NFEx Markets' chief operating officer and its most senior director, Mark Bradley, has resigned from the board alongside non-executive director Jim Coupland, filings on the UK's Companies House show on Monday January 8.The over-the-counter base metals trading platform is due to start trading in the coming months.Bradley and Coupland will remain advisers to NFEx alongside former London Metal Exchang...Read More
Comex copper prices recovered from a one-week low amid consolidation on Monday January 8, while a stronger dollar is likely to cap the upside. Copper for March settlement on the Comex division of the New York Mercantile Exchange rose 1.25 cents or 0.4% to $3.2420 per lb. Last week, the contract hit the lowest point since December 22. "Prices could look to resume their upward...Read More
SHANGHAI, Jan 8 (SMM)? 1/4 ?Nonferrous metals traded lower today except for the slight rise in zinc price. While lead was stable, aluminium and copper dropped close to 1%. Nickel and tin also edged down. Ferrous metals saw a rather strong movement today. Iron ore and coking coal rose almost 3%, while coke, hot-rolled coil and rebar rose nearly 1%.Copper: We see room for SHFE copper prices to...Read More
SHANGHAI, Jan 8 (SMM)? 1/4 ?Nonferrous metals traded lower today except for the slight rise in zinc price. While lead was stable, aluminium and copper dropped close to 1%. Nickel and tin also edged down. Ferrous metals saw a rather strong movement today. Iron ore and coking coal rose almost 3%, while coke, hot-rolled coil and rebar rose nearly 1%.Copper: We see room for SHFE copper prices to...Read More
SHANGHAI, Jan 8 (SMM)? 1/4 ?Nonferrous metals traded lower today except for the slight rise in zinc price. While lead was stable, aluminium and copper dropped close to 1%. Nickel and tin also edged down. Ferrous metals saw a rather strong movement today. Iron ore and coking coal rose almost 3%, while coke, hot-rolled coil and rebar rose nearly 1%.Copper: We see room for SHFE copper prices to...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade. Darden Restaurants (DRI $99.31) is expected to open higher after the company raised its 2018 earnings guidanceLululemon gained $2.07 to $81.50 after increasing its fourth quarter sales and earnings guidanceKohl's added $4.19 to $58.55 after raising its fiscal fourth quarter earnings guid...Read More
SHANGHAI, Jan 8 (SMM)? 1/4 ?Copper: LME copper fell below the 10-day moving average and is expected to stay soft at $7,090-7,140/mt today with support at $7,000/mt. The SHFE 1803 copper is expected to trade at 54,300-54,800 yuan/mt. Spot prices are expected at 20 yuan/mt discount to 30 yuan/mt premiums today.Aluminium: The support of the 10-day moving averages became weaker for LME aluminium...Read More
SHANGHAI, Jan 8 (SMM)? 1/4 ?Copper: LME copper fell below the 10-day moving average and is expected to stay soft at $7,090-7,140/mt today with support at $7,000/mt. The SHFE 1803 copper is expected to trade at 54,300-54,800 yuan/mt. Spot prices are expected at 20 yuan/mt discount to 30 yuan/mt premiums today.Aluminium: The support of the 10-day moving averages became weaker for LME aluminium...Read More
SHANGHAI, Jan 8 (SMM)? 1/4 ? SMM believes LME zinc prices are likely to trade higher as the metal started 2018 with a new 10-year high at $3,375/mt. We see support from both the macro level and fundamentals.US dollar is set to stay soft in the short term despite the interest rates increases in 2017. Uncertainty over the real effect on the economy from the country’s tax reform and stronger EU...Read More
SHANGHAI, Jan 8 (SMM)? 1/4 ?Copper: LME copper fell below the 10-day moving average and is expected to stay soft at $7,090-7,140/mt today with support at $7,000/mt. The SHFE 1803 copper is expected to trade at 54,300-54,800 yuan/mt. Spot prices are expected at 20 yuan/mt discount to 30 yuan/mt premiums today.Aluminium: The support of the 10-day moving averages became weaker for LME aluminium...Read More
Palisade ResearchJanuary 8, 2018 Category: ResearchIndia’s government just shocked the automobile and commodity marketplace.They made the ambitious move in declaring that by 2030, all vehicles sold will be Electric Vehicles (EV’s). The papers finalizing the policy could be signed by year end. . . “The government has declared that India – set to be the world's third largest...Read More
Turkish domestic scrap prices increased in line with rising imported scrap values on Monday January 8.The majority of Turkish steel producers raised their auto bundle (DKP grade) scrap purchasing prices over the past week.Alloy long steel mill Asil ??elik raised its buy price to TRY1,370 ($366) per tonne delivered, while long and flat steel producer ??olakoglu increased its price to TRY1,340...Read More
Comex copper prices recovered from a one-week low amid consolidation on Monday January 8, while a stronger dollar is likely to cap the upside. Copper for March settlement on the Comex division of the New York Mercantile Exchange rose 1.25 cents or 0.4% to $3.2420 per lb. Last week, the contract hit the lowest point since December 22. "Prices could look to resume their upward...Read More
Production of aluminium at Aluminium Bahrain (Alba) reached a new record high in 2017 despite operational challenges last year. The company produced 981,016 tonnes in 2017, an increase of 1% from the previous year, the company said on Monday January 8. This is the sixth consecutive annual increase and represents...Read More
The London Metal Exchange has approved Amsterdam as a delivery point for primary aluminium, aluminium alloy, lead, nickel, tin and zinc, the exchange said on Monday January 8. Amsterdam will become an active delivery point...Read More
The latest metal markets news and price moves to start the North American day on Monday January 8.Lead and zinc began the week slightly higher while the rest of the base metals on the London Metal Exchange came under pressure this morning. Zinc was Monday morning's best performer, up $13 to $3,365 per tonne. Aluminium, meanwhile, continued to slip marginally lower, down $12 to $2,193.50 per tonne....Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Monday January 8*Copper -$100.90 (-655.98 yuan) Aluminium -$458.49 (-2,980.71 yuan) Zinc -$162.12 (-1,054.00 yuan) Nickel -$530.55 (-3,449.21 yuan) *The physical arbitrage numbers are calculated daily...Read More
The strike action at Empresa Nacional de Mineria's (Enami's) copper smelter in Chile has ended, Metal Bulletin understands.The resolution comes after 90% of workers from the Union Sindicato No 2 at Enami's Paipote smelter (Fundici??n Hern??n Videla Lira) voted in...Read More
Brazilian long steel import volumes dropped by 23.40% year-on-year in 2017, due to reduced shipments from China.The country imported 197,827 tonnes of non-alloy long steel products last year, down from 258,270 tonnes in 2016,...Read More
The Turkish Steel Producers' Association (T???oeD) is worried that the country's imports of rebar and hot-rolled coil (HRC) will increase because of cuts to import duties, it said on Monday January 8.The 10% import duty on rebar was removed completely on January 1 and the duty on HRC was reduced to 3.5%...Read More