Prices for seaborne premium hard coking coal sold into China picked up on Tuesday July 31, though market participants remained bearish, mostly due to ongoing port congestion in the country.A cargo of a top Australian brand and another of premium mid-vol materials, both with a September laycan, were traded at $186.88 per tonne cfr China and $178.36 per tonne cfr China respectively via a tender duri...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday July 31*Copper -$69.25 (-473.71 yuan) Aluminium -$461.80(-3,159.20yuan) Zinc -$21.98 (-150.35 yuan) Nickel -$263.85 (-1,804.98 yuan) *Metal Bulletin calculates the physical arbitrage for import into China daily...Read More
Base metals on the London Metal Exchange were broadly range-bound during morning trading on Tuesday July 31, eased by stock drawdowns, cancelations and a weaker US dollar index while trade tensions keep investors guarded. "While the effects of the trade dispute are now noticeable - import tariffs on Chinese products worth $34 billion have been in place in the US since July 6," Commerzbank Research...Read More
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
Glencore produced 16,700 tonnes of cobalt in the first half of the year, up 31% compared with a first half of 2017.Increased production from the company's African copper assets (Katanga, Mutanda and Mopani) accounted for the bulk of the rise; the assets produced 14,800 tonnes of cobalt in the first six months of 2018, versus 11,200 tonnes a year earlier. The increase is attributable to the ramp-up...Read More
China's steel futures strengthened during morning trading on Tuesday July 31 following the release of monthly spot market inventory data showing a sustained decrease for Chinese rebar, while the raw materials contracts declined during the session.Futures closing prices - morning sessionShanghai Futures Exchange October rebar: 4,171 yuan ($612) per tonne, up 35 yuan per tonneOctober hot-rolled coil...Read More
China's crude stainless steel output increased 13% in the first half of year of 2018 amid healthy profit levels among mills and a steady increase in demand. Stainless steelmakers in the country produced 13.64 million tonnes of crude stainless steel during the period, up 1.59 million tonnes from an adjusted 12.05 million tonnes in the first half of last year, according to data released by the China...Read More
World silico-manganese supply dropped 7.2% in June compared with May, largely due to production cuts in China following environmental inspections, the latest data from the International Manganese Institute (IMnI) shows. World supply came in at 1.23 million tonnes in June, also representing an increase of 15.3% compared with the same month of 2017.All global regions except Europe recorded year-on-y...Read More
A crackdown on the quantities of waste included with scrap material imported into China has created a global glut in scrap supply, pushing down achieved prices in the European ferrous and non-ferrous markets.China submitted a document to the World Trade Organization in July last year informing the group that it would no longer take in any "foreign garbage" alongside commodities, including such as...Read More
Unionized workers at the Escondida copper mine in Chile are likely to vote unanimously to strike when ballots are counted on August 1, union officials told Metal Bulletin."60% of our associates have already voted, which means workers are more united than ever, giving their full support to union representatives and the call to vote strike," officials from Escondida's main union, Sindicato No1, in a...Read More
Prices for domestic and imported rebar in the United Arab Emirates decreased on Tuesday July 31, with demand limited for seasonal reasons, sources told Metal Bulletin.Domestic rebar producers announced reduced prices last week, while import prices for rebar also fell.Domestic rebarThe biggest steel producer in the country, Emirates Steel, is offering rebar at 2,178 dirhams ($593) per tonne ex-work...Read More
As we start this week -- traders, investors, and market technicians are waiting for the monthly FOMC meeting to commence. Beginning tomorrow and concluding on Wednesday, the Federal Reserve will meet. Market participants will be listening for any indication as to the direction of the Fed’s monetary policy.Currently, it is widely acknowledged that the Federal Reserve has moved into a more haw...Read More
(Reuters) - The Nasdaq Composite fell more than 1 percent on Monday for the third straight session, as disappointing forecasts from a clutch of technology and internet companies fueled worries about the continued growth of the high-flying tech sector.Gains by energy companies, as oil prices rose, and bank stocks ahead of the Federal Reserve meeting helped the benchmark S&P 500 cut its losses.T...Read More
(Kitco News) - Gold prices are slightly down in early-afternoon U.S. trading Monday. Meantime, silver prices posted slim gains. Both metals visited both sides of unchanged today in lackluster summertime trading. December gold futures were last down $1.10 an ounce at $1,231.60. September Comex silver was last up $0.037 at $15.53 an ounce.The gold and silver markets remain in the grips of the chart-...Read More
(Kitco News) - Fund managers increased their net bearish positioning in gold and silver futures as the amount of fresh selling overwhelmed fresh buying, according to the most recent weekly data from the Commodity Futures Trading Commission.In fact, these accounts now hold a record bearish position in gold futures, numerous analysts pointed out.“Speculative financial investors are thus contin...Read More
(Kitco News) - Gold prices are relatively unchanged on the day, seeing little movement despite some momentum in the housing sector as more consumers commit to buying homes in June, according to the latest data from the National Association of Realtors (NAR).Monday, the association said that its pending home sales index rose 0.9% in June to a reading of 106.9, compared to May's drop of 0.5%. T...Read More
All eyes in the gold market will be on meetings of the Federal Open Market Committee and other central banks this week, as well as the monthly U.S. jobs report on Friday, says Commerzbank. Fed rate hikes or hawkish commentary, as well as strong jobs data, tend to undercut gold, and vice-versa. However, rate hikes in other nations could help gold by hurting the U.S. dollar. “Market participan...Read More
(Kitco News) - We have all heard the story of Goldilocks and the Three Bears. Certainly gold has been in a bear market. As we search for a reason to buy, gold appears to have some more room to the downside. However, this doesn't mean we can't find a reason to buy for a trade and capitalize on a short-term pop.For weeks, every rally has failed and been a selling opportunity. We don't see that chang...Read More
(Kitco News) - Gold is hanging on, with minor volatility overnight. The $1,218-1,220 level was again tested overnight but with little enthusiasm. Traders are probing for weak longs. The market is now awaiting the Federal Open Market Committee meeting which begins tomorrow. It is not expected that the Fed will raise rates at this meeting, but if they do, gold will be sold aggressively. The most lik...Read More
Steel billet prices in the global markets remained steady or went up slightly during the week from Monday July 23 to Friday July 27. But demand in the major markets was still subdued, with the exception of China.AsiaBillet prices in China were 3,790 yuan ($558) per tonne on July 27, up by 70 yuan per tonne from the previous Friday.The inventory for the product in Tangshan was 310,000 tonnes on Fri...Read More