China's crude stainless steel output rose 4.7% to a new high in 2017.The country produced 25.77 million tonnes of crude stainless steel, up 1.17 million tonnes from an adjusted output of 24.6 million tonnes in 2016, according to data released by the China Stainless Steel Council on Monday January 29. Of the total, 300-series crude stainless steel accounted for 52%, at 13.42 million tonnes. Product...Read More
Klaus Hauschulte, the former chief operating officer of Siemens' wind power division, has been appointed chief executive officer of German recycling company Scholz, the company said on Wednesday January 31.Hauschulte replaces Henry Qin in the position, who remains both managing director of the Scholz group and CEO of Chiho Environmental Group...Read More
The following Metal Bulletin UK non-ferrous scrap and foundry ingot prices changed on Wednesday January 31:Aluminium ingot LM24 pressure diecasting ingot: ?1,620-1,670 per tonne from ?1,615-1,665 LM6/LM25 gravity diecasting ingot:...Read More
(Repeats with no changes. The opinions expressed here are those of the author, a columnist for Reuters)* LME Copper Stock Arrivals: * LME Copper Stocks: By Andy HomeLONDON, Jan 30 (Reuters) - You don't get much market bang for 100,000 tonnes of copper these days. Or 101,725 tonnes to be precise, which is the amount of metal that was dumped into the London Metal Exchange (LME) warehouse network ov...Read More
Jan 31 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesMay warns China to play by global rules White House abandons planned pick for South Korea ambassador Uber's global rivals gather as Ola launches in Australia Overview- British Prime Minister Theresa May was starting a crucial trade visi...Read More
By Costas PitasLONDON, Jan 31 (Reuters) - British car production fell last year for the first time since 2009 and investment slumped by a third as uncertainty over Brexit cut domestic demand and companies' new spending plans, an industry body said on Wednesday. Production was down 3 percent at 1.67 million vehicles, mainly due to a 10 percent reduction in domestic demand, which was also impacted...Read More
The gold price chart is going to break higher, says famed investor and “Bond King” Jeffrey Gundlach, who believes that commodities are one of the best buys in 2018.“The gold chart looks a lot like the commodity chart, like it’s pacing out, about to break higher. And with the dollar getting weaker, I think you stay with that systematic positioning. I’ve been recommendi...Read More
U.S. citizens await the yearly presidential speech, the State of the Union, as U.S. equities, the U.S. dollar, and the precious metals are trading lower on the day.As of 3:45 PM Eastern standard time, the Dow Jones Industrial Average is trading off roughly 300 points on the day. This is 100 points from the intraday low, but with 15 minutes left in trading, it is widely anticipated that U.S. equiti...Read More
(Kitco News) - Gold and silver markets could not hold modest early gains and were ending the U.S. day session weaker Tuesday, on some follow-through selling from Monday's losses. A weaker U.S. dollar index limited selling pressure in the metals. However, the USDX was well up from its overnight low during the U.S. day session. Lower crude oil prices today also weighed on the precious metals market...Read More
(Kitco News) - It could be a dramatic year for the precious metals market as there is a significant divergence in price forecasts for 2018, according to the London Bullion Market Association.Tuesday, the LBMA released its forecast of 34 precious metals analysts, noting that there is a $390 trading range between the lowest end of the estimates and the highest prediction.The average gold prices amon...Read More
(Kitco News) - Three major European banks have been fined by the Commodity Futures Trading Commission for “spoofing” and manipulating gold and silver markets.The CFTC announced Monday that Deutsche Bank, UBS and HSBC face fines totaling $46.6 million. Deutsche Bank was the hardest hit as it was fined $30 million. UBS was ordered to pay $15 million and HSBC was fined $1.6 million.Spoofi...Read More
SHANGHAI, Jan 30 (SMM) – As the SHFE 1803 zinc contract refreshed its 10-year high and touched 27,235 yuan/mt on Monday January 29, SMM believes new highs may continue to be made.Such strong momentum can be attributed to stronger Chinese yuan, declining inventory, and more fund liquidity.With LME zinc inventory coming down to below the 180,000 mt level and a spot premium of over $20/mt, more...Read More
The latest news and price moves to start the Asian day on Tuesday January 30.Zinc was the best performer on the London Metal Exchange at the close on Monday January 29, rising nearly 2% while the other metals diverged. Read more in our live futures report.Here are how LME prices looked at Monday's close:European non-ferrous metals industry association Eurometaux welcomed the release of new de...Read More
The latest news and price moves to start the Asian day on Tuesday January 30.Zinc was the best performer on the London Metal Exchange at the close on Monday January 29, rising nearly 2% while the other metals diverged. Read more in our live futures report.Here are how LME prices looked at Monday's close:European non-ferrous metals industry association Eurometaux welcomed the release of new de...Read More
A summary of base metals premiums across the globe for the week to Tuesday January 30.Read More
Base metals prices on the London Metal Exchange closed in negative territory across the board on Tuesday January 30, with nickel slumping over 3%. Nickel prices rallied to a fresh two-and-a-half-year high of $13,915 per tonne last week, but has now come under increased selling pressure and a downward correction. "It's [nickel's] price action can be quite volatile. We are seeing broad based ri...Read More
ABN Amro's Casper Burgering took the top spot on Metal Bulletin's Apex 2017 yearly base metals leaderboard with an accuracy rating of 96.4%.In second place for base metals was Investec with an accuracy rating of 96.1%, while Ed Meir of INTL FCStone was in third with 96%. Metal Bulletin Research took fourth place with 95.60% and Bert Melek from TD Securities was fifth with 94.10%. In the precious m...Read More
Due to a tight market balance, Citibank expects spot prices to sustain in the near term at $6.50-7 per dry metric tonne unit (dmtu), cif, China.One of the strong supporting factors is China's increasing dependence on imports, which remains the most important catalyst for seaborne prices, Citi's analysts said in a report released on January 30.China's manganese ore imports grew 30% year on year dur...Read More
Supply concerns continued to drive Chinese ferro-vanadium and global vanadium pentoxide (V2O5) prices, while European ferro-vanadium prices found stability at slightly lower levels while market activity slowed. Low availability continues to drive Chinese FeV, V2O5 markets European ferro-vanadium prices stabilize at slightly lower levels US FeV market continues to run on supply concerns, trader int...Read More
Metal Bulletin is proposing to launch two blister copper refining charges (RC) assessments.Metal Bulletin proposes to launch two blister copper refining charges (RC) assessments, namely blister copper 98-99% spot RC cif China, and blister copper 98-99% annual benchmark RC cif China. The spot assessment will be published on a monthly basis while the benchmark assessment will be published on an annu...Read More