Manganese alloys prices in Europe and India increased in the week to Friday January 10 against steady increases in manganese ore markets since early December, although industry sources believe further increases will be limited due to relatively soft consumer demand.In Europe, the silico-manganese lumpy 65-75% Mn, basis 15-19% Si (scale pro rata), major European destinations market price climbed by...Read More
Key data from the pricing sessions in Asia and Europe in the week to Friday January 10.ChinaKey drivers The price of antimony, MMTA standard grade II, ddp China remained unchanged for the third consecutive week in the latest assessment period ended on Wednesday January 8 after many suppliers held offer prices firm. Many domestic suppliers were reluctant to compromise further on off...Read More
Despite uncertainty surrounding downstream demand, the price of cobalt sulfate in China has jumped by more than 12% so far this year, with suppliers either offering the material at aggressively high levels or holding back from sales.Fastmarkets' price assessment for cobalt sulfate 20.5% Co basis, exw China was 49,000-51,000 yuan ($7,080-7,369) per tonne on Friday January 10, up by 5,000-6,000 yuan...Read More
Key data from the pricing session in Shanghai in the week ended Friday January 10. Key drivers The export price was supported by an appreciation in the yuan, a rising domestic price and higher domestic logistics fees ahead of the Lunar New Year in two weeks time. The yuan was trading at 6.930 to the...Read More
De-risking Base metal prices have experienced some sharp rebounds after the risk-off episode sparked by the deadly US airstrike on a top Iranian commander on January 3. The focus now is on the signing of the ‘phase 1’ US-China trade deal this week, which could further de-risk the outlook. Aluminium: High enough for now Aluminium prices have been working steadily higher since their Octobe...Read More
Return of positive risk sentiment Events over the past two months have generally been supportive of risk sentiment while trade tensions between the US and China continue to ease. With the phase one trade deal set to be signed on January 15, both countries have also agreed to restart semi-annual talks aimed at resolving economic disputes, a process which was previously abandoned at the start of the...Read More
Aluminium The LME three-month aluminium price managed to find support at the 20 DMA ($1,801 per tonne) as well as the December 2019 low UTL on Friday January 10. Also, it was well-bid into the close of trading that same day, settling above the psychological price level of $1,800 per tonne and trading either side of it early this week. The rising 20 DMA remains an all-important short-term dire...Read More
Sharp price recovery has further to run... The LME copper price has rebounded sharply since it hit an intraday low of $6,089 per tonne on January 3, as the risk-off response to the escalation of US-Iran geopolitical tensions proved short-lived. However, its quarter-to-date average dropped to $6,175 per tonne last week, compared with $6,185 per tonne in the prior week, around $225 per tonne or 3.5%...Read More
Prices trade sideways in quiet conditions Lead prices are still rangebound in the $1,900-1,950 per tonne area. Technically, this activity could be interpreted as forming a continuation pattern that might open the door to another selloff. However, our favoured interpretation at the moment is that prices are instead build a potentially bullish technical base that could become the springboard for a r...Read More
Supply-side developments There were a few interesting news stories on nickel supply that emerged last week and that we think are worth examining here. They are examples of how the industry is responding to the outlook for rising demand and diminishing availability of class 1 nickel for Li-ion battery production. The Santa Rita mine in Bahia, Brazil (closed by Mirabela in 2016 and restarted by Atla...Read More
Tin price recovery under way... After a significant and unusual sell-off of 2.5% on January 3 (the deepest since mid-September 2019), tin has rebounded well, showing a 1% year-to-date gain. The tin price rebound comes despite higher inventories, with LME and SHFE stocks rising by roughly 700 tonnes last week – a fourth straight week of net inflows – suggesting no restocking activity from...Read More
U. S equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.Index futures were virtually unchanged following release of the December Consumer Price Index at 8:30 AM EST. Consensus was an increase of 0.3% versus a gain of 0.3% in November. Actual was an increase of 0.2%. Excluding food and energy, consensus for the December Consumer Price Index was...Read More
Stock inflows cap prices around $2,400 per tonne The return of risk sentiment helped bolster zinc prices last week as the three-month benchmark touched an eight-week high of $2,416 per tonne as Iran and the US dialled back their rhetoric, and amid expectations that a first phase US-China trade deal will be signed this week. However, further price gains were capped by technical selling pressure as...Read More
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Here are five Fastmarkets MB that you might have missed on Friday January 10 that are worth another look.ArcelorMittal has increased its offer price for hot-rolled coil in Europe with immediate effect, sources told Fastmarkets on January 10.The waiting time for aluminium at Istim's warehouse in Port Klang, Malaysia rose to more than a month at the end of December 2019 compared with 11 days at the...Read More
Here are five Fastmarkets MB that you might have missed on Friday January 10 that are worth another look.ArcelorMittal has increased its offer price for hot-rolled coil in Europe with immediate effect, sources told Fastmarkets on January 10.The waiting time for aluminium at Istim's warehouse in Port Klang, Malaysia rose to more than a month at the end of December 2019 compared with 11 days at the...Read More
Here are five Fastmarkets MB that you might have missed on Friday January 10 that are worth another look.ArcelorMittal has increased its offer price for hot-rolled coil in Europe with immediate effect, sources told Fastmarkets on January 10.The waiting time for aluminium at Istim's warehouse in Port Klang, Malaysia rose to more than a month at the end of December 2019 compared with 11 days at the...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade. Lululemon added $5.77 to $240.61 after the company raised its fourth quarter earnings and revenue guidance.Goldman Sachs gained $1.29 to $243.40 after JMP Securities upgraded the stock to Outperform from Market Perform. General Motors (GM $34.65) is expected to open higher after announci...Read More
Base metals prices on the London Metal Exchange consolidated higher at the close of trading on Friday January 10, edging slightly upward on moderately low turnover, while volatility in the aluminium complex saw strong stock moves make little change to its outright price.Aluminium's underlying price settled at $1,806 per tonne in the afternoon, a climb of just 0.1% over the day, while the total vol...Read More