Gold’s recent move back above $1,220 an ounce may signal a turning point for the precious metal, as investor buying has picked up, says Standard Chartered. Prices must still break up through a number of technical-chart levels to reach the psychologically important 1,300-per-ounce level, Standard says. “We continue to believe price risks are skewed to the upside, particularly as $1,220/...Read More
Base metals prices on the London Metal Exchange were mostly trading lower at the close on Wednesday October 17, with sentiment in the market weakening, but zinc continued to outperform. Three-month lead, aluminium and tin prices all started the day in positive territory but weakened this afternoon, while nickel was down 1.2% due to a lack of directional news for the near term. Aluminium prices dip...Read More
Fastmarkets MB's nickel premiums were stable across all regions in the week to Tuesday October 16 in quiet trading conditions after the London Metal Exchange Week. Premiums in China were steady due to a closed import window and stock overhang. European premiums were unchanged following the annual gathering of the metals market in London for LME Week. Nickel premiums in the United Stat...Read More
Comex copper prices were slightly higher in morning trading on Wednesday October 17 with a rising dollar preventing any significant gain.The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 0.60 cents to $2.7855 per lb. "We are seeing very quiet conditions in metals so far this week; yesterday ended in a mixed...Read More
Key data from the Wednesday October 17 pricing session in Europe. Key drivers The European ferro-titanium price range dropped again, extending price losses from the previous week on persistently low demand, which is encouraging cheaper offer prices. Some dealers are away due to holidays in Europe, which has cooled trading activity. Reported trades...Read More
Several zinc and lead mining and smelting companies have been targeted for secondary sanctions by the United States Treasury over alleged ties to paramilitary organizations. Companies including Bandar Abbas Zinc Production Co, Calcimin, Iran Zinc Mines Development Co and Qeshm Zinc Smelting and Reduction Co - all producers of zinc concentrates and ingots - have been targeted. These organizations a...Read More
China's unwrought copper and copper product imports hit a two-year high in September, driven by an open import arbitrage window and market participants replenishing copper inventories amid low stockpiles in Shanghai-bonded and Shanghai Futures Exchange (SHFE) warehouses.China's unwrought copper and copper products imports in September increased by 24% month on month and 21% year on year to 521,000...Read More
Global copper premiums were broadly steady in the week ended Tuesday October 16, with market participants primarily focused on long-term contract negotiations that took place during LME Week in London. In China, Shanghai copper premiums retreated on rising inflows of the metal into the country and a closed arbitrage window. In news, Sterlite Copper's Tuticorin brands of cathode are likely to remai...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
The Turkish deep-sea scrap market remained silent again on Tuesday October 17, but a rise in the value of the Turkish lira and market rumors about changes to US import tariffs helped prices, according to market participants.The Turkish lira has continued to pick up this week, and was trading at TRY100 to $17.38 on October 17, up from TRY100 to $17.01 on October 15, according to Oanda.com.No deep-s...Read More
Key data from the Wednesday October 17 pricing session in Europe. Key drivers The European ferro-titanium price range dropped again, extending price losses from the previous week on persistently low demand, which is encouraging cheaper offer prices. Some dealers are away due to holidays in Europe, which has cooled trading activity. Reported trades...Read More
Domestic prices for ferrous scrap in Italy have been largely unchanged over the past month due to a good balance of supply and demand, sources told Fastmarkets this week.Fastmarkets' monthly price assessment for domestic grade E3 scrap in Italy remained at ?,?275-285 ($318-330) per tonne delivered on Thursday October 17, compared with ?,?270-290 per tonne delivered in September."The Italian scrap....Read More
Comex copper prices were slightly higher in morning trading on Wednesday October 17 with a rising dollar preventing any significant gain.The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 0.60 cents to $2.7855 per lb. "We are seeing very quiet conditions in metals so far this week; yesterday ended in a mixed...Read More
Chinese cobalt sulfate trade log including business, bids and offers reported to Fastmarkets.Unless otherwise stated, all prices are yuan per tonne on an ex-works basis. In addition, cobalt sulfate, Co 20.5% min, China ex-works, adjustment to low-grade cobalt low-end price at Co 20.5% basis, $/Ib is showed in the bracket, at $ per lb basis. Fastmarkets MB prices Click here for Fastmarkets MB'...Read More
The market for hot-rolled (HR) and cold-rolled (CR) steel sheet in Russia's Central Federal District around Moscow has softened further this week, reflecting the pessimistic mood on exports, sources have told Fastmarkets.Fastmarkets' weekly price assessment for Russia-origin 4mm HR sheet was 42,970-43,000 roubles ($656-657) per tonne cpt Moscow on Tuesday October 16, including 18% VAT. This was do...Read More
China's domestic hot-rolled coil prices remained flat on Wednesday October 17, though the export index dropped amid weak demand. DomesticEastern China (Shanghai): 4,230-4,250 yuan ($612-614) per tonne, unchangedNorthern China (Tianjin): 4,120-4,130 yuan per tonne, unchangedEnd users continued to consume HRC at a steady rate and appeared to have no plans to stock up on materials, a trader in Shangh...Read More
China's ferrous futures rose during morning trading on Wednesday October 17, with the rebar contract leading the uptrend.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,192 yuan ($605.75) per tonne, up 55 yuan per tonneJanuary hot rolled coil: 3,979 yuan per tonne, up 42 yuan per tonneDalian Commodity Exchange January iron ore: 513.50 yuan per tonne, up 4.50 yua...Read More
Turkey's Tosyali Holding is to invest in the construction of a rebar and wire rod mill in Senegal, in western Africa.Tosyali signed a Memorandum of Understanding (MoU) with Senegal's ministry of mines and geology during the second Turkey-Africa Economic & Business Forum in Istanbul on Wednesday October 10.Once a location is decided, Tosyali will lay the foundations for the plant by the end of 2018...Read More
European prices for mesh-quality wire rod were flat across the Northern and Southern parts of the continent on Wednesday October 17, with buyers still unwilling to commit to large-volume deals.Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern and Northern Europe were ?,?535-560 ($620-648) per tonne delivered on Wednesday. Both assessments were unchanged week...Read More
The price for rebar produced and delivered in Southern Europe slipped downward on Wednesday October 17, with buyers uncertain and few deliveries of any substantial size being sought.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe fell to ?,?520-545 (602-631) per tonne per tonne delivered on Wednesday, from ?,?530-545 per tonne a week ago.While uncertainty is keeping many...Read More