SHANGHAI, Jun 4 (SMM) – Most nonferrous metals weakened on Monday June 4 except for SHFE copper and aluminium. SHFE tin fell 2%, zinc closed 0.62% lower, and lead and nickel inched down. The ferrous complex dipped across the board as coke led the loss with a drop of nearly 3.5%. Iron ore, coking coal, and hot-rolled coil fell over 1%, and rebar edged down. Copper: SHFE 1807 co...Read More
SHANGHAI, Jun 4 (SMM) – Most nonferrous metals weakened on Monday June 4 except for SHFE copper and aluminium. SHFE tin fell 2%, zinc closed 0.62% lower, and lead and nickel inched down. The ferrous complex dipped across the board as coke led the loss with a drop of nearly 3.5%. Iron ore, coking coal, and hot-rolled coil fell over 1%, and rebar edged down. Copper: SHFE 1807 co...Read More
The seaborne coking coal spot market started off the week on a relatively stable note with the gap between bids and offers in China said to be narrowing.An 80,000-tonne cargo of low-ranked second-tier hard coking coal with 9% ash was traded at $179 per tonne cfr China during the day, market sources told Metal Bulletin on Monday June 4. The shipment's laycan is June 10-20."The sentiment in the mark...Read More
SHANGHAI, Jun 4 (SMM) – Most nonferrous metals weakened on Monday June 4 except for SHFE copper and aluminium. SHFE tin fell 2%, zinc closed 0.62% lower, and lead and nickel inched down. The ferrous complex dipped across the board as coke led the loss with a drop of nearly 3.5%. Iron ore, coking coal, and hot-rolled coil fell over 1%, and rebar edged down. Copper: SHFE 1807 co...Read More
SHANGHAI, Jun 4 (SMM) – A nickel sulphate plant in Guangxi province was ordered to suspend for rectification as of Monday June 4, SMM learned. This is likely to reverse the domestic oversupply of nickel sulphate in the short term. The plant accounted for 10% of domestic nickel sulphate output in China.The shutdown, likely to last for at least a month, followed after offi...Read More
Metal Bulletin has amended the daily coking coal indices to extend the deadline for data collection. Metal Bulletin has extended the cut off time for data collection for its daily coking coal indices, in line with the robust trading activity observed during the latter half of the day. The new cut off time for data collection is 6pm Singapore time from the present 5:30pm Singapore time deadline.&nb...Read More
SHANGHAI, Jun 4 (SMM) – A total of 226 metal and nonmetal mines in Tangshan, Hebei province are required to suspend operation until they obtain a valid "safe production licence", or renew their licences, according to a municipal government notice released on Sunday June 3.The suspension is likely to further tighten supplies of iron ore concentrate in Tangshan and sup...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Apple gained $1.33 to an all-time high of $191.57 prior to start of its annual developer's convention.Merck added $1.09 to $61.65 after announcing positive results for Keytruda in melanoma trials.Amazon gained $6.46 to $1,648.00 after SunTrust raised its target price to $2,000 from $1,90...Read More
China's iron ore and coking coal futures largely bucked the downtrend during morning trading on Monday June 4, with seaborne prices for physical cargoes finding support at the end of last week.Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,722 yuan ($580) per tonne, down 34 yuan per tonne October hot-rolled coil: 3,863 yuan per tonne, down 60 yuan per tonne Dal...Read More
SHANGHAI, Jun 4 (SMM) – A total of 226 metal and nonmetal mines in Tangshan, Hebei province are required to suspend operation until they obtain a valid "safe production licence", or renew their licences, according to a municipal government notice released on Sunday June 3.The suspension is likely to further tighten supplies of iron ore concentrate in Tangshan and sup...Read More
SHANGHAI, Jun 4 (SMM) – China’s copper scrap imports are likely to remain at low levels in May as Chinese authorities imposed broad-based inspections on all scrap materials from the US from May 4, SMM believed.China imported 180,000 mt of copper scrap in April, down 36.7% year on year and 19.3% month on month, according to data from Chinese Customs. This marked a third l...Read More
SHANGHAI, Jun 4 (SMM) – A total of 226 metal and nonmetal mines in Tangshan, Hebei province are required to suspend operation until they obtain a valid "safe production licence", or renew their licences, according to a municipal government notice released on Sunday June 3.The suspension is likely to further tighten supplies of iron ore concentrate in Tangshan and sup...Read More
SHANGHAI, Jun 4 (SMM) – Social inventories of zinc as of Monday June 4 increased 3,800 mt from Friday June 1 and stood at 122,100 mt across Shanghai, Guangdong and Tianjin, SMM data showed.A rise of 4,800 mt across Shanghai's warehouses and more deliveries of imported zinc during the weekend accounted for the increase.Compared to last Friday, inventories shrank 650 mt to 20,200 mt in Gua...Read More
SHANGHAI, Jun 4 (SMM) –Copper: The SHFE 1807 contract rose above the daily moving average after it fell to a low of 51,490 yuan/mt last Friday night. Technically, LME copper now struggles among several moving averages. We see some upward momentum for it as its KDJ indicator expands upwards. The SHFE 1807 contract now stands firmly above the 51,500 yuan/mt level. We expect LME copper to...Read More
SHANGHAI, Jun 4 (SMM) –Copper: The SHFE 1807 contract rose above the daily moving average after it fell to a low of 51,490 yuan/mt last Friday night. Technically, LME copper now struggles among several moving averages. We see some upward momentum for it as its KDJ indicator expands upwards. The SHFE 1807 contract now stands firmly above the 51,500 yuan/mt level. We expect LME copper to...Read More
SHANGHAI, Jun 4 (SMM) –Copper: The SHFE 1807 contract rose above the daily moving average after it fell to a low of 51,490 yuan/mt last Friday night. Technically, LME copper now struggles among several moving averages. We see some upward momentum for it as its KDJ indicator expands upwards. The SHFE 1807 contract now stands firmly above the 51,500 yuan/mt level. We expect LME copper to...Read More
Volumes traded on the CME's European aluminium futures premiums contract recorded positive figures for May, attributed to participants looking to position following the US sanctions on Rusal. The duty-paid premium contract rebounded tenfold against continued strength in duty-unpaid volumes, while the duty-unpaid futures were steadily high. In May, 1,785 lots of the Rotterdam duty-paid aluminium pr...Read More
The Comex copper price edged higher on Monday June 4 on a weaker dollar and positive fundamentals for the US economy. Copper for July settlement on the Comex division of the New York Mercantile Exchange rose 2.7 cents or 0.9% to $3.1255 per lb. "This morning, global risk-taking appetite is positive because investors continue to digest the...Read More
The three-month copper and aluminium prices rose slightly on the London Metal Exchange in morning trading on Monday June 4. The copper price ticked $48 higher to $6,944 per tonne, with the market awaiting further developments in wage negotiations at the Escondida copper mine in Chile, which produces 5% of the world's copper supply. "Because relations between the mine's operator and the union have...Read More
The rising trend in the Chinese antimony market continued last week - tightness in concentrate supply and concerns about further production cuts while environmental inspections continue propelled prices there higher. Metal Bulletin assessed the MMTA Standard Grade II delivered duty paid antimony metal price at 52,000-52,500 yuan ($8,111-8,189) per tonne on Wednesday May 30, up 1,000 yuan from...Read More