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
Turkish long steel export prices have gone up over the past week with recovering demand and rising imported scrap costs, sources said on Thursday January 11.Two Turkish mills were heard selling rebar to the United States at $575-580 per tonne fob actual weight, while a small cargo was sold to Africa at $585 per tonne.One of the US cargoes weighed 35,000 tonnes, while the other's tonnage was not cl...Read More
Germany-based steel distributor Kl??ckner & Co is looking for a potential buyer for its Brazilian arm, several sources have told Metal Bulletin.The company has hired advisory firm Clairfield to seek an investor to purchase its assets in the country, according to sources and a document seen by Metal Bulletin.The decision comes after Kl??ckner developed a plan to focus on business with higher margin...Read More
Egypt's steel billet import prices increased this week, while domestic rebar prices remained unchanged in the week to Thursday January 11. Egypt's steel billet import prices increased this week, while domestic rebar prices remained unchanged in the week to Thursday January 11. "There [has been] no buying this week. People want to wait and see,"...Read More
Turkish long steel producer Kardemir opened its domestic long steel sales book on Thursday January 11 and closed it again just two hours later, sources told to Metal Bulletin.Kardemir cut its rebar price by TRY30 ($8) per tonne to TRY2,170 ($573) per tonne ex-works for 12-32mm...Read More
Molybdic oxide and ferro-molybdenum prices have been underpinned over the past week due to steady trading rates, buoyant conversion costs and strong underlying consumption in the steel sector, which is expected to persist in the near term.Molybdic oxide prices have pared gains slightly in the second week of trading in 2018, with the market at $11-11.30 per lb, in-warehouse Rotterdam on Wednesday J...Read More
Key data from Metal Bulletin's Wednesday January 10 pricing session in China.Tungsten concentrates 65% WO3 in warehouse China RMB/tonne Key drivers: - Ammonium paratungstate (APT) smelters in Ganzhou, Jiangxi province are still running low operation rates. - Demand for tungsten concentrates from APT smelters decrease, so [domestic] tungsten concentrates prices dipped slightly. Key quotes: - "...Read More
Key data from Metal Bulletin's Wednesday January 10 pricing session in China.Molybdenum concentrate MB Chinese free market, 45% Mo, in-warehouse China, RMB/mtuKey drivers: - Low availability continues in China. - Suppliers held back from selling. - Prices of ferro-molybdenum in international markets rose further. Key quotes: "A deal for 224...Read More
South African manganese ore shipments have more than doubled in five years, coming in at just under 14.7 million tonnes in 2017, early indications suggest. Shipping trends show shipments from the country rose by 25% in 2017 compared with 2016, when the figure was 11.7 million tonnes.In 2012, South African exports narrowly exceeded 7 million tonnes. High manganese ore prices since mid-late 2016 hav...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreRio Tinto, tender, 170,000 tonnes of 61% Fe Pilbara Blend fines, sold...Read More
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