SMM offices will be closed from Thursday February 15 to Wednesday February 21 for the Chinese New Year holiday. There will be no news publication during this period.Normal publishing schedule will resume on Thursday February 22.For queries, please contact Daisy Tseng at daisy@smm.cnRead More
SMM offices will be closed from Thursday February 15 to Wednesday February 21 for the Chinese New Year holiday. There will be no news publication during this period.Normal publishing schedule will resume on Thursday February 22.For queries, please contact Daisy Tseng at daisy@smm.cnRead More
U.S. equity index futures were lower this morning. S&P 500 futures were down 26 points in pre-opening trade. Index futures moved lower following release of economic news at 8:30 AM EST. Consensus for January Consumer Prices was an increase of 0.3% versus a gain of 0.1% in December. Actual was an increase of 0.5%. Excluding food and energy, consensus for January Consumer Prices was an increase...Read More
SMM offices will be closed from Thursday February 15 to Wednesday February 21 for the Chinese New Year holiday. There will be no news publication during this period.Normal publishing schedule will resume on Thursday February 22.For queries, please contact Daisy Tseng at daisy@smm.cnRead More
SHANGHAI, Feb 14 (SMM) –Copper: Copper prices rebounded following the global stock market rally and a decline in LME inventory. While investors are expected to close out their positions on the SHFE on the last trading day before Chinese New Year, we see SHFE copper to trade at 52,200-52,800 yuan/mt today. LME copper is still likely to hit the $7,000/mt level in the short term. In the physica...Read More
Short term momentum indicators (Stochastics, RSI, MACD) for U.S. equity indices and most major sectors have turned up from oversold levels. See tables below.Copper and copper stocks were notably stronger yesterday. 'Tis the season for copper and copper/base metal stocks to move higher into early May!Potential equity ETFs in this sector include ZMT.CA in Canada and PICK and COPX in the U.S.Strength...Read More
SHANGHAI, Feb 14 (SMM) –Copper: Copper prices rebounded following the global stock market rally and a decline in LME inventory. While investors are expected to close out their positions on the SHFE on the last trading day before Chinese New Year, we see SHFE copper to trade at 52,200-52,800 yuan/mt today. LME copper is still likely to hit the $7,000/mt level in the short term. In the physica...Read More
SHANGHAI, Feb 14 (SMM) – SMM expects zinc social inventory in Shanghai, Guangdong and Tianjin to hit 200,000 mt after Chinese New Year, up by at least 20,000-30,000 mt during the week-long holiday. Production at smelters and deliveries remain normal but trading was muted, SMM learned. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on ho...Read More
SHANGHAI, Feb 14 (SMM) –Copper: Copper prices rebounded following the global stock market rally and a decline in LME inventory. While investors are expected to close out their positions on the SHFE on the last trading day before Chinese New Year, we see SHFE copper to trade at 52,200-52,800 yuan/mt today. LME copper is still likely to hit the $7,000/mt level in the short term. In the physica...Read More
Base metals prices on the London Metal Exchange took advantage of the weakening dollar to close higher across the board on Wednesday February 14, with nickel leading the charge."LME prices strengthened further on a lack of Chinese selling and a softer US dollar, which saw upside stops triggered with an accompanying sharp increase in turnover. 5pm closes were all up on the day and just off the high...Read More
Iron ore prices jumped to more than $78 per tonne cfr China on Wednesday February 14 despite inactive physical trading. Metal Bulletin's 62% Fe Iron Ore Index Today: $78.41 per tonne cfr Qingdao Daily change: up by $1.05 per tonne Month-to-date average: $76.19 per tonne Metal Bulletin's 58% Fe Premium Index...Read More
Base metals prices on the London Metal Exchange were mostly consolidating during morning trading on Wednesday February 14, with the complex trying to stabilize after two days of rebounds. "Despite the low volumes, the resilience of the markets at their new higher levels is impressive, there is some light short-covering but more importantly a genuine lack of selling as the US dollar slips lower yet...Read More
During the past couple of years, US steelmakers, especially on the carbon flat-rolled side, have been consistently reporting better margins, albeit after a horrendous 2015 when falling demand was exacerbated by high import volumes.But with the US economy now booming and predicted to accelerate this year, it looks as if things can only get better through 2018. Unsurprisingly, some of the most profi...Read More
Spot prices have eased so far this week in European molybdic oxide and ferro-molybdenum trading due to the absence of key world trader China which has had a dampening effect on international markets, sources told Metal Bulletin. Metal Bulletin assessed molybdic oxide prices at $12.00-12.25 per lb in-warehouse Rotterdam on Wednesday February 14, from $12.20-12.50 per lb on Friday. The market w...Read More
Prices for commodity-grade hollow sections increased by $5-10 per tonne in Southern Europe this week, with Italian tube producers continuing to ask customers to pay higher prices.Metal Bulletin's price assessment for Southern Europe-origin hollow sections was ?,?625-655 ($771-808) per tonne on Wednesday, compared with ?,?620-645 per tonne delivered last week.Domestic Northern European hollow secti...Read More
Swedish metal producer Boliden will invest $308 million over the next two years to expand its copper-nickel production sites in Finland.The company will spend ?,?80 million ($98.65 million) to raise output at its Kevitsa copper-nickel mine and ?,?45 million to expand capacity of the Harjavalta copper-nickel smelter, according to a company statement on Tuesday February 13. Both copper and nickel sa...Read More
The latest metal markets news and price moves to start the North American day on Wednesday February 14. Base metals prices on the London Metal Exchange were mostly consolidating during morning trading, with the complex trying to stabilize after two days of rebounds. "Despite the low volumes, the resilience of the markets at their new higher levels is impressive, there is some light short-covering...Read More
Tin premiums firmed in Europe and the United States on Tuesday February 13, after higher logistical costs and shipment delays squeezed regions with thin residual supply. 99.9% tin premiums hit one-year high in Rotterdam Higher freight costs inflate premiums in the US LME price spread backwardation continues to narrow from late-January highs European premiums for 99.9% purity tin ingot...Read More
Chinese cobalt powder producer Hanrui Cobalt recorded a surge in net profit in 2017, with the company benefitting from the higher prices for cobalt witnessed during the year.Hanrui achieved a net profit of 449.4 million yuan ($70.9 million) last year, up from 66.6 million yuan in 2016, according to the company's financial report released on Tuesday February 13.The producer's total revenue also inc...Read More
Base metals prices on the London Metal Exchange were mostly consolidating during morning trading on Wednesday February 14, with the complex trying to stabilize after two days of rebounds. "Despite the low volumes, the resilience of the markets at their new higher levels is impressive, there is some light short-covering but more importantly a genuine lack of selling as the US dollar slips lower yet...Read More