The long term Treasury ETF dropped below $121.40 completing a Head & Shoulders pattern. StockTwits Released Yesterday @EquityClockOpen Text $OTEX, a TSX 60 stock moved above $35.80 to an all-time high extending an intermediate uptrend. AT&T $T, a Dow Jones Industrial stock moved above $38.81 completing a reverse Head & Shoulders pattern.Technical action by S&P 500 stocks to 10...Read More
SHANGHAI, Feb 2 (SMM) –Copper: A stronger Chinese yuan, a lower SHFE/LME price ratio, and tighter funds ahead of Chinese New Year led us to expect a rangebound trading for the SHFE copper contract. We see support at 52,500-53,000 yuan/mt today while LME copper may trade at $7,080-7,140/mt. Spot discounts are seen at 100-40 yuan/mt today with reluctant sellers. Aluminium: LME aluminium...Read More
Base metals prices on the London Metal Exchange are at first sight looking quite mixed this morning, Friday February 2, with copper and lead in positive territory, tin unchanged and aluminium, zinc and nickel in negative territory.But on closer inspection of the charts, all look well placed to push higher following average gains of 1.1% on Thursday. Indeed copper, that has been one of the laggards...Read More
Shigemoto Toma, who was Goldman Sachs' senior aluminium trader until November, is joining Macquarie bank in Singapore, Metal Bulletin understands. Toma will join Macquarie's base metals trading team on February 8 and will help the bank grow its physical...Read More
Lead and tin were the only base metals on the London Metal Exchange to close the week in positive territory, while the rest of the complex came under pressure from a strengthening dollar.The three-month lead price continued to trade around a fresh six and a half year high and was at $2,680 per tonne at the 5pm close. "Data on the ground also supports the bullish LME lead market, which was often un...Read More
Comex copper prices softened to a one-week low amid a rising dollar, which was sparked by a strong US jobs report.Copper for March settlement on the Comex division of the New York Mercantile Exchange fell 3.40 cents or 1.1% to $3.1640 per lb. "We continue to like copper as global concerted growth is likely to support the red metal enough to maintain its bullish uptrend," Metal Bulletin analys...Read More
China's domestic rebar prices remained in an upward trend on Friday February 2 amid gains in the billet and futures markets, though trading activity remained thin.Domestic Eastern China (Shanghai): 3,840-3,900 yuan ($610-619) per tonne, up 10 yuan per tonneNorthern China (Beijing): 3,920-3,950 yuan per tonne, narrowed upward by 20 yuan per tonneThe gains in the billet and paper markets pushed up s...Read More
Lead and tin were the only base metals on the London Metal Exchange to close the week in positive territory, while the rest of the complex came under pressure from a strengthening dollar.The three-month lead price continued to trade around a fresh six and a half year high and was at $2,680 per tonne at the 5pm close. "Data on the ground also supports the bullish LME lead market, which was often un...Read More
Steel scrap prices in the major global markets weakened following the decrease in Turkish import prices during the working week from Monday January 29 to Friday February 2.Turkish steel mills have slowed down their deep-sea bookings over the past week to put downward pressure on prices, and booked only one deep-sea cargo before Thursday, when they booked three more cargoes at lower prices late in...Read More
Production of nickel intermediates will need to ramp up in order to meet forecast demand from the electric-vehicle (EV) sector, according to Anne Oxley, technical director of Brazilian Nickel. The nickel industry and supply chain is not structured to cater to the specific needs of EV battery manufacturers, delegates heard at the Advanced Automotive Battery Conference in Mainz, Germany, this week....Read More
Southern Copper Corp reported higher copper and zinc sales volumes and prices in the fourth quarter of 2017, but these were overshadowed by the negative impact of a one-time payment related to the tax reform in the United States.The Grupo Mexico-controlled miner posted a $287.5-million net loss in the three months ended December 31, surprising market analysts who expected it to report a strong net...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.Base metalsGFG Alliance has been granted full planning permission for a new 400-worker alloy wheel factory next to the Liberty British Aluminium smelter at Fort William, Scotland, the company...Read More
Shigemoto Toma, who was Goldman Sachs' senior aluminium trader until November, is joining Macquarie bank in Singapore, Metal Bulletin understands. Toma will join Macquarie's base metals trading team on February 8 and will help the bank grow its physical...Read More
Finnish metal processing technology provider Outotec forecasts growth in demand for many metals, with sentiment in both the mining and metals industries expected to improve in 2018."In 2018, our target is to grow our sales as well as improve profitability. Together with improved market sentiment, global [trends] - such as resource efficiency, sustainability and digitization - provide us with good...Read More
Deliverable zinc stocks at Shanghai Futures Exchange-approved warehouses increased 13,216 tonnes or 16.2% week on week to 94,769 tonnes as of Friday February 2. Metal Bulletin last assessed Shanghai-bonded zinc stocks at around 203,000-205,000 tonnes at the end of January, up 29.5% from 155,000-160,000 tonnes on January 3 and 92.5% compared to January 2017. Stock levels have predominantly be...Read More
Comex copper prices softened to a one-week low amid a rising dollar, which was sparked by a strong US jobs report.Copper for March settlement on the Comex division of the New York Mercantile Exchange fell 3.40 cents or 1.1% to $3.1640 per lb. "We continue to like copper as global concerted growth is likely to support the red metal enough to maintain its bullish uptrend," Metal Bulletin analys...Read More
Major Russian steelmaker Severstal expects further steel demand growth in the country, but prices are likely to decrease due to a downward trend in raw material markets."In 2017 Russian steel demand increased 5% and is expected to be 3-4% higher in 2018, supported by [gross domestic product] growth and gradual economic recovery," chief executive officer Alexander Shevelev said. Another driver for...Read More
Export prices of Brazil-origin slab remained unchanged this week, but market participants disagree on which direction prices will take in the next weeks. Metal Bulletin's weekly assessment of Brazilian export slab once again remained at $530-540 per tonne fob on Friday February 2, unchanged from the previous week. Market players are waiting for offers to resume in the next weeks, because most Marc...Read More
Swedish steelmaker SSAB, iron ore pellet producer LKAB and power company Vattenfall have formed a joint venture company to develop a fossil-free steel initiative named Hybrit, the companies said on Thursday February 1.The three companies will each own one-third of the project, which will seek to develop a steelmaking process that is less harmful to the environment.Last spring, SSAB, LKAB and Vatte...Read More
Turkey exported 4.18 million tonnes of flat steel products in 2017, an increase of 40.22% compared with 2016's 2.98 million tonnes, according to the Turkish Statistical Institute (TUIK).Competitive pricing and strong demand in Europe and North Africa were the major factors behind the rise, market commentators said.Demand for Turkish coated coil, especially hot-dipped galvanized coil (HDG), increas...Read More