SHANGHAI, Apr 13 (SMM) –Copper: As zinc prices tumbled, copper prices declined sharply. LME copper fell 1.31% and the SHFE 1806 contract dipped 0.94% overnight. In the technical aspect, LME copper struggled among the moving averages overnight and opened at the joint of the 10- and 20-day moving averages today as the KDJ indicator expanded downwards. The SHFE 1806 contract moved und...Read More
SHANGHAI, Apr 13 (SMM) – Indonesia and the Philippines are likely to export 48.8 million mt nickel ore to China in 2018, according to general manager at Biwei Resources, Yang Qin. Peak export season for nickel ore is traditionally from April to September.However, as some plants turned to producing carbon steel and with low operating rates at stainless steel plants, demand for low-grade...Read More
SHANGHAI, Apr 13 (SMM) –Copper: As zinc prices tumbled, copper prices declined sharply. LME copper fell 1.31% and the SHFE 1806 contract dipped 0.94% overnight. In the technical aspect, LME copper struggled among the moving averages overnight and opened at the joint of the 10- and 20-day moving averages today as the KDJ indicator expanded downwards. The SHFE 1806 contract moved und...Read More
Alumina prices soared on Friday April 13, and Metal Bulletin's benchmark alumina index set an all-time high, while the market reacted to the effect of sanctions on UC Rusal. Metal Bulletin's daily fob Australia alumina index settled at $556.67 per tonne on April 13, up 16.7% compared with the previous day's calculation, and the highest number recorded since the index launched in August 2010.The US...Read More
Bargain hunting has returned to the base metals complex in the morning of Friday April 13, lifting prices on the London Metal Exchange by 0.6% on average. Trade tensions between the United States and China have relaxed in recent days after Chinese President Xi Jinping struck a conciliatory tone in a keynote speech. Meanwhile, US President Trump has toned down his rhetoric on military intervention...Read More
SHANGHAI, Apr 13 (SMM) – Nickel pig iron (NPI) is likely to account for close to 60% of the raw material supply for stainless steel from 2019, according to senior analyst of nickel at SMM, Wang Cong. The percentage has risen above 50% this year, to a level last seen in 2014.SMM expects China’s output of stainless steel to continue to climb in 2018, Wang told delegates at...Read More
European aluminium premiums had a record day Friday April 13, with market a return to full market liquidity one week after the United States Treasury sanctioned Russian company UC Rusal, the world's second-biggest aluminium supplier.A surge in liquidity and a continued scramble for non-Rusal material helped to push the Rotterdam duty-unpaid in-warehouse aluminium premium up by 20% to $125-140 per...Read More
SHANGHAI, Apr 13 (SMM) – Production of #300 stainless steel in China and Indonesia is forecast to grow 13% to 15.2 million mt in 2018 as output from Indonesia stays at high levels, according to senior analyst of nickel at SMM, Yang Bo.Stainless steel exports from Indonesia to China are expected to remain above 150,000 mt in the first half of this year as Indonesia's&n...Read More
Aluminium on the London Metal Exchange closed lower to end the week's trading on Friday April 13, after a record-breaking week that resulted in a six-year high and 9% price increase. The light metal's volumes recorded over 30,000 lots throughout the week, despite the price dropping 1.7% at the close of trading today. "Aluminium prices continue to push higher while the market scrambles t...Read More
SHANGHAI, Apr 13 (SMM) – Stainless steel will have less impact on nickel prices in 2018 as new-energy batteries gain dominance, according to senior analyst of nickel at SMM, Yang Bo.Stainless steel will account for less than 50% of the factors for nickel prices, Yang told delegates at the SMM CoLiNi Summit on Friday April 13 in Quzhou, Zhejiang province.She expects that nickel sulphate...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
SHANGHAI, Apr 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightDriven by US President Donald Trump's tempered remarks on Syria, the US dollar index rebounded to 89.7, up 0.28%, while most base metals closed lower. LME zinc tumbled 4% and SHFE zinc slipped 2% under pressure from market talk that China's State Reserve Bureau...Read More
The latest metal markets news and price moves to start the North American day on Friday April 13. Aluminium on the London Metal Exchange continues to trade at six-year highs during morning trading today, following a large cancelation in Asian warehouses.108,000 tonnes of aluminium have been freshly canceled in Port Klang this morning which is providing more support for prices, but stockpiles in Eu...Read More
SHANGHAI, Apr 13 (SMM) –Copper: As zinc prices tumbled, copper prices declined sharply. LME copper fell 1.31% and the SHFE 1806 contract dipped 0.94% overnight. In the technical aspect, LME copper struggled among the moving averages overnight and opened at the joint of the 10- and 20-day moving averages today as the KDJ indicator expanded downwards. The SHFE 1806 contract moved und...Read More
Good morning from Metal Bulletin's offices in Shangai as we bring you the latest news and pricing stories on Friday April 13. Tracking the rally seen on the London Metal Exchange in the previous session, aluminium prices on the Shanghai Futures Exchange pushed higher during Asian morning trading on Friday.A bout of panic buying in response to the sanctions placed on Russian aluminium producer UC R...Read More
The latest news and price moves to start the Asian day on Friday April 13.Aluminium prices on the London Metal Exchange soared to a six-year high on Thursday April 12 with the market continuing to react to recent US sanctions against Rusal, while the rest of the base metals complex fell. Read more in our live futures report.Here are how prices looked at Thursday's close:The sanctions on Rusal have...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsRio Tinto is declaring force majeure on some of its contracts after reviewing its arrangements with UC Rusal in light of US sanctions on the Russian aluminium producer.Rio Tinto plc is in a position to take advantage of a current squeeze in aluminium supply in the United Sta...Read More
Aluminium on the London Metal Exchange closed lower to end the week's trading on Friday April 13, after a record-breaking week that resulted in a six-year high and 9% price increase. The light metal's volumes recorded over 30,000 lots throughout the week, despite the price dropping 1.7% at the close of trading today. "Aluminium prices continue to push higher while the market scrambles t...Read More
Comex copper prices rebounded in the US morning on Friday April 13 amid growing optimism that seasonal demand trends will continue to support the red metal throughout 2018. Copper for May settlement on the Comex division of the New York Mercantile Exchange rose 2.05 cents or 0.7% to $3.0840 per lb. Trade has ranged from $3.0525 to $3.0925. The red metal has been unable to establish a firm price di...Read More
Seaborne iron ore prices rebounded on Friday April 13 to the $65-per-tonne-cfr mark amid gains in China steel and futures markets.Metal Bulletin 62% Fe Iron Ore Index: $64.96 per tonne cfr Qingdao, up by $0.49 per tonneMetal Bulletin 58% Fe Premium Index: $52.37 per tonne cfr Qingdao, up by $0.11 per tonneMetal Bulletin 65% Fe Iron Ore Index: $82.20 per tonne cfr Qingdao, up by $0.5...Read More