SHANGHAI, Mar 7 (SMM) – While SHFE aluminium fell 0.77% and tin and zinc edged down today, lead rose 0.67% as copper and nickel inched up.The ferrous complex fell across the board with hot-rolled coil slipping 2.4%. Coking coal dropped 2.3%, rebar went down 1.6%, and coke fell 1.5%. Iron ore edged down slightly.Copper: Support is seen at the five-day moving average during the today as SHFE c...Read More
SHANGHAI, Mar 7 (SMM) – While SHFE aluminium fell 0.77% and tin and zinc edged down today, lead rose 0.67% as copper and nickel inched up.The ferrous complex fell across the board with hot-rolled coil slipping 2.4%. Coking coal dropped 2.3%, rebar went down 1.6%, and coke fell 1.5%. Iron ore edged down slightly.Copper: Support is seen at the five-day moving average during the today as SHFE c...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade. Investors are responding to the resignation of Gary Cohn, top White House economic advisor. U.S. equity index futures were virtually unchanged following release of the February ADP employment report at 8:15 AM EST. Consensus was a slip to 203,000 from 234,000 in January. Actual was 235,...Read More
The latest metal markets news and price moves to start the North American day on Wednesday March 7.Base metals prices on the London Metal Exchange were lower across the board during morning trading- with nickel diving 1.6%.Here's how prices looked at 12:07 London time:Read our live futures report here. "Most of the base metals remain on a back footing this morning and that seems to be a resul...Read More
SHANGHAI, Mar 7 (SMM) – The 0# common brand zinc traded at a discount of 50-30 yuan/mt against the SHFE 1804 contract on Wednesday March 7, compared with discounts of 40-20 yuan/mt a day earlier, SMM learned.The Shuangyan brand traded at a premium of 0-10 yuan/mt, down from a premium of 20-40 yuan/mt.At noon, 1# zinc traded at 25,400-25,460 yuan/mt. For editorial queries, please contact...Read More
SHANGHAI, Mar 7 (SMM) – China is likely to eliminate its dependency on overseas refined copper and move to develop foreign copper ore supplies by optimising its industry, SMM believes.China will intensify efforts to improve capacity structure and reorganise steel, coal and power enterprises, said deputy director of the National Development and Reform Commission (NDRC) Nin...Read More
SHANGHAI, Mar 7 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightMarkets were rattled following the resignation of White House economic advisor Gary Cohn. The US dollar declined and hovered at 89.4.Base metals saw mixed trading. SHFE tin edged down while nickel rose over 1%. LME nickel jumped close to 2%, copper rose almost 1% while...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Wednesday March 7.Aluminium prices on the Shanghai Futures Exchange weakened during Asian morning trading on Wednesday, after market participants were left with little to cheer about due to the uncertainty surrounding China's plans for further aluminium capacity cuts this year.Check Metal...Read More
SHANGHAI, Mar 7 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightMarkets were rattled following the resignation of White House economic advisor Gary Cohn. The US dollar declined and hovered at 89.4.Base metals saw mixed trading. SHFE tin edged down while nickel rose over 1%. LME nickel jumped close to 2%, copper rose almost 1% while...Read More
SHANGHAI, Mar 7 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightMarkets were rattled following the resignation of White House economic advisor Gary Cohn. The US dollar declined and hovered at 89.4.Base metals saw mixed trading. SHFE tin edged down while nickel rose over 1%. LME nickel jumped close to 2%, copper rose almost 1% while...Read More
SHANGHAI, Mar 7 (SMM) – China’s banking regulator plans to cut the amount of funds that banks are required to set aside to cover loan losses in a bid to provide more liquidity to the market.In a circular released by China Banking Regulatory Commission (CBRC) last week, commercial banks are required to reduce the provision coverage ratio to 120-150% and loan provision ratio to 1.5-2.5%...Read More
SHANGHAI, Mar 7 (SMM) – China’s banking regulator plans to cut the amount of funds that banks are required to set aside to cover loan losses in a bid to provide more liquidity to the market.In a circular released by China Banking Regulatory Commission (CBRC) last week, commercial banks are required to reduce the provision coverage ratio to 120-150% and loan provision ratio to 1.5-2.5%...Read More
SHANGHAI, Mar 7 (SMM) – China’s banking regulator plans to cut the amount of funds that banks are required to set aside to cover loan losses in a bid to provide more liquidity to the market.In a circular released by China Banking Regulatory Commission (CBRC) last week, commercial banks are required to reduce the provision coverage ratio to 120-150% and loan provision ratio to 1.5-2.5%...Read More
SHANGHAI, Mar 7 (SMM) –Copper: The support at the 40-day moving average, or 52,000 yuan/mt, remained for SHFE copper, while destocking in China helped the bullish sentiment somewhat. We expect copper prices to go up further with SHFE 1805 at 52,500-53,000 yuan/mt today and LME copper at $6,960-7,020/mt. Spot discounts are expected to be smaller as sellers continued to hold on to their cargoe...Read More
SHANGHAI, Mar 7 (SMM) –Copper: The support at the 40-day moving average, or 52,000 yuan/mt, remained for SHFE copper, while destocking in China helped the bullish sentiment somewhat. We expect copper prices to go up further with SHFE 1805 at 52,500-53,000 yuan/mt today and LME copper at $6,960-7,020/mt. Spot discounts are expected to be smaller as sellers continued to hold on to their cargoe...Read More
SHANGHAI, Mar 7 (SMM) –Copper: The support at the 40-day moving average, or 52,000 yuan/mt, remained for SHFE copper, while destocking in China helped the bullish sentiment somewhat. We expect copper prices to go up further with SHFE 1805 at 52,500-53,000 yuan/mt today and LME copper at $6,960-7,020/mt. Spot discounts are expected to be smaller as sellers continued to hold on to their cargoe...Read More
The restriction on imports of some copper scrap products to China has already caused the industry to make some process changes but many questions are still unanswered, a panel of scrap experts said at the Metal Bulletin Copper conference.The number of licenses granted by the Chinese government for copper scrap imports dropped by 94% year on year to account for 136,685 tonnes in the first two...Read More
Base metals prices on the London Metal Exchange slumped by the 5pm close on Wednesday March 7, with uncertainty stemming from the latest developments over the US' Section 232 probe leading to a sell-off.Aluminium was the most traded metal of the complex today, with more than 20,000 lots changing hands by the close. Its price fell 1.6% - it concluded below support at $2,100 per tonne.The cash/three...Read More
Comex copper prices dipped in the US morning on Wednesday March 7 with a confluence of bearish signals, including a potential trade war and higher dollar, weighing on the base metals complex. Copper for May settlement on the Comex division of the New York Mercantile Exchange fell 2.80 cents or 0.9% to $3.1310 per lb. "Most of the base metals remain on a back footing this morning and that seems to...Read More
Base metals prices on the London Metal Exchange were lower across the board during morning trading on Wednesday March 7 - with nickel diving 1.6%.The three-month nickel price is continuing to have another rollercoaster month - it gained $260 per tonne at the close on Tuesday but is now trading $275 lower. "The new threat of trade wars and regional tariffs seems to have [unnerved] consumers in the...Read More