Zinc's three-month price on the London Metal Exchange climbed by more than 2% during morning trading on Thursday June 6, breaching its nearby $2,500 per tonne resistance level while the metal's forward spreads begin to show signs of easing. Volumes traded in the galvanizing metal were strong over the morning, topping the complex with more than 6,500 lots exchanged as at 9.45am London time. Prompti...Read More
One disappointment after another in the world of trade and economic data, with the only relief coming in the form of potential for easier monetary policy, makes for a gloomy outlook.The outlook could be saved if a trade deal arrives soon, otherwise it looks like the global economy is being wounded as it suffers one blow after another.International Monetary Fund cuts its 2019 economic growth foreca...Read More
Key data from the Wednesday June 5 pricing session in China. Key driversChinese cobalt sulfate price stabilizes due to producers' efforts to keep their offer prices steady. Consumer demand remains weak amid uncertainty surrounding electric vehicle (EV) sales in the second half of 2019. Chinese battery and battery materials manufacturers have slowed their operations while they await greater clarity...Read More
Key data from the Wednesday June 5 pricing session in Europe.Key drivers Thin demand in Europe for both grades of the material.A call from the antimony branch of the China Nonferrous Metals Industry Association asking major producers in the country to reduce output in a bid to reverse price weakness could...Read More
Trade log for cobalt sulfate in China including transactions, bids and offers reported to Fastmarkets MB. Fastmarkets MB prices Click here for Fastmarket MB's price assessment for cobalt sulfate, Co 20.5% basis, China ex-works, yuan/tonne Click here for Fastmarket MB's price assessment for the cobalt sulfate, Co 20.5% basis China ex-works, adjustment to the standard-grade cobalt low-end price,...Read More
Import prices for stainless steel in East Asia declined slightly over the past week amid lackluster demand and expectations of further price decreases later this month."Demand for stainless steel in China usually falls in the summer months starting in June, possibly due to weaker downstream demand," a trader in East China said."With the price of nickel trending downward, stainless steel prices are...Read More
Domestic stainless steel prices in China decreased over the past week amid softer demand. The Fastmarkets MB domestic price assessment for benchmark 304 stainless cold-rolled coil in the major market of Wuxi was 13,850-14,250 yuan ($2,004-2,062) per tonne including value-added tax for the week ended Wednesday June 5, down 100-150 yuan per tonne from a week earlier. Buyers expecting a further price...Read More
Despite the world of trade and economic weakness still very much in focus, markets have generally managed to do some consolidating, although with the gold price holding above $1,320 per oz, haven assets remain in demand. We still see the global economy as wounded and it will need a US-China trade deal to see it recover.Base metals Three-month base metals prices on the London Metal Exchange were fo...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.Index futures moved lower following release of the May employment report released at 8:30 AM EDT. Consensus for May Non-farm Payrolls was 180,000 versus 263,000 in April. Actual was 75,000. Consensus for May Unemployment Rate was unchanged from April at 3.6%. Actual was 3.6%. Consensus for...Read More
The benchmark copper price London Metal Exchange ended 1.5% lower on Wednesday June 5, leading the rest of the base metals lower.The three-month copper price closed at $5,807 per tonne, not far above its 2019-to-date low of $5,725 per tonne. "Our technical indicators suggest LME copper is still in a prevailing downtrend. We would not be surprised by renewed selling pressure," Fastmarkets base...Read More
Tin flows into the London Metal Exchange late in May and June are beginning to put pressure on tin premiums basis the regions we follow, with the US ingot premiums narrowing downward on Tuesday June 4. An additional influx to LME Baltimore warehouses pressured US premium down. European premiums hold with futures prices closer to today's. Chinese premiums extend lengthy flatline trend....Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday June 5. Please click...Read More
Here are five Fastmarkets MB stories you might have missed on Wednesday June 5 that are worth another look.Nickel market analysts were resolutely bearish during a pricing panel at Fastmarkets' seventh International Nickel conference in Amsterdam on Wednesday June 5, forecasting that the London Metal Exchange three-month nickel price is unlikely to breach $13,000 per tonne this year. ArcelorMittal...Read More
The global alumina market has become more sentiment-driven over the past year and knee-jerk reactions have become more common, market sources told Fastmarkets.A significant part of this change was a consequence of the chaos that developed in the market after producer Norsk Hydro was compelled to declare force majeure at its Alunorte alumina refinery in Brazil in March 2018."If I look back, this is...Read More
Producer Norsk Hydro's underlying earnings before interest and taxes (Ebit) was Nkr 559 million ($64.3 million) in the first quarter of 2019, down from Nkr 3.147 billion in the same quarter last year. The company said the decline of over 80% mainly reflected lower realized aluminium prices, higher raw material costs and the effects of the production curtailment at its Alunorte alumina refinery. Un...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
Key data from the Wednesday June 5 pricing session in Europe.Key drivers- The European ferro-titanium price fell for the second consecutive week after six weeks of stability. - Demand for ferro-titanium was muted short term, although one source said it had picked up over the past week.- One...Read More
Prices for rebar produced and delivered in Southern Europe widened upward by ?,?5 per tonne on Wednesday June 5 on limited trading, but weak demand continued, market participants told Fastmarkets.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe rose to ?,?495-515 ($557-579) per tonne delivered on Wednesday from ?,?495-510 per tonne delivered on May 29."The price has...Read More
Turkish mills continued their absence from the deep-sea scrap market on Wednesday June 5 while the country was on the week-long Eid al-Fitr public holiday, sources told Fastmarkets.The market will remain subdued for the remainder of the week while Turkey marks the end of the period of abstinence for the Islamic holy month of Ramadan.As a result of the lack of...Read More
Nervousness in markets has temporarily eased following dovish comments from US Federal Reserve chairman Jerome Powel that suggested the Fed may be prepared to cut interest rates to sustain growth. This has lifted equity prices on Wednesday June 6 and that has flowed through to some of the metals. World Bank lowers global growth forecast for 2019 to 2.6%, from its 2.9% call in January Dov...Read More