The latest metal markets news and price moves to start the North American day on Tuesday March 13. Base metals prices on the London Metal Exchange edged higher during morning trading, with most metals recovering from Monday's lull."The LME complex is a mixed bag with zinc and nickel finding some [arbitrage]-related buying and aluminium [finding] some light consumer demand to help lift [prices] off...Read More
SHANGHAI, Mar 13 (SMM) – Nonferrous metals saw mixed trading today as aluminium led losses with a drop of nearly 2%. SHFE lead fell over 1%, while copper and tin edged down. Zinc and nickel inched up.The ferrous complex fell across the board as coking coal led the slump with a drop of more than 3%. Coke fell over 2%. Rebar, iron ore, and hot-rolled coil edged down.Copper: The SHFE 1805 contr...Read More
Commerzbank says gold prices may well weaken ahead of a meeting of the Federal Open Market Committee next week. After all, this has been a pattern for the yellow metal, which then tends to rise afterward. A U.S. rate hike is expected at next week’s FOMC meeting, the first to be chaired by Jerome Powell. “It was not unusual for gold to experience phases of weakness ahead of a Fed meetin...Read More
TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe and his close ally, Finance Minister Taro Aso, faced growing pressure on Monday over a suspected cover-up of a cronyism scandal that has dogged the premier for more than a year.Copies of documents seen by Reuters showed that references to Abe, his wife and Aso were removed from finance ministry records of the discounted sale of state-owned land...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 14 points in pre-opening trade. Index futures were moved higher following release of the February Consumer Price Index at 8:30 AM EST. Consensus was an increase of 0.2% versus a revised gain of 0.5% in January. Actual was an increase of 0.2%. Excluding food and energy, consensus was an increase of 0.2% versus a gain of...Read More
Aluminium Aluminium continues to trade within a downtrend channel, 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.P...Read More
SHANGHAI, Mar 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index fell to 89.91 following the weak performance of monthly average hourly earnings in the US for February.Base metals edged down from highs across the board. LME aluminium dropped over 1% to a three-month low as China’s winter production limitati...Read More
SHANGHAI, Mar 13 (SMM) – The Shanghai zinc spot market saw less trading today as the 0# common brand zinc traded at a discount of 90-80 yuan/mt, SMM learned.The Shuangyan brand traded at a discount of 30-20 yuan/mt, and 1# zinc traded at 24,980-25,060 yuan/mt at noon. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to ac...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Tuesday March 13.Base metals traded on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Tuesday. Zinc was the only metal to witness any gains, while nickel prices edged downward following their rally on Monday with negative sentiment stemming from a weaker do...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump fired Secretary of State Rex Tillerson on Tuesday after a series of public rifts over issues including North Korea and Russia, replacing his chief diplomat with loyalist CIA Director Mike Pompeo.The biggest shakeup of Trump’s Cabinet since he took office more than a year ago, which the president announced on Twitter, comes as the administrat...Read More
STRASBOURG, March 13 (Reuters) - The European Commission isexpecting to hear from the United States in the coming days howthe European Union can avoid U.S. import tariffs on steel andaluminium, Commission President Jean-Claude Juncker said onTuesday.The EU is seeking to be exempted from planned U.S. importduties of 25 percent on steel and 10 percent on aluminium, butsays Washington has not made cl...Read More
SHANGHAI, Mar 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index fell to 89.91 following the weak performance of monthly average hourly earnings in the US for February.Base metals edged down from highs across the board. LME aluminium dropped over 1% to a three-month low as China’s winter production limitati...Read More
Listen to this podcast on our site by clicking here or subscribe on iTunes here.Though we've seen markets swing a bit recently, we're still in positive territory for the year. This time on Financial Sense Newshour, we spoke with Dave Nicoski of Vermillion Research for his take on whether recent pullbacks hint at a more significant correction, or if this is just a pause for markets t...Read More
Last week we attended Metal Bulletin’s...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, Mar 13 (SMM) –Copper: LME copper edged down as prices of crude oil weakened. SHFE copper tested the 52,000 yuan/mt level. We expect copper prices to trade rangebound. In the physical market, spot prices are seen rangebound at a discount of 30 yuan/mt to a premium of 20 yuan/mt today. Aluminium: As SHFE aluminium remains weak, LME aluminum is expected to test the $2,100/mt leve...Read More
SHANGHAI, Mar 13 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index fell to 89.91 following the weak performance of monthly average hourly earnings in the US for February.Base metals edged down from highs across the board. LME aluminium dropped over 1% to a three-month low as China’s winter production limitati...Read More
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SHANGHAI, March 13 (Reuters) - China's top steelmaking cityof Tangshan will order some steelmills to cut production by asmuch as half to improve air quality, after curbs put in placeduring winter expire in March, the government said on Tuesday.Some steel mills that have been slow in tacklingenvironmental pollution will have to cut production by up tohalf based on air quality, the Tangshan Developm...Read More
SHANGHAI, Mar 13 (SMM) –Copper: LME copper edged down as prices of crude oil weakened. SHFE copper tested the 52,000 yuan/mt level. We expect copper prices to trade rangebound. In the physical market, spot prices are seen rangebound at a discount of 30 yuan/mt to a premium of 20 yuan/mt today. Aluminium: As SHFE aluminium remains weak, LME aluminum is expected to test the $2,100/mt leve...Read More
Price has weakened further as...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...Read More