SHANGHAI, Jun 8 (SMM) – Nonferrous metals dipped across the board on Friday June 8 with SHFE nickel leading the loss and closing nearly 2.4% lower. Tin dropped 1.2%, lead fell 0.72%, and copper, zinc, and aluminium inched down. The ferrous complex saw mixed trading. Coke rose 0.73%, coking coal gained 0.28%, while iron ore slumped nearly 1.2%. Rebar and hot-rolled coil dipped. Copp...Read More
SHANGHAI, Jun 8 (SMM) – Nonferrous metals dipped across the board on Friday June 8 with SHFE nickel leading the loss and closing nearly 2.4% lower. Tin dropped 1.2%, lead fell 0.72%, and copper, zinc, and aluminium inched down. The ferrous complex saw mixed trading. Coke rose 0.73%, coking coal gained 0.28%, while iron ore slumped nearly 1.2%. Rebar and hot-rolled coil dipped. Copp...Read More
SHANGHAI, Jun 8 (SMM) – Over 100 housing projects are likely to be up for sale across Shenzhen in 2018, Shenzhen Economic Daily reported from the Shenzhen Planning Land and Resources Commission on Friday June 8.This translated to over 50,000 new homes, up 50% from a year ago.In May, the Shenzhen government approved 481,500 square metres of residential housing areas for pre-sale, up...Read More
SHANGHAI, Jun 8 (SMM) – Nonferrous metals dipped across the board on Friday June 8 with SHFE nickel leading the loss and closing nearly 2.4% lower. Tin dropped 1.2%, lead fell 0.72%, and copper, zinc, and aluminium inched down. The ferrous complex saw mixed trading. Coke rose 0.73%, coking coal gained 0.28%, while iron ore slumped nearly 1.2%. Rebar and hot-rolled coil dipped. Copp...Read More
SHANGHAI, Jun 8 (SMM) – Over 100 housing projects are likely to be up for sale across Shenzhen in 2018, Shenzhen Economic Daily reported from the Shenzhen Planning Land and Resources Commission on Friday June 8.This translated to over 50,000 new homes, up 50% from a year ago.In May, the Shenzhen government approved 481,500 square metres of residential housing areas for pre-sale, up...Read More
SHANGHAI, Jun 8 (SMM) – The operating rate across China's galvanising plants in May gained 0.46 percentage points from April and stood at 86.6%, SMM found in a survey. This is up 8.7 percentage points from last year. The operating rate surged from last year as large galvanising plants already fitted with environmentally friendly facilities after rectification. Plants were mostly sus...Read More
SHANGHAI, Jun 8 (SMM) – This is a roundup of China's base metals output in May. SMM surveyed major producers in the market to obtain information for calculation.Copper: China's output of refined copperin May grew 1.3% on the month, 19.6% on the year, and came in at 747,300 mt, an SMM survey showed. Output in the first five months of the year gained 13.4% and stood at 3.60 million mt....Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade. The Canadian Dollar dropped 0.21 to U.S. 76.85 cents following release of the May Canadian Employment report. Consensus was an increase of 25,000 versus a drop of 1,000 in April. Actual was a drop of 7,500. Consensus for the May Unemployment Rate was 5.8%. Actual was 5.8%. Consensus for...Read More
SHANGHAI, Jun 8 (SMM) – Operating rates across refined zinc producers in China fell 3.48 percentage points from April and stood at 68.6% in May, SMM research found.In May, many smelters underwent maintenance and this accounted for the relatively sharp decline in operating rates. As falling zinc prices and low processing fees narrowed profit margins, some smelters brought forward planned...Read More
SHANGHAI, Jun 8 (SMM) –Copper: Copper prices slowed their upward trends overnight. LME copper came off from highs and hit the highest in four and a half years. The SHFE 1808 contract also lost some previous gains as some longs took profit and left. We remain bullish on copper prices in the short term. LME copper is likely to trade at $7,250-7,300/mt today; the SHFE 1808 contract is likely to...Read More
SHANGHAI, Jun 8 (SMM) – This is a roundup of China's base metals output in May. SMM surveyed major producers in the market to obtain information for calculation.Copper: China's output of refined copperin May grew 1.3% on the month, 19.6% on the year, and came in at 747,300 mt, an SMM survey showed. Output in the first five months of the year gained 13.4% and stood at 3.60 million mt....Read More
SHANGHAI, Jun 8 (SMM) – Over 100 housing projects are likely to be up for sale across Shenzhen in 2018, Shenzhen Economic Daily reported from the Shenzhen Planning Land and Resources Commission on Friday June 8.This translated to over 50,000 new homes, up 50% from a year ago.In May, the Shenzhen government approved 481,500 square metres of residential housing areas for pre-sale, up...Read More
SHANGHAI, Jun 8 (SMM) –Copper: Copper prices slowed their upward trends overnight. LME copper came off from highs and hit the highest in four and a half years. The SHFE 1808 contract also lost some previous gains as some longs took profit and left. We remain bullish on copper prices in the short term. LME copper is likely to trade at $7,250-7,300/mt today; the SHFE 1808 contract is likely to...Read More
SHANGHAI, Jun 8 (SMM) – This is a roundup of China's base metals output in May. SMM surveyed major producers in the market to obtain information for calculation.Copper: China's output of refined copperin May grew 1.3% on the month, 19.6% on the year, and came in at 747,300 mt, an SMM survey showed. Output in the first five months of the year gained 13.4% and stood at 3.60 million mt....Read More
Trading activity remained lackluster in the iron ore market on Friday June 8 with lower prices reported for Australian fines at Chinese ports, though a seaborne cargo of Brazilian Blend fines was traded above $70 per tonne cfr.Metal Bulletin 62% Fe Iron Ore Index: $67.44 per tonne cfr Qingdao, up by $0.60 per tonneMetal Bulletin 58% Fe Premium Index: $54.06 per tonne cfr Qingdao, unchang...Read More
Base metals on the London Metal Exchange were broadly lower during morning trading on Friday June 8, with lead, nickel and copper prices edging lower."After copper achieved a 4 1/2 -year high of $7,350 per tonne yesterday, profit-taking ensued in late trading. Weak Asian stock markets this morning are helping drive the copper price down to a good $7,200 per tonne," Commerzbank Research noted. The...Read More
SHANGHAI, Jun 8 (SMM) – Social inventories of zinc as of Friday June 8 increased 12,900 mt from Monday June 4 and stood at 131,300 mt across Shanghai, Guangdong and Tianjin, SMM data showed.Inventory in Shanghai rose 17,600 mt this week due to an inflow of imported zinc and sluggish downstream demand on high zinc prices. Inventory inched up 300 mt during the week in Guangdong, but declined 5...Read More
SHANGHAI, Jun 8 (SMM) –Copper: Copper prices slowed their upward trends overnight. LME copper came off from highs and hit the highest in four and a half years. The SHFE 1808 contract also lost some previous gains as some longs took profit and left. We remain bullish on copper prices in the short term. LME copper is likely to trade at $7,250-7,300/mt today; the SHFE 1808 contract is likely to...Read More
China's domestic hot-rolled coil prices were mixed on Friday June 8, with those in the east region easing slightly while the market in north china picked up some strength.Domestic Eastern China (Shanghai): 4,300-4,320 yuan ($673-676) per tonne, narrowed downward by 10 yuan per tonne Northern China (Tianjin): 4,220-4,240 yuan per tonne, up 10 yuan per tonne A softening of the futures market led to...Read More
Copper stocks in Shanghai Futures Exchange-approved warehouses fell to 256,030 tonnes in the week to Friday June 8, down 6% or 16,224 tonnes from last week's 272,254 tonnes. This week, Zhongchu Lingang recorded the most copper stock withdrawals, with 5,478 tonnes leaving its sheds. "The decline in SHFE copper stocks was mainly due to the pick-up in restocking demand from downstream consumers," Xia...Read More