Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Tuesday June 26.Most base metals prices on the Shanghai Futures Exchange ended the Asian morning trading session on Tuesday in negative territory, with deepening fears of a China-United States trade war weighing on the sector. Nickel led the complex lower with the most-traded September contrac...Read More
SHANGHAI, Jun 26 (SMM) – Both nonferrous and ferrous metals futures, except for SHFE lead, fell across the board on June 26. Lead jumped over 1.2%, while nickel slumped nearly 2.5%. Zinc and aluminium lost some 1.1%. Tin and copper inched down. Coke plunged nearly 3.9%, coking coal dropped 2.1%, rebar declined 1.8%, and hot-rolled coil went down 1.4%. Iron ore closed slightly lower.&nbs...Read More
SHANGHAI, Jun 26 (SMM) – The boom of shanty town redevelopment in China may cool down after China Development Bank (CDB) took away the local approval authority on renovation projects.Share prices of Chinese real estate developers tumbled on Monday June 25 following market talk that Beijing planned to ban shanty town redevelopment altogether and that CDB would stop approving pledged supplemen...Read More
SHANGHAI, Jun 26 (SMM) – Some 34,000 mt of silicomanganese production per month is set to be affected in Louping county of Ningxia, as all ferroalloy submerged arc furnaces below 20,000 kVA were required to be shut for rectification as of Monday June 25.This would account for 18% of the typical monthly output in Ningxia, SMM calculated. The rectification work is expected to be finished...Read More
"Do not allow yourself to be fooled. Follow logic and the fundamentals only. The fact is..."Editor's Note: There has been a lot of talk in the gold and silver community about what happens to the gold to silver ratio during a hyperinflation. See recent coverage, in chronological order, here first, then here, and and finally here, for what is turning out to be a treasure trove of information that r...Read More
Base metals on the London Metal Exchange ended mostly lower at the close of trading on Tuesday June 26, weakened by volatile trade relations between the United States and other major economies. "In terms of today's action, we are down once again in the metals space, as the sector typically lands squarely in the middle of any US/Chinese trade spat, real or imagined," INTL FCStone analyst Edward Mei...Read More
Comex copper prices traded at the lowest point since March 2018 on Tuesday June 26 with threats of a growing trade war weighing on the metals complex. Copper for July settlement on the Comex division of the New York Mercantile Exchange inched down 0.40 cents or 0.1% to $2.9830 per lb. Earlier, the contract touched $2.9795, the lowest since March 26. "Copper has slipped since mid-June due to growin...Read More
Iron ore prices remained rangebound on Tuesday June 26, with the sudden depreciation in the yuan's value against the US dollar causing some jitters in the market.Metal Bulletin 62% Fe Iron Ore Index: $66.62 per tonne cfr Qingdao, up $1.13 per tonneMetal Bulletin 58% Fe Premium Index: $52.77 per tonne cfr Qingdao, down $0.29 per tonneMetal Bulletin 65% Fe Iron Ore Index: $90.40 per tonne cfr Qingda...Read More
Peter KrauthSilver prices continue their slump from the previous week thanks to two major culprits…The first is the U.S. dollar, and the second is sentiment.The U.S. Dollar Index (DXY) spent most of the week powering higher, eventually reaching as high as 95.5, a level not seen in over eight months.Of course, hawkish comments from U.S. Federal Reserve Chair Jerome Powell helped power a rally...Read More
SHANGHAI, Jun 26 (SMM) – The floor price of imported copper concentrate treatment charges (TCs) for the third quarter is likely to stand at $85-87/mt, up from $78/mt in the second quarter, SMM estimated. The price is set to be determined at the end of this month as the China Smelters Purchase Team (CSPT) convenes in Manzhouli of Inner Mongolia, SMM learned.We expect the floor...Read More
SHANGHAI, Jun 26 (SMM) – Both nonferrous and ferrous metals futures, except for SHFE lead, fell across the board on June 26. Lead jumped over 1.2%, while nickel slumped nearly 2.5%. Zinc and aluminium lost some 1.1%. Tin and copper inched down. Coke plunged nearly 3.9%, coking coal dropped 2.1%, rebar declined 1.8%, and hot-rolled coil went down 1.4%. Iron ore closed slightly lower.&nbs...Read More
SHANGHAI, Jun 26 (SMM) – The boom of shanty town redevelopment in China may cool down after China Development Bank (CDB) took away the local approval authority on renovation projects.Share prices of Chinese real estate developers tumbled on Monday June 25 following market talk that Beijing planned to ban shanty town redevelopment altogether and that CDB would stop approving pledged supplemen...Read More
SHANGHAI, Jun 26 (SMM) –Copper: The SHFE 1808 contract opened below the 60-day moving average and touched a low of 51,370 yuan/mt overnight. LME copper broke the support at the $6,800/mt level overnight despite a strike threat at Codelco's Chuquicamata mine in Chile. In China, downstream demand remained sluggish amid slack season and cash woes towards the end of the first half despite th...Read More
Outlines Development of Battery-Graphite Manufacturing Business in Alabama Producing Advanced, High Quality and High Margin Graphite Products for Battery ManufacturersCENTENNIAL, Colo., June 26, 2018 - Westwater Resources, Inc. ("Westwater," or the "Company") (Nasdaq: WWR), a green energy materials development company, announced today that it has issued its business plan for producing advanced gr...Read More
Comex copper prices traded at the lowest point since March 2018 on Tuesday June 26 with threats of a growing trade war weighing on the metals complex. Copper for July settlement on the Comex division of the New York Mercantile Exchange inched down 0.40 cents or 0.1% to $2.9830 per lb. Earlier, the contract touched $2.9795, the lowest since March 26. "Copper has slipped since mid-June due to growin...Read More
Metal Bulletin is running a one-month consultation to seek feedback on whether to keep excluding certain origins in the assessment of its spot main Japanese ports (MJP) aluminium P1020 cif premium. At present, Metal Bulletin excludes aluminium P1020 from India, Iran, Egypt, Brazil and from London Metal Exchange warehouses (warrants) for its spot MJP premium assessment because brands from these cou...Read More
The copper cathode premium's ascent in the United States paused over the past week, with the market struggling with a major arbitrage and nightmarish freight conditions.American Metal Market's assessment of the US copper cathode premium was flat at 6.5-7 cents per lb delivered to the Midwest on Tuesday June 26, maintaining the highest level since mid-July 2014. Premiums have moved up by...Read More
The US Midwest aluminium premium has retreated to a level last seen in late March to early April, before the effect of sanctions against Russia set into the market.American Metal Market's assessment of the spot P1020 premium has dropped to 21.25-21.5 cents per lb on Tuesday June 26, the lowest level since the premium was assessed at 18.75-19.25 cents per lb on March 27 and where it remained u...Read More
RAPAPORT... The Israel Diamond Exchange (IDE) has terminated itspartnership with Carats.io because the cryptocurrency company did not haveregulatory approval, both organizations told Rapaport News. The IDE has required Carats.io to cease all public displaysof association with the bourse and its Diamond Tech Innovation Center, exchangepresident Yoram Dvash said in a note to IDE members last week. T...Read More