Price forecast accuracy of 99.35% in Q4 2017 MB published the results of its Q4 2017 Apex survey of metal price forecasters, including ranking its participants by the accuracy of their forecasts. MBR has a good track record of high and consistent accuracy. Last quarter we were the top forecaster of the 20 analyst or trading desks polled. Our average accuracy across all the base metals was 99.35%....Read More
Prices have been sensitive to dollar volatility The recent strength in LME aluminium prices seems to be mainly macro driven, reflecting a sharp sell-off in the dollar. The dollar index dropped a whopping 1% last Wednesday, marking its lowest level since December 2014. The sell-off was partly triggered by US Treasury secretary Steven Mnuchin’s comments (“weaker dollar is good for trade...Read More
Aluminium Aluminium has been underpinned by rising support from its 20 DMA since January 9, which currently stands at $2,221 per tonne. While prices tested below this support last week, the lower shadows on the daily candlesticks imply dip-buying interest remains. But attempts to rally have struggled to gain traction above $2,250 per tonne. Failure to hold immediate support at the 20 DMA risks rev...Read More
U.S. equity index futures are lower this morning. S&P 500 futures were down 11 points in pre-opening trade.Apple dropped $2.00 to $165.96 on reports of a slowdown in iPhone production. The stock is expected to open below support at $166.46.Fourth quarter reports continue to flow in. Reports released this morning included Harley Davidson, McDonalds, Pfizer and Aetna.Thomson Reuters gained $4.55...Read More
SHANGHAI, Jan 30 (SMM) – Nonferrous metals fell for the most part on Tuesday January 30 except for a small rise in SHFE tin. SHFE aluminium led the loss by a 1.5% decline, while copper and lead dropped close to 1%.The ferrous market saw mixed trading with iron ore and coking coal up slightly. Coke was down over 1%, as rebar slid 0.6% and hot-rolled coil slipped 0.5%.Copper: We expect copper...Read More
SHANGHAI, Jan 30 (SMM) – Nonferrous metals fell for the most part on Tuesday January 30 except for a small rise in SHFE tin. SHFE aluminium led the loss by a 1.5% decline, while copper and lead dropped close to 1%.The ferrous market saw mixed trading with iron ore and coking coal up slightly. Coke was down over 1%, as rebar slid 0.6% and hot-rolled coil slipped 0.5%.Copper: We expect copper...Read More
Prices struggling amid signs of comfortable supply While zinc and nickel prices are extending their gains, copper is trading sideways. That said, it has held up well above $7,000 per tonne in the face of another sudden bout of LME stock inflow; 101,725 tonnes were delivered into warehouses over a four day period last week. This may well have been the result of a warehouse deal. There were four ins...Read More
SHANGHAI, Jan 30 (SMM) – Nonferrous metals fell for the most part on Tuesday January 30 except for a small rise in SHFE tin. SHFE aluminium led the loss by a 1.5% decline, while copper and lead dropped close to 1%.The ferrous market saw mixed trading with iron ore and coking coal up slightly. Coke was down over 1%, as rebar slid 0.6% and hot-rolled coil slipped 0.5%.Copper: We expect copper...Read More
SHANGHAI, Jan 30 (SMM) –Copper: The latest Commitments of Traders report published by the Commodity Futures Trading Commission (CFTC) showed that investors have reduced their long positions following a price drop earlier last week. We see pressure for copper futures prices as Chinese consumptions dwindle ahead of Chinese New Year. The LME contract is expected to trade at $7,070-7,120/mt toda...Read More
Another week, another high Lead prices extended gains last week, reaching a high of $2,653 per tonne on Thursday, January 25. Selling is starting to dominate, restricting the upside, but there is also good dip buying interest, which means the overall uptrend is intact. Sister metals zinc is still putting in a stronger performance than lead, and where zinc goes we expect lead prices to follow. Are...Read More
SHANGHAI, Jan 30 (SMM) –Copper: The latest Commitments of Traders report published by the Commodity Futures Trading Commission (CFTC) showed that investors have reduced their long positions following a price drop earlier last week. We see pressure for copper futures prices as Chinese consumptions dwindle ahead of Chinese New Year. The LME contract is expected to trade at $7,070-7,120/mt toda...Read More
SHANGHAI, Jan 30 (SMM) –Copper: The latest Commitments of Traders report published by the Commodity Futures Trading Commission (CFTC) showed that investors have reduced their long positions following a price drop earlier last week. We see pressure for copper futures prices as Chinese consumptions dwindle ahead of Chinese New Year. The LME contract is expected to trade at $7,070-7,120/mt toda...Read More
Lithium’s crown as the leading raw material in batteries for electric vehicles (EVs) – largely due to its early adoption in technology developed by Tesla – is facing increasing competition from other materials also used along with lithium in the cathode part of the battery cell. These include cobalt, manganese iron and nickel. These threats to lithium have emerged as its supply chai...Read More
The London Metal Exchange has appointed James Cressy as its new chief operating officer, the exchange confirmed today. Cressy was previously head of operations for LME Clear and head of relationship management for the LME Group. "James's depth of...Read More
Super rally under way LME tin prices accelerated their appreciation last week, gaining of 5.2%, making tin the second-best performer among the base metals, after nickel (+7.5%). The LMEX was up just 1.6%. LME tin is already up 9% in the year to date. What is behind the move? Last week’s rally was driven primarily by fresh buying, judging by the significant increase of 1,666 lots or 9% in open...Read More
Another 10-year high on stock fall, option-related buying, dollar weakness Bullish sentiment has continued to carry zinc higher, with prices testing above $3,580 per tonne at the start of this week. Alongside broader risk-on sentiment and dollar weakness, option-related buying likely featured given the level of call options around the $3,500 strike. There has also been a pick-up in withdrawals fro...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
Base metals prices on the London Metal Exchange are weaker across the board by an average of 0.9% this morning, Tuesday January 30.Nickel prices lead the way with a loss of 1.8%, with the rest of the complex trailing in their wake: tin (-1.1%) zinc (-0.9%), copper (-0.8%, at $7,035 per tonne), aluminium (-0.4%) and lead (-0.1%). Volume has been strong with 12,588 lots traded as of 06.50 am London...Read More
Base metals prices on the London Metal Exchange closed in negative territory across the board on Tuesday January 30, with nickel slumping over 3%. Nickel prices rallied to a fresh two-and-a-half-year high of $13,915 per tonne last week, but has now come under increased selling pressure and a downward correction. "It's [nickel's] price action can be quite volatile. We are seeing broad based ri...Read More