Iron ore prices rose just above $79 per tonne cfr China on Thursday January 11 following news of a cyclone developing off the coast of Western Australia resulting in the closure of the Port of Port Hedland.Metal Bulletin's 62% Fe Iron Ore Index Today: $79.08 per tonne cfr Qingdao Daily change: up by $0.77 per tonne Month-to-date average: $77.08 per tonne Metal Bulletin's...Read More
Base metals prices on the London Metal Exchange are generally higher this morning, Thursday January 11, with aluminium leading the way with a 0.8% gain to $2,203 per tonne, while tin is the one bucking the trend with a 0.3% decline. Nickel prices are unchanged, while the rest are up by between 0.2% and 0.4%, with copper prices up by 0.3% at $7,169 per tonne.Volume has been average, with 6,933 lots...Read More
SHANGHAI, Jan 11 (SMM) – Nonferrous metals traded up for the most part today with SHFE aluminium leading the gains with 1.2% rise and nickel up 1%. Copper and zinc also edged up slightly while SHFE lead was down 0.56%.The ferrous complex saw coking coal finish higher by 0.73% while rebar and hot-rolled coil also registered rises. Coke dropped 0.49% and iron ore slipped 0.36%.Copper: SHFE cop...Read More
SHANGHAI, Jan 11 (SMM) – Nonferrous metals traded up for the most part today with SHFE aluminium leading the gains with 1.2% rise and nickel up 1%. Copper and zinc also edged up slightly while SHFE lead was down 0.56%.The ferrous complex saw coking coal finish higher by 0.73% while rebar and hot-rolled coil also registered rises. Coke dropped 0.49% and iron ore slipped 0.36%.Copper: SHFE cop...Read More
SHANGHAI, Jan 11 (SMM) – Nonferrous metals traded up for the most part today with SHFE aluminium leading the gains with 1.2% rise and nickel up 1%. Copper and zinc also edged up slightly while SHFE lead was down 0.56%.The ferrous complex saw coking coal finish higher by 0.73% while rebar and hot-rolled coil also registered rises. Coke dropped 0.49% and iron ore slipped 0.36%.Copper: SHFE cop...Read More
SHANGHAI, Jan 11 (SMM)? 1/4 ? The decline in nickel ore shipments to China from the Philippines was mainly due to bad weather in Tawi-Tawi while the impact of environmental protection issues in Zambales was rather small.News reports suggested that four nickel ore miners in Zambales were involved in local environmental disputes and shipments from the region have been affected. The four companies we...Read More
Equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade. Index futures were virtually unchanged following release of economic news at 8:30 AM EST.Consensus for Weekly Jobless Claims was a drop to 245,000 from 250,000 last week. Actual was 261,000. Consensus for December Producer Prices was an increase of 0.2% versus a gain of 0.4% in November. Actua...Read More
SHANGHAI, Jan 11 (SMM)? 1/4 ? Trading in China’s physical imported copper market is likely to stay thin until Chinese New Year with spot premiums under pressure, SMM believes.SMM’s Yangshan copper premium with warehouse warrant dropped to $75.5/mt on Thursday January 11, lowest level since late October last year. This is mainly due to weaker import demand and the close of arbitrage win...Read More
SHANGHAI, Jan 11 (SMM)? 1/4 ?Copper: LME copper sees support at $7,100/mt and is expected to trade at $7,100-7,200/mt today, while the SHFE 1803 copper is expected to trade at 54,600-55,500 yuan/mt. Spot premiums are set to be stable today at flat to 50 yuan/mt with the approaching futures delivery.Zinc: LME zinc remained firm with low inventory. We expect it to trade between the five-day and 10-d...Read More
SHANGHAI, Jan 11 (SMM)? 1/4 ?Copper: LME copper sees support at $7,100/mt and is expected to trade at $7,100-7,200/mt today, while the SHFE 1803 copper is expected to trade at 54,600-55,500 yuan/mt. Spot premiums are set to be stable today at flat to 50 yuan/mt with the approaching futures delivery.Zinc: LME zinc remained firm with low inventory. We expect it to trade between the five-day and 10-d...Read More
NAFTA jitters at 2:00 PM EST StockTwits Released Yesterday @EquityClockTechnical action by S&P 500 stocks to 10:00: Bearish. Breakouts: $ZION $ISRG. Breakdowns: $ADM $COST $KMB $SLG $PSA $XRAY $CCI $AEE $CMS $ETR.Editor's Note: After 10:00 AM EST, breakouts included FITB, FIS, MS, BHF, UNM, PBCT, IPG, SBUX. Breakdowns included DLR, AIZ, AMT, MHK and INTCRegional Bank ETF $KRE moved above...Read More
SHANGHAI, Jan 11 (SMM)? 1/4 ?Copper: LME copper sees support at $7,100/mt and is expected to trade at $7,100-7,200/mt today, while the SHFE 1803 copper is expected to trade at 54,600-55,500 yuan/mt. Spot premiums are set to be stable today at flat to 50 yuan/mt with the approaching futures delivery.Zinc: LME zinc remained firm with low inventory. We expect it to trade between the five-day and 10-d...Read More
Operations at Glencore's Pasar copper smelter have been suspended since last week due to a leakage in the sulfuric acid plant, Metal Bulletin has learned.The smelter consumes 720,000 tonnes per year of copper concentrates. Part of the feed comes from Freeport's Grasberg copper mine in Indonesia. Glencore will continue to receive the feed, a well-informed source told Metal Bulletin. At least two sh...Read More
Comex copper prices inched higher Thursday January 11 morning in the US due to a weaker dollar in an overall shallow market.Copper for March settlement on the Comex division of the New York Mercantile Exchange increased 0.55 cents or 0.2% to $3.2410 per lb. The dollar has softened gradually since mid-December and was recently trading at a one-week low of 91.94 on the...Read More
Base metals prices on the London Metal Exchange were mostly lower at the close on Thursday January 11, with nickel prices falling 2%. The three-month nickel price hit a fresh two-and-a-half-year high at $13,200 per tonne yesterday above $13,000 per tonne, but could not sustain the rally for a second day. "A large overhead tail on yesterday's candlestick suggests the run higher in prices encountere...Read More
Annual refining charges (RCs) for imported blister copper, an intermediate product of refined copper production, have increased slightly this year while China's copper smelters are looking to import more material to fill the supply gap arising from the drastic cut in copper scrap import quotas.Expectations of rising supply have boosted RCs for imported blister copper, normally 97-99% copper conten...Read More
There were no queues at London Metal Exchange-approved warehouses in December for any metal, according to data released by the exchange this week. In November, just one queue remained at LME warehouses. ISTIM Metal LLC in New Orleans had an eight-day queue for copper, lead, aluminium and zinc. This follows the end of the infamous Access World Vlissingen queue in September 2017 after six years...Read More
The latest metal markets news and price moves to start the North American day on Thursday January 11.Base metals prices on the London Metal Exchange continued to strengthen during morning trading, with zinc prices leading the pack.The three-month zinc price hit a high of $3,375 per tonne and looks set to push toward the $3,400 per tonne resistance barrier. It is being supported by further cancelat...Read More
Asian zinc premiums have increased for 2018 contracts, compared with a year ago, on the back of supply tightness concerns, multiple sources told Metal Bulletin.The bulk of China contracts for 2018 have been settled at premiums of $155-165 per tonne on cif Shanghai basis, up around $20 per tonne from 2017, according to Metal Bulletin's assessment. "The Shanghai import arbitrage opened twice in 2017...Read More
Brazilian steel mill CSN increased its flat steel prices to the local distribution chain by 12% on Wednesday January 10, according to sources involved in the negotiations.The upswing was blamed on higher input costs and rising steel prices in the global market, mostly in China."Final import prices were higher than local ones," a Brazilian market participant said.The adjustment...Read More