SHANGHAI, Jul 4 (SMM) – Nonferrous metals fell across the board on Wednesday June 4 and sharply extended their losses in the afternoon. SHFE zinc led the decreases with a loss of over 3%. SHFE nickel and copper slumped over 2%, lead dropped over 1% and tin and aluminium dipped.The ferrous complex recovered some previous losses. Rebar, hot-rolled coil and coke increased close to 1% while...Read More
SHANGHAI, Jul 4 (SMM) – Overall economic activity across downstream copper sectors in China shrank in June as these industries, except for electronics and home appliances, entered the low season, SMM research found. This weighed on production rates across downstream copper sectors. The composite SMM purchasing managers' index (PMI) across five downstream sectors of copper in June ca...Read More
SHANGHAI, Jul 4 (SMM) – Spot copper was mostly offered at a discount of 60 yuan/mt to flat over the SHFE 1807 contract in Shanghai on Wednesday July 4. This narrowed from a discount of 120-50 yuan/mt on Tuesday amid active transactions, which were mostly contributed by traders. Offers for cargoes are likely to turn from discounts to premiums on Jul 5 as falling futures prices of co...Read More
SHANGHAI, Jul 4 (SMM) – Some 153,500 mt of copper scrap received the green light in the 15th batch of approvals for restricted solid scrap imports, marking the largest volumes so far this year.The approval was released on Monday July 2 by the solid waste management centre of China's Ministry of Ecology and Environment. The approved volume this time exceeded the 125,700 mt in the&nbs...Read More
SHANGHAI, Jul 4 (SMM) – Copper: Worries over trade war intensified last night as China’s Ministry of Foreign Affairs affirmed its stance towards the tariffs on US goods to be imposed on July 6. LME copper slumped to a low of $6,493/mt during the European trading session and closed at $6,509/mt last night. It is likely to test support at $6,500/mt again in the short term, with trad...Read More
LONDON, July 3 (Reuters) - Billionaire Anil Agarwal faces investor resistance to his $1 billion bid to buy out minority shareholders in Vedanta Resources and take the London-listed Indian miner private.Vedanta, chaired by its 64-year-old founder Agarwal, on Monday announced that its independent board directors were prepared to back an 825 pence-a-share bid from Agarwal's family trust, Volcan, to a...Read More
The London Metal Exchange (LME), the world's biggest market for industrial metals, is stepping up efforts to make sure cobalt traded on the exchange is not mined using child labour, particularly in the Democratic Republic of Congo.Starting next year, the LME will demand all companies that get at least 25% of their metal from small-scale mines in the DRC to be subject of a professional audit, Finan...Read More
Shares in miner and commodities trader Glencore (LON:GLEN) fell the most in two years after it revealed that US authorities had ordered it to hand documents and other records relating to possible corruption and money laundering.The stock fell as much as 13%, wiping more than 5.5 billion pounds ($7.3 billion) off Glencore's market value.The Swiss firm said Tuesday it had received a subpoena from by...Read More
SHANGHAI, Jul 3 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose above 95 with support from robust manufacturing data in the country. Base metals dipped across the board on strengthened US dollar and weaker Chinese manufacturing data, except for tin. LME nickel slumped over 2.5%, zinc fell over 1%, and alumin...Read More
* FTSE 100 down 1.2 pct at close* Cyclicals lead losses* Micro Focus up after co agrees software biz sale (Adds detail, updates prices at close)By Kit ReesLONDON, July 2 (Reuters) - Britain's index of leading shares began July on a negative note as worries over global trade kept the pressure on banking and mining stocks, though Micro Focus was lifted by news of the sale of one its software busin...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.9 pct* Cyclicals lead losses* Micro Focus up after co agrees software biz saleBy Kit ReesLONDON, July 2 (Reuters) - Britain's index of leading shares began July on a negative note as worries over global trade kept the pressure on banking and mining stocks, though Micro Focus was lifted by news of the sale o...Read More
(Adds detail)July 2 (Reuters) - Vedanta Resources Plc VED.L said on Monday chairman Anil Agarwal's family trust has agreed to buy the rest of Vedanta in a deal that values the mining conglomerate at 2.3 billion pounds ($3.03 billion).An independent committee, formed to review and evaluate the proposal, has indicated to Volcan Investments that it supports the offer and intends to recommend a firm...Read More
SHANGHAI, Jul 3 (SMM) – The nonferrous complex closed with mixed performances on Tuesday July 3. SHFE lead dropped 0.84%, nickel and aluminium dipped while zinc and tin nudged up and copper gained 0.18%.The ferrous complex fell across the board. Coke led the decreases with a loss of 1%. Coking coal edged down close to 1%, rebar lost 0.64% and hot-rolled coil and iron ore dipped.Copper:...Read More
SHANGHAI, Jul 3 (SMM) – Copper: LME copper broke support at the 60-week moving average last night to a low of $6,519/mt as US dollar jumped on robust manufacturing data. It recovered part of the losses to close at $6,571/mt, down $48/mt from the previous trading day. We see it test support at $6,500/mt in the short run with trading range today at $6,520-6,580/mt. The SHFE 1808 contract...Read More
Mining and metals investors started the third quarter the same way they ended the second, offloading the sector over fears of the impact of a global trade war.A trade tit-for-tat comes at a bad time just as China, responsible for half the world's industrial metal demand, enters a period of slower economic growth."Escalating global trade tensions bring a risk of demand destruction across commodity...Read More
(Bloomberg) - Commodities face a twin threat in the coming months, according to Morgan Stanley, which flagged burgeoning risks to consumption from a potential escalation in global trade tensions, especially for metals, as well as any slowdown in China."Escalating global trade tensions bring a risk of demand destruction across commodity markets as costs rise for end-users and access to materials is...Read More
A court in the Democratic Republic of Congo suspended a hearing about a lawsuit brought by a former shareholder of a Glencore Plc-owned cobalt and copper mine.The case was put on hold pending a decision by the country's Court of Appeal on whether the High Court should have jurisdiction over the case, Judge Roger Songambele said at the court Monday in the capital, Kinshasa.Congolese-American busine...Read More
* Majority stake purchase seen valued at $3.5-$4.0 bln -minister* Govt drafting documentation on taxation, operational control* Deal might be completed in July - officialBy Cindy SilvianaJAKARTA, June 30 (Reuters) - Indonesia's state-owned mining holding company PT Inalum is close to finalising a multi-billion-dollar deal to acquire a majority stake in the giant Grasberg copper mine, government of...Read More