Zinc rebounds on positive Chinese data... Zinc prices came under pressure for much of last week as trade jitters and macroeconomic uncertainties dominated risk sentiment. But price weakness was limited by technical support around $2,870 per tonne, before staging an end-of-week rebound to close with a modest $5.50-per-tonne gain on the week in response to positive data from China. ...as new loans a...Read More
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Trading across most of the metals is relatively quiet in early morning on Tuesday April 16 and the market seems to be waiting for fresh direction, which we think means the market is waiting for a US-China trade deal. Before that, today’s ZEW and US industrial production data may provide direction, as too will tomorrow’s Chinese GDP data. Base metals Trading across the London Me...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade. Strength was prompted by a 2.39% gain by the Shanghai Composite Index to 3.253.60. Several North American equity indices are testing their all-time highs this morning. All-time highs are 2,940.91 for the S&P 500 Index, 8,133.30 for the NASDAQ Composite Index, 7,700.56 for the NASDAQ...Read More
Here are five Fastmarkets MB stories you might have missed on Friday April 12 that are worth another look.Sentiment was unusually bearish at this year's Cesco week in Santiago, Chile, with copper market participants increasingly concerned that sluggish demand in China will limit the upside potential of the red metal price. Steel market participants in the United Kingdom and Europe renewe...Read More
Billet prices in the major global markets continued to soften over the week ended Friday April 12 due to the lack of demand and the continuing falls in the price of scrap, notably in Turkey.The exception to this was the Chinese market, where active demand from re-rolling mills resulted in reduced billet inventories, pushing prices upward.The spot inventory was 577,000 tonnes on Thursday in Tangsha...Read More
Billet prices in the major global markets continued to soften over the week ended Friday April 12 due to the lack of demand and the continuing falls in the price of scrap, notably in Turkey.The exception to this was the Chinese market, where active demand from re-rolling mills resulted in reduced billet inventories, pushing prices upward.The spot inventory was 577,000 tonnes on Thursday in Tangsha...Read More
Here are five Fastmarkets MB stories you might have missed on Friday April 12 that are worth another look.Sentiment was unusually bearish at this year's Cesco week in Santiago, Chile, with copper market participants increasingly concerned that sluggish demand in China will limit the upside potential of the red metal price. Steel market participants in the United Kingdom and Europe renewe...Read More
Here are five Fastmarkets MB stories you might have missed on Friday April 12 that are worth another look.Sentiment was unusually bearish at this year's Cesco week in Santiago, Chile, with copper market participants increasingly concerned that sluggish demand in China will limit the upside potential of the red metal price. Steel market participants in the United Kingdom and Europe renewe...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Goldman Sachs (GS $207.84) was virtually unchanged after reporting higher than consensus first quarter earnings. The company also raised its dividend. Citigroup added $0.25 to $67.42 after reporting higher than consensus first quarter earnings. Wells Fargo dropped $0.71 to $45.78 after Goldm...Read More
Chinese trading house ASK Resources has moved into the European market, hiring Guillaume Taib to open an office in Geneva, Switzerland.ASK had a turnover of $900 million in 2018, trading mainly in copper but also in zinc, aluminium and nickel,...Read More
Sentiment was unusually bearish at this year's Cesco week in Santiago, Chile, with copper market participants increasingly concerned that sluggish demand in China will limit the upside potential of the red metal price. The annual gathering in the Chilean capital on April 7-12 is traditionally characterized by strong attendance by miners from copper-rich South America and thus typically boasts a po...Read More
UK and European steel market participants renewed calls for the European Union and the United Kingdom to reach an agreement and avoid continued market uncertainty after the UK was granted a six-month extension to delay Brexit until Thursday October 31. The latest extension has also averted the prospect of the UK having to leave the EU without a deal on Friday April 12. A "no deal" Brexit would mea...Read More
The three-month zinc price on the London Metal Exchange moved above $2,900 per tonne at the close of trading on Friday April 12, while volumes traded reached their highest level since March 15 at 12,000 lots exchanged.Price action in zinc has been volatile so far in April, reaching a monthly high of $2,938 per tonne on April 8 before dipping to a low of $2,852 per tonne on April 9. LME stocks rema...Read More
The Comex copper price surged in the US morning session on Friday April 12 amid a falling dollar and upbeat sentiment from Cesco Copper Week in Santiago, Chile. The copper price for May settlement on the Comex division of the New York Mercantile Exchange jumped 5.70 cents to $2.9440 per lb. The contract has been unable to set a solid price direction this week with prices rising and falling day by...Read More
Seaborne iron ore prices continued to rise on Friday April 12, with high-grade materials such as Iron Ore Carajas (IOCJ) continuing to outperform other grades.MB 62% Fe Iron Ore Index: $96.47 per tonne cfr Qingdao, up by $0.82 per tonne.MB 62% Fe Pilbara Blend Fines Index: $95.74 per tonne cfr Qingdao, up by $0.97 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $98.32 per tonne cfr Qingdao, up by...Read More
South American import prices for flat steel were almost unchanged this week because of the low levels of demand, but rumors of price increases for specific materials were heard among buyers and traders.Current prices from China were already considered high by clients, which were reported to be holding large inventories.Fastmarkets' weekly price assessment for South American imported cold-rolled co...Read More
Transaction prices for grade-304 stainless steel cold-rolled (CR) sheet in Europe remained static in the week ended Friday April 12 despite some mills continuing to offer material at inflated levels.Offer prices for grade-304 CR sheets were heard as high as ?,?2,350 ($2,648) per tonne delivered during the week, the same level as in the previous week.Despite these offers, Fastmarkets' price assessm...Read More
Chinese trading house ASK Resources has moved into the European market, hiring Guillaume Taib to open an office in Geneva, Switzerland.ASK had a turnover of $900 million in 2018, trading mainly in copper but also in zinc, aluminium and nickel,...Read More