SHANGHAI, Apr 25 (SMM) –Copper: LME copper stood above all the moving averages overnight with the five-day moving average expanding downwards. SHFE copper touched the 60-day moving average with support from the five-day moving average. We expect LME copper to trade at $6,950-7,000/mt today with SHFE copper at 51,500-52,000 yuan/mt. In the physical market, sellers may lower their offers...Read More
Export prices for Chinese steel plate moved up again over the past week following gains in China's domestic market for the product.Metal Bulletin's assessment of prices for May shipments of commercial-grade, chromium-added plate was $605-615 per tonne fob for the week ended Tuesday April 24, up $10-15 per tonne from a week earlier.Buyers in Vietnam and South Korea were heard to have placed orders...Read More
SHANGHAI, Apr 25 (SMM) –Copper: LME copper stood above all the moving averages overnight with the five-day moving average expanding downwards. SHFE copper touched the 60-day moving average with support from the five-day moving average. We expect LME copper to trade at $6,950-7,000/mt today with SHFE copper at 51,500-52,000 yuan/mt. In the physical market, sellers may lower their offers...Read More
SHANGHAI, Apr 25 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs the US stock market tumbled, the US dollar index lost 0.2% overnight, after it gained 1.7% over the past five trading days, and closed at 90.79.Most base metals fell. LME aluminium led with a loss of close to 2% among its LME peers and touched a low since April 11 a...Read More
SHANGHAI, Apr 25 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs the US stock market tumbled, the US dollar index lost 0.2% overnight, after it gained 1.7% over the past five trading days, and closed at 90.79.Most base metals fell. LME aluminium led with a loss of close to 2% among its LME peers and touched a low since April 11 a...Read More
SHANGHAI, Apr 25 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightAs the US stock market tumbled, the US dollar index lost 0.2% overnight, after it gained 1.7% over the past five trading days, and closed at 90.79.Most base metals fell. LME aluminium led with a loss of close to 2% among its LME peers and touched a low since April 11 a...Read More
Sanction panic in the aluminium market has calmed following the US Department of the Treasury's Office of Foreign Assets and Control's (OFAC) slight loosening of sanctions involving Rusal material. The OFAC said on April 23 companies now have until October 23, instead of June 5, to wind-down contracts with Rusal. The London Metal Exchange has followed the same guidelines, including the updated sta...Read More
Metal Bulletin will follow guidance provided by the US Office of Foreign Assets Control (OFAC) and the London Metal Exchange on the treatment of Rusal production when assessing its aluminium premiums.Transactions, bids and offers in the US, Japanese and European markets for Rusal's aluminium ingots and products produced after April 6 will be discarded and not taken into consideration when assessin...Read More
Base metals on the London Metal Exchange were mixed at the close of trading on Wednesday April 25, with zinc falling 2.5% after a 30,075-tonne delivery into Antwerp rattled price sentiment.The metal recorded its widest intraday price move in a week, reaching a low of $3,129.50 per tonne. Positive backdrops continue to support a potential uptrend for zinc however, with Metal Bulletin's...Read More
The manganese supply squeeze continued to push manganese flakes higher this week, with prices climbing more than 8%.Metal Bulletin assessed the manganese flake in-warehouse price at $2,495-2,640 per tonne on Wednesday April 25, up 8.7% from the previous assessment and trading at levels last seen in December 2016. The supply squeeze in Rotterdam and a lack of offers from China have pushed manganese...Read More
The latest metal markets news and price moves to start the North American day on Wednesday April 25.Base metals on the London Metal Exchange were broadly lower during morning trading, with zinc the biggest downward mover. Some 30,075 tonnes of zinc was delivered into Antwerp this morning, with overall stocks rising approximately 16%. The metal's three-month price has subsequently fallen 1.6% this...Read More
Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday April 25.Base metals prices on the Shanghai Futures Exchange were broadly higher during Asian morning trading on Wednesday April 25, after buying sentiment in China picked up following comments from the country's central government which suggested a degree of flexibility in its monet...Read More
Lucas Giannini, an aluminium trader with Gerald Group in London, will leave the company at the end of April, sources close to the situation told Metal Bulletin on Wednesday April 25.Giannini joined the company in...Read More
Despite its potential impact on nickel ore supply, the latest development in the Philippine mining industry is having lesser impact on Shanghai Futures Exchange nickel prices while market participants focus on demand-side issues. SHFE nickel prices have trended down since the most-traded SHFE July nickel contract hit a high of 109,790 yuan ($17,396) per tonne on April 18, the highest since May 201...Read More
Base metals on the London Metal Exchange were mixed at the close of trading on Wednesday April 25, with zinc falling 2.5% after a 30,075-tonne delivery into Antwerp rattled price sentiment.The metal recorded its widest intraday price move in a week, reaching a low of $3,129.50 per tonne. Positive backdrops continue to support a potential uptrend for zinc however, with Metal Bulletin's...Read More
The Shanghai in-warehouse zinc premium inched higher after import losses narrowed, while zinc and lead premiums in other regions remained largely stable, with the exception of India where primary lead eased on Tuesday April 24. Shanghai in-warehouse premium rises $10 per tonne India primary lead premium down on lower-priced deals and weak battery demand Lead premiums in Southeast Asian...Read More
The London Metal Exchange has announced further guidance on treating sanction-affected contracts, highlighting an extended wind-down period for open positions with UC Rusal. Following an April 23 announcement by the US Department of the Treasury's Office of Foreign Assets and Control (OFAC), the LME has extended the period to close out contracts with Rusal from June 5 to October 23 of this ye...Read More
Tin premiums in Europe increased slightly in the week to Tuesday April 24 due to a lack of supply from Indonesia, while premiums in China and the United States were unchanged week on week. Indonesia exports less than half prior-month level so far in April Premium in Rotterdam at fresh two-month highs US premium supported by trucking shortage, China eyes LME price Premium nears $400/t...Read More
The International Monetary Fund (IMF) has recently raised its economic growth forecast for Latin America and the Caribbean while a gradual recovery continues in the region, which was severely affected by the 2014-16 decline in commodity prices.The region's gross domestic product (GDP) is now expected to rise by 2% year-on-year in 2018, against a previous forecast of a 1.9% increase, the IMF said i...Read More
Lucas Giannini, an aluminium trader with Gerald Group in London, will leave the company at the end of April, sources close to the situation told Metal Bulletin on Wednesday April 25.Giannini joined the company in...Read More