SHANGHAI, Mar 28 (SMM) –Copper: LME copper rose above the five-day moving average overnight for the first time in five to six days. This trend is likely to stabilise, but growing inventories of LME copper will weigh on the prices. We see it trading at $6,620-6,680/mt today. SHFE copper lacks strong support as domestic demand has not fully recovered and as supply of refined cop...Read More
RAPAPORT... Hong Kong-based jeweler Chow Sang Sang saw a 3% rise insales in 2017, brought about by a stronger Chinese currency and an improvementin consumer sentiment. Sales were $2.12 billion (HKD 16.63 billion) for the year,with jewelry-retail revenue increasing by the same percentage to $1.85 billion (HKD14.52 billion). Revenue from other businesses, including property, also grew 3% to $2...Read More
Wood Mackenzie said the US$1.7 billion price tag was at a 41% premium to its valuation for Hail Creek. It assumed a zero valuation for the Valeria project.The premium paid implied a long-term benchmark hard coking coal price of $146 per tonne and a benchmark thermal coal price of $83/t, signalling confidence in higher for longer prices.The inclusion of Hail Creek is expected to boost Glencore's me...Read More
European alloy surcharges for April deliveries of grade-304 cold-rolled (CR) stainless steel sheet have risen amid further increases in nickel costs, making it the third consecutive month with a rise in the surcharge.The April alloy surcharge for 2mm grade-304 CR stainless steel sheet - based on data published by Outokumpu, Acerinox and Aperam - is ?,?1,336-1,407 per tonne ($1,659-1,748). This up...Read More
SHANGHAI, Mar 28 (SMM) – Nonferrous metals fell for the most part on Wednesday March 28 except for lead, which inched up slower than the previous day. Tin led losses with a drop over 1%, and copper, aluminium, zinc, and nickel edged down.Across the ferrous complex, coke fell nearly 4%, coking coal declined almost 2%, and iron ore dipped over 1%. Rebar and hot-rolled coil inched up.Copper: SH...Read More
SHANGHAI, Mar 28 (SMM) – Nonferrous metals fell for the most part on Wednesday March 28 except for lead, which inched up slower than the previous day. Tin led losses with a drop over 1%, and copper, aluminium, zinc, and nickel edged down.Across the ferrous complex, coke fell nearly 4%, coking coal declined almost 2%, and iron ore dipped over 1%. Rebar and hot-rolled coil inched up.Copper: SH...Read More
SHANGHAI, Mar 28 (SMM) – Nonferrous metals fell for the most part on Wednesday March 28 except for lead, which inched up slower than the previous day. Tin led losses with a drop over 1%, and copper, aluminium, zinc, and nickel edged down.Across the ferrous complex, coke fell nearly 4%, coking coal declined almost 2%, and iron ore dipped over 1%. Rebar and hot-rolled coil inched up.Copper: SH...Read More
Stakeholder Labrador Iron Ore Royalty (CN:LIF) confirmed in a statement that IOC's final offer on March 23 had been rejected, with USW's 5795 and 6731 local groups launching industrial action.Read More
Prices for domestic steel hollow steel sections in Southern Europe have fallen by ?,?5-15 per tonne because mills are suffering from low demand, market sources said on Wednesday March 28."We are seeing a small number of offers at the moment, because of the uncertainty in the market. It may be that some suppliers have become nervous, seeing their order intake down in March," one Southern European p...Read More
U.S. equity index futures were higher this morning. S&P 500 index futures were up 5 points in pre-opening trade. Index futures were virtually unchanged following release of the final estimate for fourth quarter real GDP at 8:30 AM EDT. Consensus was an increase in growth to a 2.7% rate versus the previous estimate of 2.5%. Actual was 2.9%. Lululemon gained $5.78 to $84.49 after reporting highe...Read More
SHANGHAI, Mar 28 (SMM) – Norilsk nickel in the Shanghai market traded at a discount of about 200 yuan/mt against the Wuxi Stainless Steel Exchange 1804 contract on Wednesday March 28, while Jinchuan traded at a premium at 400 yuan/mt, SMM learned.Jinchuan offered nickel plate at 97,200 yuan/mt.Prices of nickel futures traded rangebound in the morning and traders made offers activel...Read More
SHANGHAI, Mar 28 (SMM) – Trading in the zinc spot market in Shanghai was flat on Wednesday March 28. Smelters were unwilling to release cargoes at lower prices while downstream buyers only purchased as needed, SMM learned. The 0# zinc mostly traded at 24,880-24,960 yuan/mt. The 0# common brand traded at a discount of 20 yuan/mt to flat against the SHFE 1805 contract, and the 0# Shu...Read More
SHANGHAI, Mar 28 (SMM) – China’s gross domestic product (GDP) is likely to grow 6.8% in the first quarter of 2018 and 6.9% in the first half of the year, according to a forecast by the National Academy of Economic Strategy of the Chinese Academy of Social Sciences released on Tuesday March 27.The forecast also expects China to meet this year's annual GDP gr...Read More
SHANGHAI, Mar 28 (SMM) – Demand for nickel plate has finally seen a turnaround since last week as futures prices fell, SMM learned. Some steel mills stockpiled and drove the overall procurement volume to over 1,000 mt during the week ended March 25. Previously, trading activities were stagnant after the Chinese New Year holiday. For editorial queries, please contact Daisy Tsen...Read More
SHANGHAI, Mar 28 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar rebounded overnight as concerns of a trade war eased. Month-end capital flows and a weakening euro also buoyed the index.Most base metals climbed up but with limited gains due to the rebound in the greenback. SHFE copper inched up, while zinc dipped. LME...Read More
SHANGHAI, Mar 28 (SMM) – China’s gross domestic product (GDP) is likely to grow 6.8% in the first quarter of 2018 and 6.9% in the first half of the year, according to a forecast by the National Academy of Economic Strategy of the Chinese Academy of Social Sciences released on Tuesday March 27.The forecast also expects China to meet this year's annual GDP gr...Read More
Alas, my long standing and vociferous disdain for all professional sport, the Australian cricket team in particular, has not protected me from the slings and arrows of my British chums ever on the hunt for an excuse to give me a kicking. And gosh aren't they laying in now for all they are worth.Read More
SHANGHAI, Mar 28 (SMM) – China’s gross domestic product (GDP) is likely to grow 6.8% in the first quarter of 2018 and 6.9% in the first half of the year, according to a forecast by the National Academy of Economic Strategy of the Chinese Academy of Social Sciences released on Tuesday March 27.The forecast also expects China to meet this year's annual GDP gr...Read More
SHANGHAI, Mar 28 (SMM) –Copper: LME copper rose above the five-day moving average overnight for the first time in five to six days. This trend is likely to stabilise, but growing inventories of LME copper will weigh on the prices. We see it trading at $6,620-6,680/mt today. SHFE copper lacks strong support as domestic demand has not fully recovered and as supply of refined cop...Read More
SHANGHAI, Mar 28 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar rebounded overnight as concerns of a trade war eased. Month-end capital flows and a weakening euro also buoyed the index.Most base metals climbed up but with limited gains due to the rebound in the greenback. SHFE copper inched up, while zinc dipped. LME...Read More