By Peter KennedyAnthony Milewski, Chairman and CEO of Cobalt 27 Capital, at the company's cobalt warehouse in Rotterdam, the Netherlands. Photo courtesy Cobalt 27 Capital Corp.The strong global economic growth expected in 2018 should be synonymous with higher industrial metal prices, according to a new commodity trends report by Desjardins Group.The view was supported this week by news that China'...Read More
SHANGHAI, Jun 1 (SMM) – Most nonferrous metals weakened on Friday June 1. SHFE lead fell 0.7%, and tin, zinc and aluminium dipped. SHFE nickel gained 2.1% and hit a record high. SHFE copper inched up.The ferrous complex rose across the board except for iron ore. Coking coal surged over 2%, rebar gained 1.7%, and hot-rolled coil and coke climbed slightly.Copper: As longs added their posi...Read More
SHANGHAI, Jun 1 (SMM) – Most nonferrous metals weakened on Friday June 1. SHFE lead fell 0.7%, and tin, zinc and aluminium dipped. SHFE nickel gained 2.1% and hit a record high. SHFE copper inched up.The ferrous complex rose across the board except for iron ore. Coking coal surged over 2%, rebar gained 1.7%, and hot-rolled coil and coke climbed slightly.Copper: As longs added their posi...Read More
SHANGHAI, Jun 1 (SMM) – Most nonferrous metals weakened on Friday June 1. SHFE lead fell 0.7%, and tin, zinc and aluminium dipped. SHFE nickel gained 2.1% and hit a record high. SHFE copper inched up.The ferrous complex rose across the board except for iron ore. Coking coal surged over 2%, rebar gained 1.7%, and hot-rolled coil and coke climbed slightly.Copper: As longs added their posi...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade. Index futures were virtually unchanged following release of the U.S. May Employment Report at 8:30 AM EDT. Consensus for May Non-farm Payrolls was 185,000 versus upwardly revised 159,000 in April. Actual was 223,000. Consensus for May Unemployment Rate was unchanged from April at 3.9%. A...Read More
Japan’s manufacturing purchasing managers’ index (PMI) for May surprised to the upside at 52.8, having been expected to remain at April’s level of 52.5, while China’s Caixin PMI came in at 51.1, which was unchanged from April’s reading. Taking into account yesterday’s better-than-expected reading on China’s official PMI, economic data may be picking up again, whi...Read More
SHANGHAI, Jun 1 (SMM) – Operating rates at wire and cable plants across China stood at 90.99% in May, up 0.82 percentage point year on year, and up 1.87 percentage points month on month, SMM research found.For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@smm.cnRead More
SHANGHAI, Jun 1 (SMM) – Prices of nickel soared since the start of 2018 as downstream consumption from batteries for electric vehicles grew and inventories of nickel briquette fell across LME warehouses. Environmental restrictions that limited domestic output also drove prices, said senior engineer and analyst of Jinchuan Nickel Cobalt Research, Du Guangyan, in an interview with SMM.Du...Read More
SHANGHAI, Jun 1 (SMM) – Operating rates at wire and cable plants across China stood at 90.99% in May, up 0.82 percentage point year on year, and up 1.87 percentage points month on month, SMM research found.For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@smm.cnRead More
European flat and long stainless steel base prices were unchanged this week but could come under pressure in the coming weeks as a result of significantly higher alloy surcharges for June deliveries, sources told Metal Bulletin on Friday June 1.Metal Bulletin's weekly base price assessment for 2mm, grade-304 cold-rolled (CR) stainless steel sheet in Northern Europe was ?,?1,015-1,050 ($1,186-1,226...Read More
SHANGHAI, Jun 1 (SMM) – Spot copper was mostly offered at a discount of 10 yuan/mt to a premium of 40 yuan/mt over the SHFE 1806 contract in the Shanghai market on Friday June 1. This compared with a discount of 40 yuan/mt to a premium of 20 yuan/mt on Thursday May 31.The SHFE 1806 contract hovered around 51,230 yuan/mt and closed at 51,240 yuan/mt in the morning trading session, up 120...Read More
SHANGHAI, Jun 1 (SMM) – Operating rates at wire and cable plants across China stood at 90.99% in May, up 0.82 percentage point year on year, and up 1.87 percentage points month on month, SMM research found.For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@smm.cnRead More
SHANGHAI, Jun 1 (SMM) – Social inventories of zinc as of Friday June 1 dipped 1,800 mt from a week ago and stood at 118,300 mt across Shanghai, Guangdong and Tianjin markets, SMM data showed.Declines in inventories in Guangdong and Tianjin contributed to the dip. While consumers in those two markets cut their procurement due to high prices, inventories still fell as limited deliveries from s...Read More
Key data from the pricing session in the week ending Friday June 1. China China's domestic ferro-chrome prices rose following higher June tender prices and production cuts in small plants based in Fujian, Sichuan, Jiangsu and Hunan regions. The market anticipates further disruption to...Read More
SHANGHAI, Jun 1 (SMM) – High-grade nickel iron pig (NPI) production in Inner Mongolia remains under pressure from intensive environmental protection initiatives across the region since regular production resumed in March, SMM learned.In March, 2,892 mt in nickel content of high-grade NPI were produced across the region. The figure shrank 4% to 2,769 mt in April and another 4% to 2...Read More
SHANGHAI, Jun 1 (SMM) – Copper: LME copper fell below the daily moving average after surging to a high of $6,895.5/mt as the US dollar index declined. It is expected to hover at $6,800-6,870/mt today. The SHFE 1807 contract consolidated at 51,405 yuan/mt after rising to above the daily moving average at a high of 51,570 yuan/mt as investors cut their short positions. Pressure was seen a...Read More
SHANGHAI, Jun 1 (SMM) – Copper: LME copper fell below the daily moving average after surging to a high of $6,895.5/mt as the US dollar index declined. It is expected to hover at $6,800-6,870/mt today. The SHFE 1807 contract consolidated at 51,405 yuan/mt after rising to above the daily moving average at a high of 51,570 yuan/mt as investors cut their short positions. Pressure was seen a...Read More
The global nickel market is expected to record a modest 70,000 tonne deficit in 2018 on the back of strong stainless steel production growth, Denis Sharypin, Nornickel head of market intelligence, said at Metal Bulletin's International Nickel Conference in Toronto (May 31-June 1). Nevertheless, the shortfall would still be less than the 107,000 tonne deficit posted in 2017 due to Indonesia and Chi...Read More
SHANGHAI, Jun 1 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index weakened but remained at high levels around 94 with support from robust US data on employment and the personal consumption expenditure (PCE) price index. However, the US announced it will end the temporary exemptions on steel and aluminium dutie...Read More
SHANGHAI, Jun 1 (SMM) – The purchasing managers’ index (PMI) for the downstream industries of nickel in May stood at 50.44, according to SMM data.This was up 4.7 from 45.73 in April, and was above the 50 mark that separates expansion from contraction.The production index in May came in at 51.1, up 7.85 from that of April with support from the alloy industry. The index for new orde...Read More