SHANGHAI, Apr 18 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rebounded to 89.4 from a low of 89.215 overnight. Most base metals rose. SHFE copper and nickel dipped, zinc rose over 1%. LME aluminium, zinc, and tin went up over 1%, lead and nickel inched up slightly. Only copper edged down.China’s gr...Read More
SHANGHAI, Apr 18 (SMM) – Prices of residential property in China’s first-tier cities continued to decline on the year in March, while prices across second- and third-tier cities rose at a slower rate, data from the National Statistics Bureau showed. In first-tier cities, prices of new and resale homes in March fell 0.6% and 0.1% on the year, respectively. The data covere...Read More
SHANGHAI, Apr 18 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rebounded to 89.4 from a low of 89.215 overnight. Most base metals rose. SHFE copper and nickel dipped, zinc rose over 1%. LME aluminium, zinc, and tin went up over 1%, lead and nickel inched up slightly. Only copper edged down.China’s gr...Read More
SHANGHAI, Apr 18 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rebounded to 89.4 from a low of 89.215 overnight. Most base metals rose. SHFE copper and nickel dipped, zinc rose over 1%. LME aluminium, zinc, and tin went up over 1%, lead and nickel inched up slightly. Only copper edged down.China’s gr...Read More
SHANGHAI, Apr 18 (SMM) –Copper: LME copper fell with higher trading levels. Technically, it struggled among the moving averages as longs significantly reduced their positions. Affected by its LME counterpart, the SHFE 1806 contract saw a lower trading level and moved rangebound. It stood above the 20-day moving average, away from the 40-day moving average. We expect LME copper to trade...Read More
The number of new passenger car sales in the EU fell by 5.25% year on year in March 2018, following two consecutive months of rises.New car sales in Europe totaled 1,792,599 units in March, compared with 1,891,999 vehicles sold in the corresponding month of 2017, the European Automotive Manufacturers Assn (ACEA) said...Read More
SHANGHAI, Apr 18 (SMM) –Copper: LME copper fell with higher trading levels. Technically, it struggled among the moving averages as longs significantly reduced their positions. Affected by its LME counterpart, the SHFE 1806 contract saw a lower trading level and moved rangebound. It stood above the 20-day moving average, away from the 40-day moving average. We expect LME copper to trade...Read More
SHANGHAI, Apr 18 (SMM) –Copper: LME copper fell with higher trading levels. Technically, it struggled among the moving averages as longs significantly reduced their positions. Affected by its LME counterpart, the SHFE 1806 contract saw a lower trading level and moved rangebound. It stood above the 20-day moving average, away from the 40-day moving average. We expect LME copper to trade...Read More
The flat steel import trade in Iran has been almost non-existent in the past several weeks because of currency exchange rate issues.One of the major concerns for traders selling material to Iran and Iranian customers has been the 20% devaluation of the country's national currency, the rial, since the beginning of April.On Wednesday April 18, the rial was trading at IRR57,000 to $1 on the country's...Read More
Rio Tinto is expecting its Canadian iron ore pellet and concentrate output to drop this year but is maintaining its guidance for its Australian iron ore and coking coal operations.Pilbara iron oreThe miner shipped 80.3 million tonnes of iron ore on a 100% basis from its Pilbara operations in Western Australia in the first three months of 2018, up 5% from a year earlier but down 11% in comparison w...Read More
Summary of Rio Tinto's first-quarter production results for the three months ended March 31: (Rio Tinto share unless otherwise indicated, year-on-year change)Iron ore shipments (100% basis) 80.3 million tonnes, +5%...Read More
Domestic prices for hot-rolled coil (HRC) in the EU have fallen slightly this week, sources told Metal Bulletin on Wednesday April 18.Although market participants previously expected prices to remain stable, the decline of HRC prices has had a negative effect on the European market."I do not expect prices to drop significantly, but sentiment is definitely less positive than it was before," a trade...Read More
Base metal prices on the London Metal Exchange surged higher at the close of ring trading on Wednesday April 18, with nickel recording the highest intraday price difference since 2009. The metal found support during the afternoon amid concerns over further sanctions, reaching a high of $15,875 per tonne, the highest since December 2014. "I think it is fear rather than fact at this stage. Give...Read More
Export prices for Southern European rebar have widened downward by ?,?5 per tonne week-on-week amid continued low market activity, sources told Metal Bulletin on Wednesday April 18.Metal Bulletin's weekly export price assessment for Southern European rebar was ?,?470-485 ($581-600) per tonne fob main ports on Wednesday, compared with ?,?475-485 per tonne on April 11.The assessment widened downward...Read More
Metal Bulletin's daily fob Australia alumina index settled at $672.50 per tonne on Wednesday April 18, up 16.2% compared with the previous day's calculation, and the highest number recorded since the index launched in August 2010.Since the start of the year the alumina price has surged, with levels to date rising 71%. The more recent escalation in prices was initially driven by market tightness ca...Read More
The latest metal markets news and price moves to start the North American day on Wednesday April 18. Base metals on the London Metal Exchange found support during morning trading, with nickel prices climbing to their highest price since February 2015. Three-month nickel prices reached a high of $14,870 per tonne today, smashing the 2018 high and climbing almost 4% from Tuesday's close. Here is how...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Wednesday April 18. Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Wednesday after the generally positive Chinese data released yesterday failed to motivate investors to chase prices higher.Meanwhile, aluminium succumbed to profit-taking...Read More
Cash-strapped zinc smelters in China have brought forward and extended their planned maintenance to avoid further squeezes to margins as a result of softer treatment charges (TC), tight concentrate supply and low zinc prices, multiple sources told Metal Bulletin. "We have been hearing some southern China smelters calling for earlier maintenance due to a strained cash flow," a major zinc producer s...Read More
Base metal prices on the London Metal Exchange surged higher at the close of ring trading on Wednesday April 18, with nickel recording the highest intraday price difference since 2009. The metal found support during the afternoon amid concerns over further sanctions, reaching a high of $15,875 per tonne, the highest since December 2014. "I think it is fear rather than fact at this stage. Give...Read More
Nickel prices on the London Metal Exchange are trading at their highest since December 2014, with concerns about further sanctions fuelling a significant rally. Nickel prices on the London Metal Exchange are trading at their highest since December 2014, with concerns about further sanctions fueling a significant rally, sources said. The three-month price rocketed to $15,875 per tonne in early afte...Read More