SHANGHAI, Mar 28 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar rebounded overnight as concerns of a trade war eased. Month-end capital flows and a weakening euro also buoyed the index.Most base metals climbed up but with limited gains due to the rebound in the greenback. SHFE copper inched up, while zinc dipped. LME...Read More
SHANGHAI, Mar 28 (SMM) –Copper: LME copper rose above the five-day moving average overnight for the first time in five to six days. This trend is likely to stabilise, but growing inventories of LME copper will weigh on the prices. We see it trading at $6,620-6,680/mt today. SHFE copper lacks strong support as domestic demand has not fully recovered and as supply of refined cop...Read More
SHANGHAI, Mar 28 (SMM) –Copper: LME copper rose above the five-day moving average overnight for the first time in five to six days. This trend is likely to stabilise, but growing inventories of LME copper will weigh on the prices. We see it trading at $6,620-6,680/mt today. SHFE copper lacks strong support as domestic demand has not fully recovered and as supply of refined cop...Read More
Throughout March, the Brazilian steel market has been questioning the likely impact of the steel import tariffs being imposed by the United States following its Section 232 investigation.Although current conditions point to the exemption of Brazil from the trade measures, mills in the country have been preparing to deal with possible tariffs.According to Brazilian flat steel association Inda, for...Read More
A shortage of crude indium material is pushing prices higher, market participants have told Metal Bulletin.Metal Bulletin assessed the free-market price of indium at $330-360 per kg on an in-warehouse basis on Wednesday March 28, up from $320-350 in the previous assessment last Friday."Our purchase department complains that it is difficult to locate crude indium although they have called nearly al...Read More
Base metals prices on the London Metal Exchange ended higher at the close of trading on Wednesday March 28, with only aluminium trading lower. The three-month nickel price was the biggest mover, rising $130 per tonne and recovering back above $13,000 per tonne. The metal is being buoyed by a tight market and low stocks. "Total LME stocks have had very little inflow and edged lower to 322,236 tonne...Read More
Domestic prices for steel beams have moved downward by ?,?5 per tonne across Europe for a second week with trading remaining thin, market sources told Metal Bulletin on Wednesday September 28."There was no enough demand to fill up the mills' rolling schedules so we have seen a lower price," one distributor said."There was a bit of a reduction compared with last month. In February, scrap prices wen...Read More
Domestic prices for mesh-quality wire rod produced and delivered in Europe remained unchanged this week, with market activity expected to rise after the Easter holiday, sources said on Wednesday March 28.Metal Bulletin's weekly price assessment for domestic mesh-quality wire rod in Northern Europe was unchanged on Wednesday at ?,?550-560 ($683-696) per tonne delivered."The recent bad weather has m...Read More
The latest metal markets news and price moves to start the North American day on Wednesday March 28. Base metal prices on the London Metal Exchange were lower across the board during morning trading on Wednesday March 28, with copper recording the biggest decline. The three-month copper price was down $28 per tonne after a third straight day of deliveries into LME warehouses. On-warrant copper sto...Read More
Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Wednesday March 28.Base metals traded on the Shanghai Futures Exchange were broadly weaker during Asian morning trading on Wednesday, with lead the only metal to post any gains.Check Metal Bulletin's live futures report here.LME snapshot at 03.02am London timeLatest three-month LME PricesP...Read More
Base metals prices on the London Metal Exchange ended higher at the close of trading on Wednesday March 28, with only aluminium trading lower. The three-month nickel price was the biggest mover, rising $130 per tonne and recovering back above $13,000 per tonne. The metal is being buoyed by a tight market and low stocks. "Total LME stocks have had very little inflow and edged lower to 322,236 tonne...Read More
Comex copper prices once again saw selling pressure during midweek trading on Wednesday March 28 with a stronger dollar weighing on the base metals complex. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 1.10 cents or 0.4% to $2.9905 per lb. The contract has been volatile over the past few weeks, with prices recently hitting a six-month low....Read More
Rotterdam tin premiums rose week on week on March 27 concurrent with expectations of Indonesian exports lowering in coming months, while US and China premiums held steady ahead of the upcoming Easter holidays.Rotterdam 99.9% premium rises US and China premiums steady Indonesian exports expected to slow down Rotterdam 99.9% premium up again while Indonesian supply tightness looms The...Read More
European mills are expected to use the region's newly launched safeguard case into steel import to increase their prices for hot-rolled coil (HRC), market sources told Metal Bulletin on Wednesday March 28.The European Commission (EC) launched the safeguard investigation into 26 steel product types on March 26 in an attempt to prevent the redirection of steel in the global export markets from the U...Read More
Prices for domestic steel hollow steel sections in Southern Europe have fallen by ?,?5-15 per tonne because mills are suffering from low demand, market sources said on Wednesday March 28."We are seeing a small number of offers at the moment, because of the uncertainty in the market. It may be that some suppliers have become nervous, seeing their order intake down in March," one Southern European p...Read More
Union leaders at Codelco Norte, a division of Chilean copper producer Codelco, are urging supervisors to vote for industrial action following the company's latest contract offer.The wage offer eliminates some of the benefits that the supervisors currently have and does not contain certain improvements that were verbally promised by the management, according to the union."It is important that all t...Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday March 28:Aluminium scrap Group 1 pure 99% & litho: ?1,380-1,430 per tonne from ?1,400-1,450 per tonneCommercial pure cuttings: ?1,150-1,200 per tonne from ?1,160-1,210 per...Read More
Comex copper prices once again saw selling pressure during midweek trading on Wednesday March 28 with a stronger dollar weighing on the base metals complex. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 1.10 cents or 0.4% to $2.9905 per lb. The contract has been volatile over the past few weeks, with prices recently hitting a six-month low....Read More
Zinc premiums in Shanghai dropped slightly on softening spot demand while stocks held in Shanghai Futures Exchange-listed warehouses continued to build, whereas lead premiums retreated in Indian and Southeast Asian markets and rose in Europe. Shanghai zinc premiums declined amid weak spot demand US zinc premiums were flat over the past week, while warehousing stocks declined. Lead pre...Read More
Domestic prices for cold-rolled coil (CRC) in Europe have been stable over the past week despite a decline in import offers, sources told Metal Bulletin this week.Market activity has been slow because buyers still have sufficient stocks of material that they booked earlier and at lower prices. Additionally, the market was in "wait-and-see" mode after the European Commission (EC) started a safeguar...Read More