Base metals prices on the London Metal Exchange were mostly higher during morning trading on Friday January 12, with zinc continuing to edge higher. The three-month zinc price hit a high of $3,409 per tonne already this morning - the highest since August 2007. "Momentum-based indicators show a strong uptrend in motion. A fresh 2018 high is likely to occur in the coming days," Boris Mikanikrezai, M...Read More
Base metals prices on the London Metal Exchange are generally higher this morning, Friday January 12, with prices fairly uniformly up between 0.5% and 0.6% - apart from tin prices that are down 0.1% at $20,159 per tonne. Three-month copper prices are up by 0.5% at $7,167 per tonne and zinc prices have been as high as $3,405 per tonne, which is a fresh multi-year high.Volume has been average, with...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ? SHFE zinc stood out from the performance of other nonferrous metals with a 0.8% rise today, while nickel was down close to 2% and lead down 1%. Copper and aluminium both edged down 0.5%.The ferrous complex remained weak with iron ore down over 2% and rebar down 1.6%. Coking coal and hot-rolled coil were down some 1.4% and coke closed 0.7% lower.Copper: SHFE copper was...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ? SHFE zinc stood out from the performance of other nonferrous metals with a 0.8% rise today, while nickel was down close to 2% and lead down 1%. Copper and aluminium both edged down 0.5%.The ferrous complex remained weak with iron ore down over 2% and rebar down 1.6%. Coking coal and hot-rolled coil were down some 1.4% and coke closed 0.7% lower.Copper: SHFE copper was...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ? SHFE zinc stood out from the performance of other nonferrous metals with a 0.8% rise today, while nickel was down close to 2% and lead down 1%. Copper and aluminium both edged down 0.5%.The ferrous complex remained weak with iron ore down over 2% and rebar down 1.6%. Coking coal and hot-rolled coil were down some 1.4% and coke closed 0.7% lower.Copper: SHFE copper was...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ?Copper inventory in Shanghai bonded area stood at 481,000 mt for the week ending Friday January 12, up from 480,200 mt last week. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@smm.cn Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade.Index futures moved lower following release of economic news at 8:30 AM EST. Consensus for December Consumer Prices was an increase of 0.1% versus a gain of 0.4% in November. Actual was an increase of 0.1%. Excluding food and energy, December Consumer Prices was an increase of 0.2% versus a g...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ?Copper: LME copper is expected to trade at $7,065-7,200/mt today with support at the 20-day moving average while the SHFE 1803 contract is to trade at 54,200-55,300 yuan/mt. In the spot market, the premiums are set to be firmer at flat to 50 yuan/mt today.Zinc: LME zinc is aiming for $3,400/mt against the backdrop of good fundamentals in the international market. We se...Read More
Operations at Sumitomo Corp’s Ambatovy nickel mine in Madagascar were suspended on January 4 before hurricane Ava hit, the company said on Thursday January 11.Some equipment has been damaged but the maintenance work has started. The company expected the repairing work to finish by the end of January while production would be halted during the time, Reuters reported.This would have some impac...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ?China’s imported unwrought copper reached 4.69 million mt in 2017, down 5.2% from levels seen in 2016.The import volume in December stood at 450,000 mt, down 4.3% from a month ago and down 8.2% from December 2016. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, pleas...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ?Copper: LME copper is expected to trade at $7,065-7,200/mt today with support at the 20-day moving average while the SHFE 1803 contract is to trade at 54,200-55,300 yuan/mt. In the spot market, the premiums are set to be firmer at flat to 50 yuan/mt today.Zinc: LME zinc is aiming for $3,400/mt against the backdrop of good fundamentals in the international market. We se...Read More
SHANGHAI, Jan 12 (SMM)? 1/4 ?Copper: LME copper is expected to trade at $7,065-7,200/mt today with support at the 20-day moving average while the SHFE 1803 contract is to trade at 54,200-55,300 yuan/mt. In the spot market, the premiums are set to be firmer at flat to 50 yuan/mt today.Zinc: LME zinc is aiming for $3,400/mt against the backdrop of good fundamentals in the international market. We se...Read More
European stainless steel base prices have been largely stable over the past week, with market activity improving after seasonal holidays, sources told Metal Bulletin on Friday January 12.Metal Bulletin's weekly base price assessment for 2mm, grade-304 CR stainless steel sheet narrowed downward by ?,?10 per tonne to ?,?1,060-1,120 ($1,271-1,343) per tonne delivered in Northern Europe on Friday, com...Read More
Domestic prices for ferrous scrap in Italy increased by ?,?10-15 ($12-18) per tonne this month following the positive trend in the international market, sources told Metal Bulletin.Metal Bulletin's monthly price assessment for domestic grade E3 scrap in Italy was ?,?290-310 ($348-372) per tonne delivered in January, up from ?,?275-295 per tonne delivered. And Metal Bulletin's monthly pri...Read More
Aluminium spot foundry alloys premiums were steady in the United States and slightly higher in Europe, with both markets bullish about the year ahead.US foundry alloy premium flat on quiet 2018 startThe latest assessment of the US foundry alloy premium was unchanged at 9-11 cents per pound, which market participants attributed to a slow start in the spot market thus far this year."We haven't seen...Read More
Major cable maker Nexans has acquired a Denmark-based wind turbine cable kit provider to tap into the expanding wind power sector, the company said on Thursday January 11.The Paris-based company has bought a controlling interest in BE CableCon, a supplier of cable kits for some of Europe's major wind turbine companies and a sub-contractor of Nexans' own kitting projects, according to a company sta...Read More
Marco Cumbo Nacheli has joined warehousing company Pacorini Global Services (PGS) where he will have responsibility for corporate business development, he told Metal Bulletin on Friday January 12.He joins Mario Casciano and Daniel Saez and has plans to "continue to expand the PGS global footprint in all regions across the globe," he said in an emailed statement.Cumbo Nacheli was the global he...Read More
Base metals prices on the London Metal Exchange closed the week on divergent paths today, Friday January 12, with aluminium leading the upside.The three-month aluminium price closed above $2,200 per tonne for the first time since the first trading day of the year. 16,000 tonnes of aluminium was freshly cancelled at LME-listed warehouses this morning, which supported prices. "Strong Chinese trade f...Read More
China, the world's largest copper consuming country, imported 4.69 million tonnes of unwrought copper in 2017, down 5.7% from a year ago, according to the latest customs data.The amount of unwrought copper brought into the country in 2016 was 4.95 million tonnes. The drop stands in contrast to the rising domestic copper production. For the first ten months...Read More
Operations at Glencore's Pasar copper smelter in Philippines have been suspended since last week due to a technical failure, a source at the company confirmed to Metal Bulletin on Friday January 12. "There has been an equipment failure at the plant related to the cooler (and relevant controls have already kicked in) and operations have been suspended," the source said. It is not yet known when the...Read More