The latest metal markets news and price moves to start the North American day on Tuesday July 31.Base metals on the London Metal Exchange were broadly rangebound during morning trading on Tuesday July 31, eased by stock drawdowns, cancelations and...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Tuesday July 31. Base metals prices on the Shanghai Futures Exchange were up across the board during morning trading on Tuesday, with a weaker dollar providing broad support to the complex.Check Metal Bulletin's live futures report here. Talison Lithium plans to increase its current lithi...Read More
Base metals on the London Metal Exchange moved higher at the close of trading on Tuesday July 31, supported by easing trade relations between the United States and China amid broad stock drawdowns and a seasonal summer slowdown. Both copper and nickel prices broke past nearby resistance levels in the afternoon rally, with aluminium the only metal to trade in negative territory. Edging back ab...Read More
Comex copper prices recovered after a three day downturn with talks of a strike at Escondida mine spurring the red metal higher.Copper for September settlement on the Comex division of the New York Mercantile Exchange rose 2.30 cents or 0.8% to $2.8150 per lb.With a potential strike looming, production cuts at the Chilean mine have historically affected the...Read More
Seaborne iron ore fines traded at higher prices on Tuesday July 31 while a lump cargo changed hands at a weaker price, Metal Bulletin was told.Metal Bulletin 62% Fe Iron Ore Index: $68.19 per tonne cfr Qingdao, up by $0.54 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $67.17 per tonne cfr Qingdao, up by $0.59 per tonne.Metal Bulletin 58% Fe Premium Index: $55.21 per tonne cfr Qingdao,...Read More
With the trial of suspects involved in the Fanya Metal Exchange finally taking place earlier this month in Kunming, China, concerns of the vast minor metals stocks the exchange held have re-emerged. A two-day public trial took place at Kunming Intermediate People's Court, Yunnan province, on June 30 to July 1, accusing four companies and 21 defendants of violating national law and illegally raisin...Read More
As a result of a technical error, iron ore prices for July 31 were published on the Metal Bulletin price book later than scheduled. Metal Bulletin's price book has been updated and the affected prices are showing as normal. To provide feedback on delayed publication for the iron ore indices, please contact Deepali Sharma by email at: peter.hannah@metalbulletin.com. Please add the subject heading '...Read More
Downward pressure continues to pervade the aluminium scrap market in the United States with no end in sight, with oversupply amplifying fears of further deterioration and sending some prices lower.Aluminium scrap prices have been in a free fall over the last few weeks, prompting suppliers to unload material in what many market participants are describing as a race to the bottom."I am trying t...Read More
The US copper premium maintained its four-year high heading into August, but market participants warned that spot market demand is expected to be sparse until after the Labor Day weekend, when copper consumers will return to the market for annual contract talks.That is a typical scenario, but 2018 has strayed from the norm with US copper premiums rising three times in the past two months amid...Read More
The US Midwest aluminium premium was flat to start this week, with market participants testing the willingness of buyers to pay a premium above 21 cents per lb. American Metal Market's latest assessment of the P1020 spot premium was at 20.25-20.75 cents per lb, unchanged from Friday July 27. The premium had been on an uptick since reaching a post-Section 232-tariff low of 19.5-20.25 cents per...Read More
Indian mining company Vedanta Resources on Tuesday July 31 announced its results for the quarter ended on June 30, revealing record aluminium production.Aluminium: record quarterly production of 482,000 tonnes, up by 37% year-on-year Aluminium production targeting 2 million tonnes in the 2019 financial year (FY), from April 2018 to March 2019, versus 1.675 million tonnes in FY 2018. Al...Read More
A summary of Norilsk's second quarter and first half 2018 production results.Nickel - Q2 production 49,000 tonnes (down 9%)In the second quarter of 2018, consolidated nickel production decreased by 9% quarter-on-quarter. The nickel output from the company's own Russian feed decreased by 8% quarter-on-quarter to 49,000 tonnes.The reduction was due to scheduled annual repairs at its Harjavalta nicke...Read More
The chief aluminium trader at Switzerland-based Mercuria, Erik Bay Gundersen, has left the company with his Europe-centred book being wound down, Metal Bulletin understands.Gundersen took over as head of aluminium in 2015, but departed last week with no direct replacement. Mercuria declined to comment when contacted on Tuesday July 31.Energy and commodities trader Mercuria...Read More
Rebounds...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon as it’s published.S...Read More
Risk sentiment remains sluggish General risk...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest is...Read More
Aluminium LME aluminium continues to consolidate around $2,050...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus...Read More
Earnings at Novolipetsk Steel (NLMK), Russia's largest steelmaker, soared by 52% year-on-year in the second quarter of 2018 on better prices and increased sales volumes, the company said in a financial report on Tuesday July 31.In April-June, NLMK's earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $915 million, against $603 million in the corresponding period last ye...Read More
In this week’s analysis, we aim...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as s...Read More
Fundamentals weaker, but supply still...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as...Read More
Price rebound lacking follow-through buying at the moment... Even though the selling momentum since the June high has started to slow and a price rebound was seen last week, nickel has run into resistance ahead of $14,000 per tonne. The lack of follow-through buying in nickel and the other base metals suggests that overall sentiment is still hesitant, which is understandable given continuing worri...Read More