Base metals prices on the London Metal Exchange were mostly higher at the close on Thursday February 15, with only aluminium prices falling. The three-month copper price briefly breached the $2,200 per tonne mark before retreating - but closed $19 per tonne higher. It has closed in positive territory every day this week. "We think that both LME and Comex speculators have got too bearish in their p...Read More
South32 recorded a 87% year-on-year increase in earnings before interest and tax (Ebit) for the half year to December 31, 2017 at its South Africa Manganese division. The division generated $86 million from revenues of $228 million compared with $175 million for the same period the year before. The miner's Australia Manganese division recorded Ebit of $299 million, up 44% year on year, while reven...Read More
The South African rand approached a three-year high against the US dollar on Thursday February 15 following the resignation of President Jacob Zuma on Wednesday, after nine years in charge.The rand was trading at 11.67 to the dollar at 13.55 London time on Thursday, after closing at 11.82 on Wednesday. Cyril Ramaphosa, the multi-millionaire businessman and former lawyer and activist, has been swor...Read More
The latest metal markets news and price moves to start the North American day on Thursday February 15.Base metals on the London Metal Exchange opened higher, building on Wednesday's gains, with nickel as the strongest performer.However, the base metals complex turned generally lower on the LME around noon London time. Here is how base metal prices looked on the LME...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Thursday February 15.Base metals traded on the London Metal Exchange were broadly higher during Asian morning trading on Thursday February 15, though trading remained subdued with Chinese participants out for the week-long Lunar New Year break.Copper and nickel prices led on the upside wit...Read More
Metals prices on the London Metal Exchange are generally firmer this morning, Thursday February 15, with the complex up by an average of 0.5%. Nickel leads with a 1.9% gain to $14,240 per tonne and tin prices lag with a 0.1% decline, while the rest are showing gains of between $0.50 and $20 per tonne, with copper prices up by 0.3% at $7,183 per tonne.With the Lunar New Year break underway, volume...Read More
Copper concentrate treatment and refining charges (TC/RCs) dropped marginally in the first half of February after traders purchased nearby tonnages from mines at increasingly competitive levels and smelters eased off buying ahead of New Year holidays in Asia. The Metal Bulletin copper concentrates index dropped by 3% to $69.50 per tonne/6.95 cents per lb from $71.60/7.16 cents at the end of J...Read More
Base metals prices on the London Metal Exchange were mostly higher at the close on Thursday February 15, with only aluminium prices falling. The three-month copper price briefly breached the $2,200 per tonne mark before retreating - but closed $19 per tonne higher. It has closed in positive territory every day this week. "We think that both LME and Comex speculators have got too bearish in their p...Read More
Comex copper prices failed to maintain momentum in morning trading on Thursday February 15 after hitting a multi-week high earlier in the week, with the complex now in consolidation mode. Copper for March settlement on the Comex division of the New York Mercantile Exchange dipped 1.55 cents or 0.5% to $3.2205 per lb. The contract had been on a three-day rally. "The base metals complex enjoyed a st...Read More
Metals prices on the London Metal Exchange are generally firmer this morning, Thursday February 15, with the complex up by an average of 0.5%. Nickel leads with a 1.9% gain to $14,240 per tonne and tin prices lag with a 0.1% decline, while the rest are showing gains of between $0.50 and $20 per tonne, with copper prices up by 0.3% at $7,183 per tonne.With the Lunar New Year break underway, volume...Read More
Turkish steel producers have continued their deep-sea scrap purchases for March, market participants said on Thursday February 15.Steel mills in the country booked three deep-sea cargoes from various locations at comparatively higher prices, sources told Metal Bulletin.On Thursday, a steel mill in the Izmir region booked a US cargo, comprising 30,000 tonnes of HMS 1&2 (80:20) at $353 per tonn...Read More
Comex copper prices failed to maintain momentum in morning trading on Thursday February 15 after hitting a multi-week high earlier in the week, with the complex now in consolidation mode. Copper for March settlement on the Comex division of the New York Mercantile Exchange dipped 1.55 cents or 0.5% to $3.2205 per lb. The contract had been on a three-day rally. "The base metals complex enjoyed a st...Read More
The latest metal markets news and price moves to start the North American day on Thursday February 15.Base metals on the London Metal Exchange opened higher, building on Wednesday's gains, with nickel as the strongest performer.However, the base metals complex turned generally lower on the LME around noon London time. Here is how base metal prices looked on the LME...Read More
Canadian copper producer Capstone has sold its Minto mine for $37.5 million to mining company Pembridge Resources, it said on Wednesday February 14. The open pit mine in Yukon, Canada, produced 16,332 tonnes of copper, 170,809 oz of silver and 25,205 oz of gold last year. "The divestiture of Minto will allow us to focus our resources on opportunities that will have a more meaningful impact...Read More
Australian mining company South32 reported higher aluminium production in the first half of its 2018 financial year to December 31, 2017, coinciding with a period of higher aluminium prices.Both sales and production rose at its Mozal operation in Mozambique in the six months to December 31, offsetting a small fall in aluminium sales at South Africa Aluminium. South32 reported a 10% year-on-year ri...Read More
Base metals prices on the London Metal Exchange were mostly higher during morning trading on Thursday February 15, building on gains registered on Wednesday when the complex moved up by an average of 2.1%.The three-month nickel price was once again the strongest performer, hitting a fresh 2018 high of $14,420 per tonne. But volumes for all metals remain thin. "With Chinese markets closing down for...Read More
Metals prices on the London Metal Exchange are generally firmer this morning, Thursday February 15, with the complex up by an average of 0.5%. Nickel leads with a 1.9% gain to $14,240 per tonne and tin prices lag with a 0.1% decline, while the rest are showing gains of between $0.50 and $20 per tonne, with copper prices up by 0.3% at $7,183 per tonne.With the Lunar New Year break underway, volume...Read More
Activity in the Egyptian billet import market was almost non-existent in the week to Thursday February 15, with higher offer prices failing to impress buyers.Activity in the Egyptian billet import market was almost non-existent in the week to Thursday February 15, with higher offer prices failing to impress buyers.One reason, sources said, is that Egyptian customers have suffic...Read More
Turkish billet prices have rebounded this week, in line with stronger scrap values and recovering demand, sources said on Thursday February 15. Metal Bulletin's weekly price assessment for billet imports into Turkey was $510-520 per tonne cfr, up from $500-505 per tonne last week. Turkish customers booked a number of billet cargoes from the...Read More
Turkish domestic rebar and wire rod prices kept rising in line with the increase in the scrap import values and strong demand, sources said on Thursday February 15.Metal Bulletin's weekly price assessment for domestic rebar was $580-595 per tonne ex-works, up from the $570-575-per-tonne range last week.The domestic rebar price in the Izmir region was $590-595 per tonne ex-works, while the material...Read More