Base metals prices were on divergent paths at the close on the London Metal Exchange on Tuesday January 2 while most prices tried to consolidate recent gains. Zinc was one of the strongest performers today, hitting a high of $3,352 per tonne - the highest since August 2007. Lead followed its sister metal higher, closing up 2%. "Zinc has opened 2018 in a bullish mood; still, falling LME stocks sugg...Read More
Comex copper prices consolidated in the US morning on Tuesday January 2 after trading around a four-year high at the end of 2017. Copper for March settlement on the Comex division of the New York Mercantile Exchange dipped 1.20 cents or 0.4% to $3.2885 per lb. Earlier today, prices were in positive territory after Chinese manufacturing data surprised to the upside. But after closer inspection and...Read More
Prices in China for hot-rolled coil narrowed upward in Shanghai on Tuesday January 2 following the rising paper market, but dipped in Tianjin on poor demand.DomesticEastern China (Shanghai): 4,290-4,310 yuan ($658-661) per tonne, narrowed upward by 10 yuan per tonneNorthern China (Tianjin): 4,150-4,180 yuan per tonne, down by 20 yuan per tonneThe northern Chinese market remained weak amid poor dem...Read More
SHANGHAI, Jan 2 (SMM)? 1/4 ? Nonferrous metals were mixed on the first trading day of 2018 with nickel outperforming others with a 2% rise. Zinc and tin rose around 1% while lead dropped 0.73% and copper dropped 0.63%.On the other hand, iron ore led the ferrous complex with a 2.6% gain. Rebar, coking coal and hot-rolled coil all rose some 2%, while coke was up over 1%.Copper: Copper saw the techni...Read More
SHANGHAI, Jan 2 (SMM)? 1/4 ? Nonferrous metals were mixed on the first trading day of 2018 with nickel outperforming others with a 2% rise. Zinc and tin rose around 1% while lead dropped 0.73% and copper dropped 0.63%.On the other hand, iron ore led the ferrous complex with a 2.6% gain. Rebar, coking coal and hot-rolled coil all rose some 2%, while coke was up over 1%.Copper: Copper saw the techni...Read More
Base metals traded on the London Metal Exchange are for the most part consolidating this morning, Tuesday January 2, with lead the exception where prices are up 0.6% at $2,514 per tonne. The rest are little changed with copper prices at $7,254 per tonne, but trading volume has been high at 11,821 lots as of 7.30am London time. This comes after an overall positive close to the year on Friday Decemb...Read More
SHANGHAI, Jan 2 (SMM)? 1/4 ? Nonferrous metals were mixed on the first trading day of 2018 with nickel outperforming others with a 2% rise. Zinc and tin rose around 1% while lead dropped 0.73% and copper dropped 0.63%.On the other hand, iron ore led the ferrous complex with a 2.6% gain. Rebar, coking coal and hot-rolled coil all rose some 2%, while coke was up over 1%.Copper: Copper saw the techni...Read More
Jinchuan Group’s nickel smelter caught fire due to organic solvent on the New Year’s Eve, and about 10,000 mt of output is estimated to be affected, SMM learned.While the company was still assessing the impact, some parts of the plant may be rebuilt and it is estimated to take at least three months. Some 30,000 mt of its annual capacity, which stands at 150,000 mt, is set to be impacte...Read More
Copper foil price is set to go up further as global deficit of the raw material for lithium-ion battery is estimated to increase to 10% in 2018, according to information provider cableabc.com.Global supply of copper foil for lithium-ion battery is forecast to be 146,000 mt but demand stands at 161,000 mt. The deficit has widened from 90,000 mt of supply and 91,000 mt of demand in 2015.Higher coppe...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade. Index futures are benefiting from positive money flows coming from individual investors deploying yearend bonuses and from institutional in investors deploying quarter end premium receipts.L Brands added $1.18 to $61.40 after Beard upgraded the stock to Outperform. Target was raised to $7...Read More
SHANGHAI, Jan 2 (SMM)? 1/4 ? Zinc prices are set to remain firm at the start of this year but they are forecast to slide in the second half of 2018 with better balance seen between supply and demand, SMM believed.We forecast the LME three-month zinc price to trade at $2,450-3,500/mt in 2018, and the SHFE zinc at 20,500-29,700 yuan/mt.In 2017, zinc prices surged over 20% and hit 10-year high due to...Read More
The Caixin manufacturing purchasing managers' index (PM) hit 51.5 points in December, setting a new high in four months and beating the expectation at 50.7 points. It was also higher than November’s 50.8 points.A reading above 50 indicates expansion, while a reading below that signals contraction. The article is edited by SMM and is provided for informa...Read More
The Caixin manufacturing purchasing managers' index (PM) hit 51.5 points in December, setting a new high in four months and beating the expectation at 50.7 points. It was also higher than November’s 50.8 points.A reading above 50 indicates expansion, while a reading below that signals contraction. The article is edited by SMM and is provided for informa...Read More
The Caixin manufacturing purchasing managers' index (PM) hit 51.5 points in December, setting a new high in four months and beating the expectation at 50.7 points. It was also higher than November’s 50.8 points.A reading above 50 indicates expansion, while a reading below that signals contraction. The article is edited by SMM and is provided for informa...Read More
SHANGHAI, Jan 2 (SMM)? 1/4 ?Copper: LME copper is set to see a correction following 15 consecutive days of increase and bulls taking profits. While it is expected to trade at $7,180-7,320/mt today, the SHFE 1803 copper is expected to trade at 55,200-56,000 yuan/mt. Trading liquidity in the spot market is set to recover and we see discounts at 220-150 yuan/mt today.Aluminium: LME aluminium set a ne...Read More
SHANGHAI, Jan 2 (SMM)? 1/4 ?Copper: LME copper is set to see a correction following 15 consecutive days of increase and bulls taking profits. While it is expected to trade at $7,180-7,320/mt today, the SHFE 1803 copper is expected to trade at 55,200-56,000 yuan/mt. Trading liquidity in the spot market is set to recover and we see discounts at 220-150 yuan/mt today.Aluminium: LME aluminium set a ne...Read More
SHANGHAI, Jan 2 (SMM)? 1/4 ?Copper: LME copper is set to see a correction following 15 consecutive days of increase and bulls taking profits. While it is expected to trade at $7,180-7,320/mt today, the SHFE 1803 copper is expected to trade at 55,200-56,000 yuan/mt. Trading liquidity in the spot market is set to recover and we see discounts at 220-150 yuan/mt today.Aluminium: LME aluminium set a ne...Read More
The Turkish deep-sea scrap market remained silent on Tuesday January 2, as suppliers remained out of the market, sources told Metal Bulletin.Steel mills in the country paused their deep-sea bookings two weeks ago, but are expected to book more cargoes for February.However, suppliers have stayed away during the New...Read More
Turkey's ministry of economy removed the country's import duty on rebar on Monday January 1, sources told Metal Bulletin this week.The ministry had previously cut the import tax to 10% from the previous 30% on July 28, due to high domestic rebar prices.Metal Bulletin's weekly price assessment for domestic...Read More
Brazil's primary aluminium export volumes dropped 24.1% year on year in December, according to preliminary figures released by the country's foreign trade ministry, MDIC, on Tuesday January 2.Shipments totaled 19,489 tonnes last month, down from 25,683 tonnes in December 2016. This was also a decline from November 2017's level of 20,821 tonnes, according to...Read More