SHANGHAI, Mar 14 (SMM) – Nonferrous and ferrous metals in the Shanghai market rebounded across the board and remained firm on the morning of Wednesday March 14 as data on China's economy in January and February were released, SMM found. The National Bureau of Statistics (NBS) released the report on China's economy for the first two months in 2018.Vice president of Zhongda Future...Read More
SHANGHAI, Mar 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightFollowing the departure of US Secretary of State Rex Tillerson from the White House, the US dollar index touched a five-day low of 89.58 and then hovered around 89.6, while most base metals climbed up. SHFE aluminium and tin edged down slightly. LME zinc led with a rise of...Read More
SHANGHAI, Mar 14 (SMM) – Norilsk nickel in the Shanghai market was offered at a discount of 500 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on the morning of Wednesday March 14, while Jinchuan remained flat at 103,700 yuan/mt, SMM learned.As nickel prices rose, traders sold actively while downstream customers held back. Overall trading was thin, and trades were heard...Read More
SHANGHAI, Mar 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightFollowing the departure of US Secretary of State Rex Tillerson from the White House, the US dollar index touched a five-day low of 89.58 and then hovered around 89.6, while most base metals climbed up. SHFE aluminium and tin edged down slightly. LME zinc led with a rise of...Read More
SHANGHAI, Mar 14 (SMM) –Copper: LME copper inched up and hit a high of $6,959/mt last night. SHFE copper also rose and touched a high of 52,140 yuan/mt overnight. The strong US Consumer Price Index (CPI) and a weak US dollar are likely to support prices. We see SHFE copper trading at 51,000-54,000 yuan/mt. In the physical market, spot prices are likely to trade at a premium of 20-80 yua...Read More
SHANGHAI, Mar 14 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightFollowing the departure of US Secretary of State Rex Tillerson from the White House, the US dollar index touched a five-day low of 89.58 and then hovered around 89.6, while most base metals climbed up. SHFE aluminium and tin edged down slightly. LME zinc led with a rise of...Read More
SHANGHAI, Mar 14 (SMM) –Copper: LME copper inched up and hit a high of $6,959/mt last night. SHFE copper also rose and touched a high of 52,140 yuan/mt overnight. The strong US Consumer Price Index (CPI) and a weak US dollar are likely to support prices. We see SHFE copper trading at 51,000-54,000 yuan/mt. In the physical market, spot prices are likely to trade at a premium of 20-80 yua...Read More
SHANGHAI, Mar 14 (SMM) –Copper: LME copper inched up and hit a high of $6,959/mt last night. SHFE copper also rose and touched a high of 52,140 yuan/mt overnight. The strong US Consumer Price Index (CPI) and a weak US dollar are likely to support prices. We see SHFE copper trading at 51,000-54,000 yuan/mt. In the physical market, spot prices are likely to trade at a premium of 20-80 yua...Read More
Copper cathode premiums softened in Shanghai over the past week, but strengthened in the Italian market. Meanwhile, the US market traded sideways, with market participants there expecting an upward move in the near term. Shanghai cif premiums soften as arbitrage diminishes Upside seen in Southeast Asia US market trades sideways; near-term rise eyed Italian premium ticks higher, rest of Europe flat...Read More
Base metals prices on the London Metal Exchange were on divergent paths at the close on Wednesday March 14, with copper leading the gains. The three-month zinc price was the worst affected today because prices were over 2% lower at the close - fresh deliveries into LME-listed warehouses in New Orleans put pressure on prices. "Zinc is down on account of another 10,000 tonne increase in LME stock ho...Read More
Zinc and lead premiums were unchanged this week, despite a consolidating London Metal Exchange zinc price and with consumers, for the most part, anticipating cheaper buying levels in the coming weeks. European, US and Asia zinc premiums stable after backwardation narrows Price drop on LME, COMEX, SHFE yet to trigger consumer buying on zinc Additional orders for lead ingotsEuropean zinc premiums re...Read More
Comex copper prices hit a multi-week high in Wednesday morning trading in the United States after the publication of positive Chinese data.Copper for May settlement on the Comex division of the New York Mercantile Exchange climbed 4.7 cents or 1.5% to trade recently at $3.1850 per lb Earlier this morning, China's industrial production grew 7.2% year on year in January-February 2018, a full percent...Read More
Workers at Cobre Panama, the only major copper mine scheduled to come onstream in 2018, have gone on strike, operator First Quantum said on Wednesday March 14."A small number of personnel and their outside union leadership" downed tools on Friday last week, according to a company statement.Although the dominant union is not involved in the strike, development can only be carried out in two of the...Read More
Domestic prices for mesh-quality wire rod produced and delivered in Europe rose this week amid strong order books at mills, sources said on Wednesday March 14.Metal Bulletin's weekly price assessment for domestic mesh-quality wire rod in Northern Europe narrowed upward to ?,?550-560 ($680-692) per tonne delivered on Wednesday, compared with ?,?545-560 per tonne on March 7."Our wire rod mill is ful...Read More
Wyelands Capital, the banking and financial services arm of GFG Alliance, has started a commodity inventory finance partnership with financial technology company Demica.The partnership will allow GFG to add its experience in the commodities market to Demica's working capital solutions through its proprietary technology platform, the company said on Wednesday March...Read More
Base metals prices on the London Metal Exchange were on divergent paths at the close on Wednesday March 14, with copper leading the gains. The three-month zinc price was the worst affected today because prices were over 2% lower at the close - fresh deliveries into LME-listed warehouses in New Orleans put pressure on prices. "Zinc is down on account of another 10,000 tonne increase in LME stock ho...Read More
Zinc and lead premiums were unchanged this week, despite a consolidating London Metal Exchange zinc price and with consumers, for the most part, anticipating cheaper buying levels in the coming weeks. European, US and Asia zinc premiums stable after backwardation narrows Price drop on LME, COMEX, SHFE yet to trigger consumer buying on zinc Additional orders for lead ingotsEuropean zinc premiums re...Read More
The US Commodity Futures Trading Commission (CFTC) is reassessing its approach to formulation, implementing and enforcing its regulations, the chairman of the regulatory body said. The regulator is committed to "right-sizing" the CFTC's regulatory footprint following years of expansive Dodd-Frank rule writing, J Christopher Giancarlo told delegates at the 43rd annual Futures Industry Association (...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday March 14*Copper -$120.1 (-760.56 yuan) Aluminium -$437.33 (-2,769.51 yuan) Zinc -$125.51 (-794.86 yuan) Nickel -$731.92 (-4,635.10 yuan) *Metal Bulletin calculates the physical...Read More
Brazilian steel producer CSN is negotiating the sale of its LLC subsidiary in the United States, it has said.Chief executive officer Benjamin Steinbruch said on Wednesday March 14 that CSN plans to double production at LLC following an $80 million investment, but the company has yet to decide whether it will divest the asset.The company did not unveil the name...Read More