The three-month tin price on the London Metal Exchange improved during morning trading on Tuesday March 24, wiping out Monday's losses in a 5% rally, while copper futures similarly found support in a steady push above $4,800 per tonne. Tin's underlying price on the LME was recently seen at $13,880 per tonne, climbing from Monday's closing price of $13,250 per tonne, while turnover was high, with&n...Read More
China's domestic rebar prices were mixed on Tuesday March 24, with those in the eastern region dipping while the northern market held steady amid fluctuating futures. Eastern China (Shanghai): 3,450-3,480 yuan ($486-490) per tonne, down 10 yuan per tonne Northern China (Beijing): 3,360-3,400 yuan per tonne, unchangedRebar futures dropped to a low of 3,373 yuan per tonne in the first 10 minutes of...Read More
Northern China's hot-rolled coil prices were stable on Tuesday March despite drops in the eastern region, with construction demand keeping the market supported.DomesticEastern China (Shanghai): 3,360-3,380 yuan ($473-476) per tonne, down 10-20 yuan per tonneNorthern China (Tangshan): 3,280 yuan per tonne, narrowing upward by 20 yuan per tonneMills in the northern region kept ex-works prices stable...Read More
The three-month London Metal Exchange tin price has fallen by more than 33% since the start of the year, rendering it the laggard among its peers in a market-wide sell-off that has seen commodity prices tumble. The LME's smallest market however, which today boasts an open interest count of just 19,041 active positions - a three-month low - has some way to go before price recovery, according to mar...Read More
Asian Pacific equity indices and most metals prices are stronger this morning, Tuesday March 24, boosted by a combination of broad-based fiscal and monetary policy, and for the metals, announcements of production cuts. The base metals were for the most part stronger on the London Metal Exchange and Shanghai Futures Exchange, while gold is up too, having rallied by 4.6% on Monday. But, without want...Read More
Minor metals trading house Wogen Resources, which has its headquarters in London, will be the sole distributor in the US market for privately owned Canadian producer Alliance Magnesium, Fastmarkets has heard.The announcement came from Wogen director Laura Bell after Alliance Magnesium closed the funding for construction of a commercial demonstration magnesium plant in the Les Sources region, in th...Read More
South African platinum and chrome miner Tharisa will cease mining after its night shift on Wednesday March 25 in response to a government-imposed three-week lockdown amid the spread of the novel coronavirus (2019-nCoV). President Cyril Ramaphosa announced the lockdown on the evening of Monday March 23, saying all mines would be required to shut down by midnight on Thursday. "Tharisa fully sup...Read More
A two-day lockdown announced on Sunday night in the Democratic Republic of Congo's (DRC) Haut Katanga province has heightened concerns that the spread of the novel coronavirus (2019-nCoV) could affect the supply of copper and cobalt coming from the region. The lockdown prohibits all activity in the province, which, as well as being a production hub, provides a crucial export route for raw material...Read More
Compagnie de Tifnout Tiranimine (CTT) has suspended production at its cobalt mine and plant in Morocco amid a 14-day lockdown in the country aimed at stemming the spread of the novel coronavirus (2019-nCoV), sources close to the matter have confirmed. The shutdown started on Tuesday March 24 and is initially slated to last for two weeks, Fastmarkets understands. The duration could be subject to an...Read More
Producer South32 is in discussions to keep its Hillside aluminium smelter in South Africa running despite the country entering lockdown in response to the coronavirus (2019-nCoV) outbreak.A spokesperson for South32 told Fastmarkets that nothing had yet been agreed with the government."[We are] still in discussions with the government at the moment and nothing is confirmed," a spokesperson said in...Read More
Turkey has requested the intervention of the World Trade Organization's Dispute Settlement Body in connection with steel safeguard measures introduced by the European Union.On Thursday, March 19, the WTO, said that a Turkish delegation had notified the organization that Turkey was deeply concerned by the safeguard measures imposed by the EU on imports of certain steel products...Read More
United States politicians agreed a $2-trillion stimulus package to support the US economy during the ongoing novel coronavirus (nCoV 2019) pandemic, and markets, especially equity markets, have reacted well. The Dow Jones Industrial Average (DJIA) closed up by 11.4% on Tuesday March 24, while Asian Pacific equity indices followed up that positive performance with gains of between 2.7% and 8% this...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 27 points in pre-opening trade. Index futures were virtually unchanged following release of the February Durable Goods Orders report at 8:30 AM EDT. Consensus was a decline of 0.8% versus an upwardly revised gain of 0.1% in January. Actual was an increase of 1.2%. Excluding Transportation Orders, consensus was a drop...Read More
ZINCMINI TIPSZincmini Tips – Zinc Mini Buy Call 224b given at 144.20 CMP 145.60. Low risk taker book 1.40 x 2 lot = 2.80 Points / Rs 2800 Profit. Risk Taker HOLDCALL ID 224b : ZincMini Calls - BUY 2 lot ZincMini March at CMP 144.20 Add more if price 143.10 with SL 141.90 for Target 146 - 147.50 Read More
ZincMini Calls – BUY 2 lot ZincMini March at CMP 144.20 Add more if price 143.10 with SL 141.90 for Target 146 – 147.50 Read More
Here are five Fastmarkets stories you might have missed on Monday March 23 that are worth another look.ArcelorMittal is idling two blast furnaces, in Indiana and Canada, due to the spread of the novel coronavirus (2019-nCoV) and its impact on end markets.South Africa will enter a 21-day nationwide lockdown from midnight on Thursday March 26 and ordered the country's metals and mining operations to...Read More
Metals, mining and alloy producers have been scenario-planning in response to the novel coronavirus. The South African government appears to have just removed all but one option.President Cyril Ramaphosa ordered the country's mineral resources industry to shut underground mines and furnaces from Thursday March 26, unless they can be operated remotely. The shutdown will last for three weeks an...Read More
The London Metal Exchange three-month nickel price continued its downturn up to the close of trading on Monday March 23, falling over 3.5% and dipping below nearby support levels, while tin futures failed to hold on to Friday's gains. Nickel's underlying price on the LME closed at $10,880 per tonne on Monday afternoon, its lowest closing price since December 2018, while turnover was high at more t...Read More
Here are five Fastmarkets stories you might have missed on Monday March 23 that are worth another look.ArcelorMittal is idling two blast furnaces, in Indiana and Canada, due to the spread of the novel coronavirus (2019-nCoV) and its impact on end markets.South Africa will enter a 21-day nationwide lockdown from midnight on Thursday March 26 and ordered the country's metals and mining operations to...Read More
Fastmarkets will continue to provide the price data, news and analytics you rely on in these turbulent times.Dear Colleagues,First and foremost, we hope that you, your family, your friends and your colleagues are keeping well in these uncertain times. Covid-19 has disrupted our economy, our normal work patterns and, for many, our lives. Before I speak to the status of our business continuity...Read More