Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Monday June 25.Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Monday, with the main movers being zinc and nickel, albeit in opposite directions, while the rest of the metals traded sideways.Nickel prices led on the upside with the metal finding s...Read More
SHANGHAI, Jun 25 (SMM) – Nonferrous metals futures saw mixed trading on Monday June 25 as the decision of China’s central bank to cut the required reserve ratio (RRR) by 0.5 percentage point provided only limited support. SHFE lead gained over 1.1%, nickel rose 0.72%, while zinc slumped over 1.8%. Other base metals inched down.In the ferrous market, iron ore jumped nearly 2%, coking co...Read More
SHANGHAI, Jun 25 (SMM) – China's output of ternary materials went flat month on month in May at 12,000 mt, SMM data showed. Supplies grew in Xiamen of Fujian province and in some cities in the north as new capacity commissioned at ternary materials plants on high downstream demand. However, output in Hunan, Henan, and Yunnan provinces dipped last month as producers sl...Read More
Ferro-chrome benchmark price negotiations for the third quarter of 2018 are revealing a fresh spin on some familiar topics and a more detailed look at regional price differences across the supply chain. Metal Bulletin reported last week that the widely-expected reduction in the third-quarter settlement is likely to be smaller than previously anticipated, due to strengthening ferro-chrome markets,...Read More
Nickel on the London Metal Exchange were down by more than 3% at the close of trading on Monday June 25 while other base metals prices also slumped. Nickel traded in an intraday range of $680 per tonne, eventually closing 3.6% by the end of trading below $15,000 per tonne.A sharp rise in the dollar index, which remains high, piled pressure on the base metals last week while added uncertainty about...Read More
The London Metal Exchange will introduce three regional hot-rolled coil contracts at the start of 2019, coinciding with a change in attitude towards risk management tools for the ferrous sector, according to the exchange's business development manager. The contracts are aimed at the domestic markets in the United States and in Europe as well as the Chinese export market, said Marko Kusigerski...Read More
Comex copper prices started another week in negative territory with global trade volatility preventing a recovery. Copper for July settlement on the Comex division of the New York Mercantile Exchange dipped 1.40 cents or 0.5% to $3.0130 per lb. Volatile global trading conditions continue to dampen investment after the United States' most recent announcement of a 20% import tariff on EU car im...Read More
SHANGHAI, Jun 25 (SMM) – Nonferrous metals futures saw mixed trading on Monday June 25 as the decision of China’s central bank to cut the required reserve ratio (RRR) by 0.5 percentage point provided only limited support. SHFE lead gained over 1.1%, nickel rose 0.72%, while zinc slumped over 1.8%. Other base metals inched down.In the ferrous market, iron ore jumped nearly 2%, coking co...Read More
SHANGHAI, Jun 25 (SMM) – Spot copper was mostly offered at a discount of 180-110 over the SHFE 1807 contract in the Shanghai market on Monday June 25. This compared with a discount of 160-110 yuan/mt on Friday June 22.The SHFE 1807 contract gained 360 yuan/mt to a high at 51,930 yuan/mt in the morning as China's central bank said it will cut the required reserve ratio by 0.5 percentage p...Read More
SHANGHAI, Jun 25 (SMM) – China's copper scrap imports in May declined 33.3% from a year ago to stand at 210,000 mt, data released by China Customs on Saturday June 23 showed. This compared with a year-on-year drop of 36.7% recorded in April, and brought copper scrap imports from January to May to 950,000 mt. China's stricter inspections of all US-imported scrap from Ma...Read More
SHANGHAI, Jun 25 (SMM) –Copper: LME copper continued to consolidate around the $6,800/mt level last Friday, while the SHFE 1808 contract hovered within a narrow range. The liquidity brought by China’s reserve requirement ratios (RRR) cut is likely to ease the pressure at the 51,500 yuan/mt level for SHFE copper price. The SHFE 1808 contract is likely to rebound in near term. Spot disco...Read More
The London Metal Exchange will introduce three regional hot-rolled coil contracts at the start of 2019, coinciding with a change in attitude towards risk management tools for the ferrous sector, according to the exchange's business development manager. The contracts are aimed at the domestic markets in the United States and in Europe as well as the Chinese export market, said Marko Kusigerski...Read More
Turkish deep-sea scrap markets remained quiet on Monday June 25 due to the uncertainty in the market following the general elections in Turkey.Preliminary results from Turkey's presidential election on Sunday June 24 gave Recep Tayyip Erdogan a commanding lead, while his ruling Justice and Development Party (AKP) failed to win majority of the 600 parliamentary seats. However, the 'People's Al...Read More
Eurasian Resources Group (ERG) plans to boost output of alumina powders to meet growing demand in the 3D printing sector.The natural resources group is planning a pilot scheme for the manufacturing of 3D-printed components after completing a study into the production of alumina powders using alumina mined at its operations in Kazakhstan."At the moment only about 2,000 tonnes of powders for 3D...Read More
Comex copper prices started another week in negative territory with global trade volatility preventing a recovery. Copper for July settlement on the Comex division of the New York Mercantile Exchange dipped 1.40 cents or 0.5% to $3.0130 per lb. Volatile global trading conditions continue to dampen investment after the United States' most recent announcement of a 20% import tariff on EU car im...Read More
The latest metal markets news and price moves to start the North American day on Monday June 25.Zinc prices on the London Metal Exchange fell 1.2% during morning trading on Monday June 25, hindered by tight spreads, a broadly strong dollar and escalating trade tensions between China and the United States.Here is how the LME base metals complex looked at 12:21pm London time:For...Read More
RAPAPORT... Tse Sui Luen (TSL) plans to open 100 stores in mainland China overthe next two years, after witnessing solid growth in the region over the pastfiscal year. The jewelry retailer intends to focus more on shopping-malllocations rather than department stores, it said last week. The move comes afterrevenue increased 21% to $527.2 million (HKD 4.14 billion) in the 13 monthsending March 31 co...Read More
RAPAPORT... The Kimberley Process (KP) discussed plans for a reformagenda at its intersessional meeting in Antwerp last week, includingbroadening its definition of conflict diamonds. "I believe the industry has expressed an unambiguous andclear position," acting president Stephane Fischler of the World DiamondCouncil (WDC) - the group that represents the interests of the globaldiamond industry wit...Read More
RAPAPORT... Michael Hill will close all 30 Emma & Roe stores as itredeploys funds and resources to its core business, it said last week. The Australia-based retailer had initially planned to shut only24 of its 30 Emma & Roe stores in Australia and New Zealand by June 30 dueto lackluster sales. "Following a strategic review, we have decided that asingular focus on the Michael Hill brand wi...Read More