Comex copper prices were slightly lower on Tuesday July 3 morning in the US, with trade shallow ahead of the Fourth of July holliday.Copper for September settlement on the Comex division of the New York Mercantile Exchange inched down 0.10 cents or 0.1% to $2.9430 per lb. The contract now sits at its lowest point since August 2017.Base metals have...Read More
The latest metal markets news and price moves for the start of the North American day on Tuesday July 3.Base metals on the London Metal Exchange edged higher during morning trading, supported by a downtick in the dollar index, while turbulent trade relations between the United States and major economies continue to destabilize commodities.Here's how base metals prices looked at 11:56am London time...Read More
Base metals on the London Metal Exchange edged higher during morning trading on Tuesday July 3, supported by a downtick in the dollar index while turbulent trade relations between the United States and major economies continue to destabilize commodities. "London has seen a re-emergence of the systematic sell programs after the poor closes last night, where most [base metals] settled on the session...Read More
Arbitrage for copper, aluminium, zinc and nickel imported into China on Tuesday July 3*Copper -$89.71 (-601.00 yuan)Aluminium -$510.61 (-3,420.95 yuan) Zinc $12.81 (85.81 yuan) Nickel -$177.86 (-1,191.59 yuan) *Metal Bulletin calculates the physical arbitrage for import into China...Read More
The latest bids, offers and deals in the global markets for rebar, wire rod, steel beams and other long steel products.Latest transactions: rebarRebarOman, export, rebar, traded at $615-620 per tonne cfr, theoretical weight, to the UAE.Oman,...Read More
The latest bids, offers and deals in the global markets for steel billet, slab and bloom. Latest transaction: billetBilletIran, export, billet, offered...Read More
The latest bids, offers and deals in the global markets for hot-rolled coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted galvanized iron, steel plate, steel sheet and other flat steel products. Latest transactions: HRC, HDGHot-rolled coilChina, export, hot rolled coil (2mm), offered at $620-625 per tonne cfr, to the UAE.China, export,...Read More
Norwegian ferro-silicon producer Finnfjord Smelteverk will cut about 3,500 tonnes of production between July and August of this year because of planned maintenance to one of its furnaces, according to an industry source. The company, which has its plant in the north of the country, operates three furnaces, one with capacity for 20,000 tonnes per year and two with capacities for 40,000 tpy. Mainten...Read More
Following extensive market engagement, Metal Bulletin has decided to extend the consultation period for the proposed launch of a battery-grade lithium ex-works China index to provide additional time for market participants to submit feedback. Metal Bulletin is committed to providing transparent pricing for the lithium sector and is therefore extending the timeframe to collect further feedback on t...Read More
Daily PDFs will be downloadable until Wednesday July 4. After that, because of a national holiday, the next daily PDF will be downloadable on Friday July 6.Read More
Time to consolidate The base metals have been sold off as trade fears have escalated, exacerbating risk-off sentiment. Technically and fundamentally, we feel prices have fallen far enough. Aluminium: Price forecasts lowered Given a negative technical configuration and challenging fundamental outlook, selling momentum is likely to remain the dominant force in the aluminium market for a while. Any r...Read More
LME started the new trading month poorly After three consecutive weekly declines, LME aluminium started the new trading month poorly, weighed down by weaker economic data out of China, which lends credence to concerns about the potentially negative impact of the trade dispute with the US. The resilient dollar index is weighing on the base metals complex too. Aluminium prices dropped 1.4% on Monday...Read More
Domestic Chinese ferro-chrome prices have risen in line with July tender prices from leading stainless steel mills. Spot domestic ferro-chrome prices rise in China Chrome ore, charge chrome import prices slideJapanese alloy prices edge upFerro-chrome prices rise in Europe Alloy markets flat in South Korea, United StatesChinese spot domestic ferro-chrome prices rose 4% in the week to Friday June 29...Read More
Aluminium The LME aluminium price has been declining steadily thanks to persistent selling momentum since the April 19 high at $2,718 per tonne. It spent most of May consolidating within what seems like a bear-flag formation and the price has now broken below it too. As such, the technical configuration is vulnerable to further selling. But the daily RSI and stochastic lines are starting to s...Read More
Mixed fundamental data on Q1 The latest WBMS data suggest that the global copper market was in a deficit of 96,000 tonnes in April, bringing the group’s take on the January-April deficit to 215,000 tonnes. According to the WBMS, refined production grew 2.9% year on year in January-April 2018, while refined consumption expanded by 4.6%. But we think the WBMS is painting an overly bullish pictu...Read More
Lead remaining resilience Lead prices traded sideways last week within a $2,385-2,449 per tonne range, with the bottom end holding above the low set two weeks ago at $2,365 per tonne. This is a resilient performance relative to the likes of copper, aluminium and zinc, which have been under significant pressure. From the recent highs around June 6-7, lead prices have fallen 7.5%, while copper, alum...Read More
Vanadium prices resumed their rally in earnest last week after buyers paid higher prices to secure scarce units, with no signs of change to the persistent tight supply situation. Chinese export prices jump with spot units in limited supply amid persistent foreign inquiries European ferro-vanadium prices surge in the second half of the week after sellers hold firm with their offers Thin spot supply...Read More
LME stock slide a bullish constant for nickel, alloy surcharges Following the run-up in nickel prices throughout May and into June, prices for most common nickel-containing stainless steel grades gained some momentum, despite limited pull from the demand side. Alloy surcharges hit six-year highs for June deliveries, aided also by molybdenum price gains. Indeed, LME nickel prices held up well in la...Read More
It has been a while since we reviewed recent trends in the global tinplate sector, so this week we summarise some highlights from our most recent Galvanized Steel and Tinplate Market Tracker report. US tinplate market after the tariff Straightforward exemptions from the Section 232 tariff have run out. In the run-up to the publication of the Commerce Department’s findings there were wide mont...Read More
Chinese smelters to the rescue Zinc prices staged a modest rebound last week as a pull-back in the dollar reduced selling pressure in the base metals. Broader marker concerns around escalating trade uncertainties have also eased somewhat, although this may prove temporary. Supply-side developments have also helped sentiment in zinc as major Chinese smelters are discussing plans to cut production,...Read More