Gold has been under pressure the last few weeks and is now consolidating at lower levels. It appears that the lows are in for now and the next move will be higher. There have been many excuses as to why gold has been trading lower, with one being the strength of the U.S. dollar. If that's the case, we would ask why gold was weak as the dollar was collapsing from 103 to 88. When looking...Read More
SHANGHAI, May 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped from its five-month high to close at 93.59 last night. It lost momentum following the US-China trade war tension eased.Base metals saw mixed trading overnight. LME lead touched two-and-half month's high and closed over 2% higher due to worries...Read More
SHANGHAI, May 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped from its five-month high to close at 93.59 last night. It lost momentum following the US-China trade war tension eased.Base metals saw mixed trading overnight. LME lead touched two-and-half month's high and closed over 2% higher due to worries...Read More
SHANGHAI, May 23 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped from its five-month high to close at 93.59 last night. It lost momentum following the US-China trade war tension eased.Base metals saw mixed trading overnight. LME lead touched two-and-half month's high and closed over 2% higher due to worries...Read More
The latest news and price moves to start the Asian day on Wednesday May 23.Base metals on the London Metal Exchange were mixed at the close of...Read More
The latest news and price moves to start the Asian day on Wednesday May 23.Base metals on the London Metal Exchange were mixed at the close of...Read More
Lead prices on the London Metal Exchange held firm at the close of trading on Wednesday May 23, while copper's three-month price fell 1.6% amid a fresh 2018-high for the US dollar index. Keeping firm above $2,450 per tonne, lead's three-month price has rallied more than 5% this week, reaching prices unseen since March 1. "Concerns over potential shortages continue to draw lead to its highest...Read More
The Rotterdam aluminium premium fell for a second straight day, with a looming backwardation in the July/August spread pushing the market down and stirring expectations of further drops.P1020A aluminium in Rotterdam on a duty-unpaid basis fell to $120-135 per tonne on Wednesday May 23 from $125-140 per tonne on Tuesday. The benchmark premium has fallen nearly 20% since the start of the month.Nearb...Read More
Chris Evans has become head of strategy at Circulor, which provides blockchain technology to the electric vehicles (EV) supply chain. Evans, who was most recently commercial director at NFEx Markets, will be based in London. He was previously head of...Read More
Chris Evans has become head of strategy at Circulor, which provides blockchain technology to the electric vehicles (EV) supply chain. Evans, who was most recently commercial director at NFEx Markets, will be based in London. He was previously head of...Read More
Premiums for zinc in Rotterdam and Antwerp dropped to multi-year lows this week on feeble spot demand while lead premiums remained stable despite a production lull during the Islamic holy month of Ramadan in Muslim-majority countries. The Rotterdam zinc premium dropped to its lowest in over 2.5 years on thin spot trade Import losses continued to narrow in China with participants looking to br...Read More
Market participants were eyeing recent global trading volatility and the fundamentals of the bauxite market during Asian Metal's Aluminium Raw Materials Conference in Jinan on May 18 - Metal Bulletin covers the key takeaways from the event. Alumina faces global trading volatility... The global alumina market has been hit by a series of shocks since the start of the second quarter, which triggered...Read More
The planned expansion of Sterlite Copper's Tuticorin smelter has been called to a halt by the Indian court after a series of local protests, Sterlite's parent company said on Wednesday May 23. An application for renewal of an environmental license for the smelter plant 2, a replica proposed to be built next to the current smelter, shall be decided by the authority on or before September 23 this ye...Read More
Chris Evans has become head of strategy at Circulor, which provides blockchain technology to the electric vehicles (EV) supply chain. Evans, who was most recently commercial director at NFEx Markets, will be based in London. He was previously head of...Read More
The Turkish steel mills extended their silence in the deep-sea scrap markets while the lira weakened further amid sluggish demand for finished steel, sources said on Wednesday May 23.The lira continued to lose value against the US dollar due to the political uncertainty in the Middle Eastern country created by the calling of early elections.And it slid to a new historic low on Wednesday following...Read More
Taiwan's ferrous scrap imports surged by 34% on the year in March, according to the territory's customs agency.Taiwan imported 331,821 tonnes of ferrous scrap during the month, 84,569 tonnes higher than the 247,252 tonnes it took in a year earlier, data from the Taiwanese Customs Administration showed.March's...Read More
Comex copper prices failed to hold on to previous gains with the entire base metals complex suffering heavy losses in midweek trading on Wednesday May 23. Copper for July settlement on the Comex division of the New York Mercantile Exchange declined 5.35 cents or 1.7% to $3.0785 per lb. Yesterday, the contract hit the strongest point since April 27. Even with easing trade tensions between the Unite...Read More
Three-month base metals prices on the London Metal Exchange were mixed on the morning of Wednesday May 23, with nickel and lead prices down by 0.4% and 1.4% respectively, while copper was off by 0.5% at $6,929 per tonne; aluminium and tin are both up by 0.2% and zinc is up by 0.5%.Volume on the LME has been average with 5,074 lots traded as of 6.56am London time. This follows a diverse performance...Read More
Chris Evans has become head of strategy at Circulor, which provides blockchain technology to the electric vehicles (EV) supply chain. Evans, who was most recently commercial director at NFEx Markets, will be based in London. He was previously head of...Read More
The European Commission (EC) will set a 25% safeguard duty on steel and aluminium imported from the US from June 20 this year if the EU is not exempted from Section 232 tariffs.The EC will only apply the measures if the World Trade Organization (WTO) approves the move. The duties will affect a number of US products, including steel and aluminium.If applied, the measures will be enacted in two...Read More