Three-month base metals prices on the London Metal Exchange were split into two camps on the morning of Thursday June 7, with copper leading aluminium and nickel higher, while the rest were little changed to weaker. The three-month LME copper price, up by 0.6% at $7,281 per tonne, continues to be supported by supply-side fears stemming from labor negotiations at Chile’s Escondida mine and the...Read More
SHANGHAI, Jun 7 (SMM) – Nonferrous metals, except for SHFE zinc, rose across the board on Thursday June 7. Copper led the gains and jumped nearly 2.2%, aluminium rose nearly 2%, and lead, tin, and nickel inched up. The ferrous complex also soared except for iron ore. Coke gained over 2%, coking coal grew over 1%, rebar rose nearly 1.5%, and hot-rolled coil inched up close to 1%.Copper:...Read More
SHANGHAI, Jun 7 (SMM) – Nonferrous metals, except for SHFE zinc, rose across the board on Thursday June 7. Copper led the gains and jumped nearly 2.2%, aluminium rose nearly 2%, and lead, tin, and nickel inched up. The ferrous complex also soared except for iron ore. Coke gained over 2%, coking coal grew over 1%, rebar rose nearly 1.5%, and hot-rolled coil inched up close to 1%.Copper:...Read More
China's exports of ferrous scrap could be strangled after the country's General Administration of Customs said this week that it intends to crack down on the "smuggling and export of steel waste and scrap," Metal Bulletin Research (MBR) believes.Authorities have arrested 245 individuals suspected of having participated in gangs that tried to sell around 2.41 million tonnes of under-reported steel...Read More
SHANGHAI, Jun 7 (SMM) – Copper smelters in Yunnan province maintained normal operation as of Thursday June 7 after inspection teams from the central government settled in the province on Tuesday June 5, SMM surveyed. This suggested that previous rectifications in Yunnan were effective. Copper mines in the area were also little affected as most small and medium-sized mines...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 3 points in pre-opening trade.Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was 225,000 versus 221,000 last week. Actual was 222,000.JM Smucker dropped $7.82 to $98.70 after reporting lower than consensus fiscal fourth quarter sales and earnings.T...Read More
The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreVale, Global Ore, 186,000 tonnes of 65% Fe Iron...Read More
SHANGHAI, Jun 7 (SMM) – Some 15,000 mt of blister copper output will be affected in Jiangxi province as inspection teams from the central government settled in the province on Friday June 1, SMM estimates. The inspection, scheduled for a month, will review the province's previous rectifications. Blister copper production capacity across smelters in Jiangxi t...Read More
SHANGHAI, Jun 7 (SMM) –Copper: Copper prices extended their gains overnight. LME copper managed to stand above the $7,200/mt level and hit the highest level in three and a half months. The SHFE 1808 contract broke the 54,000 yuan/mt level with positive technical indicators. As the US dollar weakened and without further development in the Chile Escondida labour negotiation, copper prices...Read More
SHANGHAI, Jun 7 (SMM) –Copper: Copper prices extended their gains overnight. LME copper managed to stand above the $7,200/mt level and hit the highest level in three and a half months. The SHFE 1808 contract broke the 54,000 yuan/mt level with positive technical indicators. As the US dollar weakened and without further development in the Chile Escondida labour negotiation, copper prices...Read More
SHANGHAI, Jun 7 (SMM) – Nonferrous metals, except for SHFE zinc, rose across the board on Thursday June 7. Copper led the gains and jumped nearly 2.2%, aluminium rose nearly 2%, and lead, tin, and nickel inched up. The ferrous complex also soared except for iron ore. Coke gained over 2%, coking coal grew over 1%, rebar rose nearly 1.5%, and hot-rolled coil inched up close to 1%.Copper:...Read More
Trading activity in the physical iron ore market slowed down amid rangebound prices on Thursday June 7, in spite of increases in the downstream steel segment.Metal Bulletin 62% Fe Iron Ore Index: $66.84 per tonne cfr Qingdao, up by $0.28 per tonneMetal Bulletin 58% Fe Premium Index: $54.06 per tonne cfr Qingdao, up by $0.51 per tonneMetal Bulletin 65% Fe Iron Ore Index: $87.60 per tonne cfr Qingda...Read More
Sentiment in the seaborne coking coal market continued to be dictated by uncertainties over Australia supply as well as the strength in China's domestic market for the steelmaking raw material.A cargo of premium mid-vol hard coking coal was traded around $202 per tonne cfr China while a shipment of second-tier materials changed hands at $193 per tonne cfr China, market sources told Metal Bulletin...Read More
SHANGHAI, Jun 7 (SMM) –Copper: Copper prices extended their gains overnight. LME copper managed to stand above the $7,200/mt level and hit the highest level in three and a half months. The SHFE 1808 contract broke the 54,000 yuan/mt level with positive technical indicators. As the US dollar weakened and without further development in the Chile Escondida labour negotiation, copper prices...Read More
China's ferrous futures posted some gains during morning trading on Thursday June 7, with environmental inspections in the country leading to an improved outlook for the steel and steelmaking raw materials markets.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,844 yuan ($601) per tonne, up 36 yuan per tonne October hot-rolled coil: 3,979 yuan per tonne, up 33 y...Read More
Copper prices on the London Metal Exchange surged to a fresh 2018 high during morning trading on Thursday June 7, leading the complex after supply-side disruptions pushed prices up. "The upswing is continuing this morning, especially in the case of copper. It has climbed to nearly $7,300 per tonne in London, setting its sights on its late-December four-year high," Commerzbank Research said in...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products. Latest transaction: rebarRebar East China, domestic, grade...Read More
China's domestic rebar prices maintained their upward trend on Thursday June 7, with support coming from the billet and futures markets.Domestic Eastern China (Shanghai): 4,060-4,090 yuan ($635-640) per tonne, up 80-90 yuan per tonne Northern China (Beijing): 3,930-3,970 yuan per tonne, up 30-40 yuan per tonne Buyers procured at a slower pace during the day in comparison with Wednesday due to the...Read More
Three-month base metals prices on the London Metal Exchange were split into two camps on the morning of Thursday June 7, with copper leading aluminium and nickel higher, while the rest were little changed to weaker.The three-month LME copper price, up by 0.6% at $7,281 per tonne, continues to be supported by supply-side fears stemming from labor negotiations at Chile's Escondida mine and the closu...Read More
Prices for stainless steel in East Asia, particularly those for hot-rolled products, rose further over the past week amid low inventory levels in China and the sustained upward momentum in the nickel market.Metal Bulletin's price assessment for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,260-2,350 per tonne cif East Asian ports for the week ended Wednesday June 6, up $30 per tonne...Read More