The mid-week recovery in China's domestic rebar market turned out to be short-lived with prices dipping on Thursday July 5 after futures fell during the early trading hours.Domestic Eastern China (Shanghai): 3,940-3,980 yuan ($594-600) per tonne, down 10-20 yuan per tonne Northern China (Beijing): 3,870-3,910 yuan per tonne, down 10 yuan per tonne The early-hour losses in the futures market led to...Read More
Base metals on the London Metal Exchange ticked higher across the board during morning trading on Thursday July 5, with lead prices climbing by 1.7% after a fresh 15,000 tonne cancelation in Antwerp. Broad upticks in metal prices come after positive PMI results in China and the United Kingdom (details below) indicate positive business conditions, while a slight retreat in the dollar index has give...Read More
Chinese cobalt metal prices fell to a seven-month low on Wednesday July 4, with buyers taking a step back to watch international prices that have continued to fall in recent weeks. Meanwhile, the gap between suppliers' expectations and buyers' bids widened further after local futures prices dipped to a fresh annual low. Metal Bulletin's spot Chinese domestic cobalt metal price dropped to 530,...Read More
Three-month base metals prices on the London Metal Exchange broadly continued their recent run of weakness on the morning of Thursday July 5. Nickel prices were unchanged, while the rest of the complex was down by between 0.3% for copper ($6,382 per tonne) and 0.7% for aluminium ($2,089 per tonne). Volume has been above average with 8,855 lots traded as at 7:17am London time.This follows a general...Read More
Cobalt trade log including business, bids and offers reported to Metal Bulletin. Unless otherwise stated, all prices are per lb on an in-warehouse basis. Delivered prices are netted back. Metal Bulletin prices Click here for Metal Bulletin's price assessment for low-grade cobalt, in-warehouse, $ per lb Click here for Metal Bulletin's price assessment for high-grade cobalt, in-warehouse, $ per lb I...Read More
Metal Bulletin proposes to amend the delivery timing noted in the specification for its weekly domestic base price assessments for three European domestic stainless steel markets.Metal Bulletin proposes a minimum delivery time of four weeks to reflect the growing divergence in lead times for both flat and long stainless steel products in Europe. Lead times for stainless long products have been rep...Read More
Following a review of its weekly price assessments for stainless steel flat products, Metal Bulletin proposes to discontinue its weekly export price assessment for 2mm grade 304 cold-rolled stainless sheet fob Northern European ports.European exports of commodity-grade stainless steel products such as 2mm grade 304 cold rolled stainless sheet have fallen in recent years amid the strong rise of low...Read More
Metal Bulletin proposes to launch a weekly domestic transaction price assessment for 2mm grade 304 cold rolled stainless sheet delivered in Northern Europe. Metal Bulletin understands from preliminary market engagement that the assessment of an overall transaction price would be a complementary addition to Metal Bulletin's existing pricing coverage of the European stainless market. Subject to mark...Read More
East Asia's stainless steel prices weakened over the past week amid persistently low demand and nickel losses.Metal Bulletin's assessment of prices for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,200-2,300 per tonne cif East Asian ports for the week ended Wednesday July 4, widening downward by $40 per tonne from the previous week.Metal Bulletin's assessment of prices for benchmark...Read More
In his final column for Metal Bulletin, Lord Copper looks over the events that have shaped the metals industry during his tenure and considers and what might be in store over the coming years.ValeteWell, it's been a good run since December 2009 but now has come the parting of the ways. This is the last time Lord Copper will grace the pages - or, rather, the pixels - of Metal Bulletin. Looking back...Read More
In his final column for Metal Bulletin, Lord Copper looks over the events that have shaped the metals industry during his tenure and considers and what might be in store over the coming years.ValeteWell, it's been a good run since December 2009 but now has come the parting of the ways. This is the last time Lord Copper will grace the pages - or, rather, the pixels - of Metal Bulletin. Looking back...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term.Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our market professional survey.Readers can al...Read More
* Euro/dollar stays in tight range in light trading* U.S. public holiday keeps some traders on sidelines* Yuan bounces off 11-month low after Tuesday’s PBOC comments* Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVhBy Tommy WilkesLONDON, July 4 (Reuters) - The euro fell on Wednesday as weaker confidence in the euro zone overshadowed better-than-expected data on business activity, while con...Read More
LONDON (Reuters) - The pound rose on Wednesday after a survey showing Britain’s dominant services industry gained momentum last month fuelled expectations of a Bank of England interest rate rise this summer.After a sluggish start to 2018, the British economy is showing tentative signs of a recovery with surveys this week for the manufacturing, construction and services sectors beating expect...Read More
CALGARY/LONDON (Reuters) - Brent oil rose on Wednesday, driven higher by a threat from an Iranian commander and a drop in U.S. crude inventories for the second week in a row.The price rose above $78 a barrel after an Iranian Revolutionary Guards commander said he was ready to prevent regional crude exports if Iranian oil sales were banned by the United States.The most-active Brent LCOc1 futures co...Read More
NEW YORK/HONG KONG (Reuters) - China’s embattled ZTE Corp (0763.HK) has received a temporary reprieve from the U.S. government to conduct business needed to maintain existing networks and equipment as it works toward the lifting of a U.S. supplier ban.ZTE (000063.SZ), which makes smartphones and networking gear, was forced to cease major operations in April after the United States slapped it...Read More
The impact of America’s historic tax cuts passed in December will be felt in the second quarter, according to economists from CIBC World Markets. The bank expects U.S. second quarter growth to exceed 4%. “While the remainder of the year won’t look as hot, expected strength in business capital spending will be enough to propel 2018 just under 3% growth,” the analysts say. Ho...Read More
(Kitco News) - Rising inflation fears could be the reason why gold is not doing better with the U.S. and China on the brink of a full-fledged trade war, according to the chief economist at CME Group.Although U.S. investors have a small reprieve from trade-war talks as markets are closed in celebration of Independence Day, many are waiting to see what will happen after the holiday. Friday is the U....Read More
The latest news and price moves to start the Asian day on Wednesday July 4.Zinc prices on the London Metal Exchange struggled at the close of trading on Tuesday July 3, falling by 1.1% during the afternoon and dipping below $2,800 per tonne for the first time since August 2017 amid broadly bearish trading conditions. Read more in our live futures report.Here are how prices looked at the close of t...Read More
The latest news and price moves to start the Asian day on Wednesday July 4.Zinc prices on the London Metal Exchange struggled at the close of trading on Tuesday July 3, falling by 1.1% during the afternoon and dipping below $2,800 per tonne for the first time since August 2017 amid broadly bearish trading conditions. Read more in our live futures report.Here are how prices looked at the close of t...Read More