Turkish steel producers were in negotiations for deep-sea scrap purchases while prices stabilized on Tuesday January 23, Metal Bulletin has learnt.After booking a number of deep-sea cargoes at the end of the last week, Turkish steel mills were expected to book more deals for February and March."The market has stabilized and...Read More
Prices for rebar in the United Arab Emirates and Saudi Arabia were stable this week while billet import prices in the UAE narrowed with a new deal, sources told Metal Bulletin on Tuesday January 23.Demand for imported rebar, meanwhile, was still very weak in both countries because local prices were more competitive.Domestic rebarMajor local rebar producers in the UAE announced new prices on Januar...Read More
The latest metal markets news and price moves to start the North American day on Tuesday January 23.Base metals prices on the London Metal Exchange dipped lower across the board during morning trade, with copper prices down 1.5%.The three-month copper price has come under pressure from increased production and high stock levels.Here is how the LME base metals complex looked...Read More
Good morning from Metal Bulletin's office in Shanghai, as we bring you the latest news and pricing stories on Tuesday January 23.Copper prices on the Shanghai Futures Exchange gave back some of their gains from the previous session during Asian morning trading on Tuesday, with concerns about increased supply weighing on prices.The most-traded March copper contract on the SHFE fell to 53,680 yuan (...Read More
Price...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon as it’s published.Subs...Read More
Aluminium price supported by strong Chinese...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest iss...Read More
SHANGHAI, Jan 23 (SMM)? 1/4 ?Copper: It appears to be difficult for SHFE copper to break through its several moving averages as physical demand remained sluggish ahead of Chinese New Year due to tighter cash. However, copper prices are unlikely to fall much considering tighter supply of copper ore and copper scrap. We expect prices to be rangebound in the near term.Aluminium: We maintain our view...Read More
SHANGHAI, Jan 23 (SMM)? 1/4 ?Copper: It appears to be difficult for SHFE copper to break through its several moving averages as physical demand remained sluggish ahead of Chinese New Year due to tighter cash. However, copper prices are unlikely to fall much considering tighter supply of copper ore and copper scrap. We expect prices to be rangebound in the near term.Aluminium: We maintain our view...Read More
Aluminium Aluminium has been underpinned by rising support from its...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus...Read More
SHANGHAI, Jan 23 (SMM)? 1/4 ?Copper: It appears to be difficult for SHFE copper to break through its several moving averages as physical demand remained sluggish ahead of Chinese New Year due to tighter cash. However, copper prices are unlikely to fall much considering tighter supply of copper ore and copper scrap. We expect prices to be rangebound in the near term.Aluminium: We maintain our view...Read More
U.S. equity index futures were slightly lower this morning. S&P 500 futures were down 2 points in pre-opening trade. Fourth quarter reports continue to pour in. Companies reporting results included Netflix, TD Ameritrade, Johnson & Johnson, Procter & Gamble, Travelers, Kimberly Clark and Verizon. Adobe added $5.16 to $203.00 after the company raised its first quarter and full year guid...Read More
SHANGHAI, Jan 23 (SMM) – Two copper scrap companies under Category Seven were in the list of the fourth batch of approved scrap import applications this year, according to a release from the Ministry of Environmental Protection on Monday January 22.The approved volumes for copper scrap slumped 95% from a year ago as the list contained mainly wastepaper companies this time.However, SMM believ...Read More
SHANGHAI, Jan 23 (SMM) – The 6.4 magnitude earthquake that hit Indonesia today had no impact on the three nickel pig iron (NPI) plants in Banten as they were in suspension, SMM understood. In addition, there is no operating nickel ore mine in the region. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, ple...Read More
Physical market slow in China, but...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soo...Read More
SHANGHAI, Jan 23 (SMM) - China produced 576,000 mt of zinc last month, up 7.3% from December 2016, according to data released by the National Bureau of Statistics. Aluminium output in December amounted to 5.26 million mt, down 11.8% on a yearly basis. The article is edited by SMM and is provided for information purpose only. It does not mean SMM agrees with its views and SMM a...Read More
Technical action by S&P 500 stocks to 10:15: Quietly bullish. Breakouts: $PEP $PM $CINF $GPS. Breakdowns: $LLY $GGP.Editor's Note: After 10:15 AM EST, breakouts included GS, ADM and YUM. No breakdowns.iShares NASDAQ Biotech ETF $IBB moved above $114.03 extending an intermediate uptrend. Goldman Sachs $GS, a Dow Jones Industrial stock moved above $248.84 to an all-time high extending an interme...Read More
Prices return to levels not seen...ACCESS RESTRICTEDTo read the rest of this analysis please take a free sample or subscribeFREE SampleReceive a free sample of market analysis and price forecasts.Free SampleSUBSCRIBEReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon...Read More
SHANGHAI, Jan 23 (SMM) - China produced 865,000 mt of copper in December last year, up 16.7% from December 2016, data from the National Bureau of Statistics (NBS) showed. This was the highest monthly output since February 2015. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service.en@sm...Read More
SHANGHAI, Jan 23 (SMM)? 1/4 ? The SHFE 1805 nickel contract led the performance of nonferrous metals as of Monday January 22 with a 1.8% gain as inventories fell for the first time in three weeks.While the SHFE inventory dropped to 57,165 mt as of Friday January 19, consumption for domestic nickel has increased as import windows for Russian material remained closed with an average weekly loss of 1...Read More
SHANGHAI, Jan 23 (SMM)? 1/4 ?Copper: LME copper is expected to trade at $7,030-7,120/mt on weaker bullish sentiment while SHFE 1803 is expected to trade at 53,450-54,000 yuan/mt. We see spot discounts at 130-90 yuan/mt today.Aluminium: LME aluminium remains strong and is expected to trade at $2,220-2,260/mt while SHFE aluminium is expected to trade at 14,600-14,800 yuan/mt, driven b...Read More