe Iron Ore Index: $64.55 per tonne cfr Qingdao, up $0.01 per tonne Metal Bulletin 58% Fe Premium Index: $51.95 per tonne cfr Qingdao, up $0.03 per tonne Metal Bulletin 65% Fe Iron Ore Index: $91.50 per tonne cfr Qingdao, down $0.10 per tonne Metal Bulletin 62% Fe China Port...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade. U.S. equity markets are closing today at 2:00 PM EDT prior to the Independence Day holiday.Roku added $2.11 to $45.40 after Oppenheimer upgraded the stock to Outperform from Perform. Target price is $50.American Airlines dropped $0.33 to $38.03, Delta Airlines fell $0.19 to $49.73 and Un...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, sold on Tuesday July 3 morning...Read More
Tight supplies of seaborne tier-two coking coal cargoes continued to support higher prices, market sources told Metal Bulletin on Tuesday July 3. A 50,000-tonne cargo of hard coking coal was sold at $199.75 per tonne cfr China this week, market sources said, adding that the cargo may have been part of a term shipment. "This is part of a term contract and the [transaction level] is not a surprise b...Read More
China's ferrous futures retreated across the board during morning trading on Tuesday July 3, especially the steel contracts, amid weakness in the physical markets.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,723 yuan ($562) per tonne, down 46 yuan per tonne October hot-rolled coil: 3,835 yuan per tonne, down 37 yuan per tonne Dalian Commodity Exchange Septemb...Read More
China's domestic rebar prices kept dropping on Tuesday July 3 amid weak demand. Domestic Eastern China (Shanghai): 3,950-3,990 yuan ($593-599) per tonne, down 30 yuan per tonne Northern China (Beijing): 3,860-3,900 yuan per tonne, widened downward by 10 yuan per tonne Bad weather led construction sites to shorten their working hours, which sapped demand for rebar, a trader in east China said. The...Read More
Three-month base metals prices on the London Metal Exchange were split into two camps on the morning of Tuesday July 3, with aluminium and tin prices both off by 0.3%, while the rest of the complex was up by between 0.1% and 0.6%. Zinc led the rebound, while copper was the laggard at $6,578 per tonne.Volume has been above average with 8,372 lots traded as at 7:13am London time.Precious metals were...Read More
(Kitco News) - Gold and silver prices are solidly lower and trading near their daily lows in early-afternoon U.S. trading Monday. Gold hit a 12-month low and silver futures hit a seven-month low. A higher U.S. dollar index is a negative for the precious metals to start the trading week. August gold futures were last down $10.00 an ounce at $1,244.40. September Comex silver was last down $0.303 at...Read More
(Kitco News) - Money managers have reversed to a tiny net-short position in gold futures, the first time they have not been net bullish in more than two years, according to the most recent weekly data from the Commodity Futures Trading Commission.During the week-long period to June 26 that was covered by the report, Comex August gold fell by $18.70 to $1,259.90 an ounce, while July silver lost 7.3...Read More
LONDON (Reuters) - The dollar edged higher on Monday, closing in on last week's one-year high, as investors ramped up bets that escalating trade tensions between the U.S. and its trade partners will hurt the world's biggest economy the least for now.Tension is growing ahead of a July 6 deadline when Washington is due to impose $34 billion of tariffs on Chinese exports, with two surveys of Chinese...Read More