U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade. U.S. equity indices were virtually unchanged following release of U.S. economic news at 8:30 AM EST. Consensus for fourth quarter real GDP was annual growth at 2.9%. Actual was 2.6%. Consensus for December Durable Goods Orders was an increase of 0.8% versus a gain of 1.3% in November. Act...Read More
SHANGHAI, Jan 26 (SMM) – The likely rebound of US dollar poses the biggest downside risk for commodities in the short term, according to Xu Maili, commodities research director at Guangda Futures.“Funds are currently holding quite a lot of long bets, I think the need to cover their positions once the US dollar becomes stronger would be intense,” Xu said in an interview with SMM.W...Read More
SHANGHAI, Jan 26 (SMM) – The likely rebound of US dollar poses the biggest downside risk for commodities in the short term, according to Xu Maili, commodities research director at Guangda Futures.“Funds are currently holding quite a lot of long bets, I think the need to cover their positions once the US dollar becomes stronger would be intense,” Xu said in an interview with SMM.W...Read More
SHANGHAI, Jan 26 (SMM) – The likely rebound of US dollar poses the biggest downside risk for commodities in the short term, according to Xu Maili, commodities research director at Guangda Futures.“Funds are currently holding quite a lot of long bets, I think the need to cover their positions once the US dollar becomes stronger would be intense,” Xu said in an interview with SMM.W...Read More
SHANGHAI, Jan 26 (SMM)? 1/4 ?China’s nickel ore port inventory continued its decline to 7.62 million wet mt, as at January 26, down 430,000 mt on a weekly basis. This is about 62,300 mt for metal content, down 3,100 mt on a weekly basis.For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please emai...Read More
SHANGHAI, Jan 26 (SMM)? 1/4 ?Treatment charges (TC) of zinc concentrate were low in January and is expected to remain low in February due to a shorter supply of zinc ores, according to SMM research.In Inner Mongolia and Shaanxi provinces, TC stood at 3,500 yuan/mt of metal content while it was below 3,500 yuan/mt of metal content in Guangxi and Yunnan.SMM predicts TC will remain low...Read More
Nickel prices on the London Metal Exchange have climbed 10% since the start of 2018 - with the dollar the main supporting factor of the rise, the spotlight is being shone on the nickel price's extreme volatility. On Thursday January 25, nickel closed on the LME in positive territory for the sixth consecutive trading day and was trading at a two-and-a-half-year high of $13,915 per tonne. The last t...Read More
Base metals prices on the London Metal Exchange closed the week on divergent paths, with most metals on a strong footing after a week of intense rallies.The three-month tin price hit its highest since November 2016 after it hit a high of $21,895 per tonne - record low stocks and restocking ahead of Lunar New Year (mid-February) have kept tin prices well supported."With barely 1,800 tonnes of LME s...Read More
Nickel prices on the London Metal Exchange have climbed 10% since the start of 2018 - with the dollar the main supporting factor of the rise, the spotlight is being shone on the nickel price's extreme volatility. On Thursday January 25, nickel closed on the LME in positive territory for the sixth consecutive trading day and was trading at a two-and-a-half-year high of $13,915 per tonne. The last t...Read More
Iron ore prices retreated on Friday January 26 on China's declining steel and futures markets.Metal Bulletin's 62% Fe Iron Ore Index Today: $74.40 per tonne cfr QingdaoDaily change: down by $0.64 per tonneMonth-to-date average: $76.21 per tonneMetal Bulletin's 58% Fe Premium Index Today: $61.03 per tonne cfr QingdaoDaily change: down by $0.82 per...Read More
Base metals prices on the London Metal Exchange closed the week on divergent paths, with most metals on a strong footing after a week of intense rallies.The three-month tin price hit its highest since November 2016 after it hit a high of $21,895 per tonne - record low stocks and restocking ahead of Lunar New Year (mid-February) have kept tin prices well supported."With barely 1,800 tonnes of LME s...Read More
European stainless steel base prices have remained unchanged over the past week, with market participants expecting new mill offers to come in early February, sources told Metal Bulletin on Friday January 26.Metal Bulletin's weekly base price assessment on Friday for 2mm, grade-304 CR stainless steel sheet was ?,?1,060-1,120 ($1,318-1,392) per tonne delivered in Northern Europe."Mills seem to have...Read More
Copper prices remained resilient this week despite deliveries into London Metal Exchange sheds that totaled more than 100,000 tonnes - and do not necessarily reflect changes in supply-demand fundamentals, market participants said. On Tuesday January 23, more than 36,000 tonnes of the red metal hit LME sheds, mainly Busan warehouses; subsequent deliveries moved copper into Singapore, Rotterdam and...Read More
Nickel prices on the London Metal Exchange have climbed 10% since the start of 2018 - with the dollar the main supporting factor of the rise, the spotlight is being shone on the nickel price's extreme volatility. On Thursday January 25, nickel closed on the LME in positive territory for the sixth consecutive trading day and was trading at a two-and-a-half-year high of $13,915 per tonne. The last t...Read More
China imported 1.28 million tonnes of lead concentrates and ores in 2017, down 9.33% from a year ago, according to customs data. Lead concentrate and ores imports in December dropped 28.7% year on year to 83,167 tonnes. A recent study by the research arm of Jiangxi Copper said China was facing a lead concentrates deficit of 210,000 tonnes in 2017. China imported no lead concentrates from North Kor...Read More
The following Metal Bulletin non-ferrous European free market scrap prices changed on Friday January 26:Aluminium ingot Duty paid delivered works...Read More
Changes to US tax laws will have significant and mainly positive implications for deal-making across virtually all sectors, including metals and mining, according to a report by global consultancy firm PwC. The tax reforms passed in December 2017 will see a decrease in the United States' corporate tax rate to 21%, and this "may be the most obvious benefit due to its favorable cash flow impacts and...Read More
The latest metal markets news and price moves to start the North American day on Friday January 26.Base metals prices on the London Metal Exchange were stable during morning trading on Friday January 26, with recent gains well supported by the weak dollar.Here is how the LME base metals complex looked at 12.18pm London time:For a snapshot of exchange news, check out our live futures report.China's...Read More
China's tin ore and concentrates imports fell 37.7% year on year to 295,421 tonnes in 2017, while its refined tin exports almost doubled to 2,175 tonnes compared with 2016, according to the latest Chinese customs data.Chinese importers said there has been a significant decrease in tin concentrates shipments from Myanmar, where 90% of China's imported material originates, with some market participa...Read More
Brazil's steel slab export prices are holding at historic highs, with producers trying to maintain elevated prices in new offers. Metal Bulletin's weekly assessment of Brazil export slab was $530-540 per tonne fob on Friday January 26, unchanged from the previous week. Offers for Brazilian material were heard starting on $535 per tonne fob, according to sources. But...Read More