Gold remains in a wide range on the daily technical charts, with a directional catalyst needed for the next major move, says Lukman Otunuga, research analyst at FXTM. “While geopolitical tensions and U.S political uncertainty have inspired bulls, bears remain heavily supported by Fed rate-hike expectations,” the analyst says. “There is clearly a fierce tug-of-war between bulls an...Read More
For the last 10 days, gold has been in an uptrend inside of a consolidation pattern. The question is: Will gold finally break out to the upside or will it just be more disappointment? There is no obvious answer. Through all of the high volatility in the equity markets, gold has been unable to break out to the upside, as buying has failed on a couple of attempts to do so. The pattern being formed r...Read More
The latest news and price moves to start the Asian day on Wednesday April 18.Aluminium prices on the London Metal Exchange closed above $2,400 per tonne on Tuesday April 17 for the first time since September 2011, continuing the strong momentum triggered by the United States' imposition of sanctions against Russian aluminium producer Rusal. Read more in our live futures report.Here...Read More
The latest news and price moves to start the Asian day on Wednesday April 18.Aluminium prices on the London Metal Exchange closed above $2,400 per tonne on Tuesday April 17 for the first time since September 2011, continuing the strong momentum triggered by the United States' imposition of sanctions against Russian aluminium producer Rusal. Read more in our live futures report.Here...Read More
The latest news and price moves to start the Asian day on Wednesday April 18.Aluminium prices on the London Metal Exchange closed above $2,400 per tonne on Tuesday April 17 for the first time since September 2011, continuing the strong momentum triggered by the United States' imposition of sanctions against Russian aluminium producer Rusal. Read more in our live futures report.Here...Read More
Base metal prices on the London Metal Exchange surged higher at the close of ring trading on Wednesday April 18, with nickel recording the highest intraday price difference since 2009. The metal found support during the afternoon amid concerns over further sanctions, reaching a high of $15,875 per tonne, the highest since December 2014. "I think it is fear rather than fact at this stage. Give...Read More
Metal Bulletin's daily fob Australia alumina index settled at $672.50 per tonne on Wednesday April 18, up 16.2% compared with the previous day's calculation, and the highest number recorded since the index launched in August 2010.Since the start of the year the alumina price has surged, with levels to date rising 71%. The more recent escalation in prices was initially driven by market tightness ca...Read More
Zinc ingot premiums dipped on a delivered basis in Italy and remain flat elsewhere in Europe, in Asia and in the United States on Tuesday April 17; meanwhile the lead market is eyeing cargoes from key exporter Iran, where the fallout of a currency crisis there is limiting shipments from the country. Delivered zinc premiums drop in Italy Lead market eyes currency crisis, exports from Iran Pr...Read More
Tshipi sold 3.34 million tonnes of manganese ore in the twelve months to February 28, 2018, the manganese miner has announced.The figure represents a 47% increase in volume compared with the previous year. Tshipi, which became South Africa's largest manganese miner by export volumes in 2017, made a net profit of 1.9 billion South African rand ($158 million) in the year to February 28, compared wit...Read More
Metal Bulletin's daily fob Australia alumina index settled at $672.50 per tonne on Wednesday April 18, up 16.2% compared with the previous day's calculation, and the highest number recorded since the index launched in August 2010.Since the start of the year the alumina price has surged, with levels to date rising 71%. The more recent escalation in prices was initially driven by market tightness ca...Read More
Cash-strapped zinc smelters in China have brought forward and extended their planned maintenance to avoid further squeezes to margins as a result of softer treatment charges (TC), tight concentrate supply and low zinc prices, multiple sources told Metal Bulletin. "We have been hearing some southern China smelters calling for earlier maintenance due to a strained cash flow," a major zinc producer s...Read More
Private equity funds are looking to capitalize on gaps in the copper supply pipeline by investing in small-scale mining projects, Pala investments managing partner Stephen Gill told Metal Bulletin.In an interview during the Cesco Copper Week in Santiago, Chile, Gill said that copper miners face a series of obstacles in bringing large-scale mine supply into production and that a lack of capital exp...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Turkish steel producers have booked more deep-sea scrap for May deliveries, but prices fell amid weak finished steel markets, sources said on Wednesday April 18.One steel producer booked a US cargo, comprising 15,000 tonnes of HMS 1&2 (80:20) at $355 per tonne and 15,000 tonnes of shredded at $360 per tonne cfr, late on Tuesday April 17. The cargo was scheduled to be shipped in the second hal...Read More
Comex copper jumped to a month high on Wednesday April 18 amid an increase in technical buying and after China eased its monetary policy. Copper for May settlement on the Comex division of the New York Mercantile Exchange jumped 8.95 cents or 2.9% to $3.1680 per lb. Earlier, the contract touched $3.1785, the highest point since March 14. "The positive macro backdrop has provided the LME copper pri...Read More
Base metals prices on the London Metal Exchange are on divergent paths so far this morning, Wednesday April 18, despite the strong risk sentiment seen across wider financial markets following solid earnings results and the surprise monetary easing announced by China's central bank. Nickel (+3.5%), Aluminium (+1.2%) and copper (+0.7%) are trading positively, while the rest of the complex was down b...Read More
The market for cobalt sulfate is becoming more mature, market participants said on the sidelines of Metal Bulletin's Battery Materials Conference, in Shanghai, which is being held Wednesday-Thursday April 18-19.Emerging traders are getting involved in the spot market and are showing extensive interest in considering the commodity as an investment material, just like cobalt metal, they added.Cobalt...Read More
Domestic prices for hot-rolled coil (HRC) in the EU have fallen slightly this week, sources told Metal Bulletin on Wednesday April 18.Although market participants previously expected prices to remain stable, the decline of HRC prices has had a negative effect on the European market."I do not expect prices to drop significantly, but sentiment is definitely less positive than it was before," a trade...Read More
The flat steel import trade in Iran has been almost non-existent in the past several weeks because of currency exchange rate issues.One of the major concerns for traders selling material to Iran and Iranian customers has been the 20% devaluation of the country's national currency, the rial, since the beginning of April.On Wednesday April 18, the rial was trading at IRR57,000 to $1 on the country's...Read More
China's hot-rolled coil prices increased on Wednesday April 18 following a strengthening paper market once the People's Bank of China announced it would release cash into the banking system. DomesticEastern China (Shanghai): 3,970-4,020 yuan ($632-640) per tonne, up 30-40 yuan per tonneNorthern China (Tianjin): 3,920-3,940 yuan per tonne, up 40 yuan per tonne China's central bank announced late on...Read More