SHANGHAI, Mar 9 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightThe US dollar rebounded above 90 overnight, while base metals saw mixed trading. SHFE copper, zinc, nickel dropped over 1%, lead edged down, while aluminium and tin inched up. LME nickel slid over 2%, copper lost close to 2%, while lead and zinc fell over 1%.China...Read More
SHANGHAI, Mar 9 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightThe US dollar rebounded above 90 overnight, while base metals saw mixed trading. SHFE copper, zinc, nickel dropped over 1%, lead edged down, while aluminium and tin inched up. LME nickel slid over 2%, copper lost close to 2%, while lead and zinc fell over 1%.China...Read More
SHANGHAI, Mar 9 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightThe US dollar rebounded above 90 overnight, while base metals saw mixed trading. SHFE copper, zinc, nickel dropped over 1%, lead edged down, while aluminium and tin inched up. LME nickel slid over 2%, copper lost close to 2%, while lead and zinc fell over 1%.China...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week. Base metalsSwitzerland-based Tiberius Group is making a return to base metals trading under the helm of former TMT Metals head trader Arefe Khosravi, with a focus on refined aluminium, several industry sources have said. Unionized workers at Antofagasta's Los Pelambres mine in Chile have v...Read More
SHANGHAI, Mar 9 (SMM) –Copper: As news of the simmering trade war rattled markets and as global inventories remained at highs from last year, base metals slumped across the board. We expect LME copper to weaken to $6,700/mt in the short term and to trade at $6,790-6,950/mt today. We see SHFE copper trading at 51,300-51,800 yuan/mt. In the physical market, spot discounts a...Read More
SHANGHAI, Mar 9 (SMM) –Copper: As news of the simmering trade war rattled markets and as global inventories remained at highs from last year, base metals slumped across the board. We expect LME copper to weaken to $6,700/mt in the short term and to trade at $6,790-6,950/mt today. We see SHFE copper trading at 51,300-51,800 yuan/mt. In the physical market, spot discounts a...Read More
SHANGHAI, Mar 9 (SMM) –Copper: As news of the simmering trade war rattled markets and as global inventories remained at highs from last year, base metals slumped across the board. We expect LME copper to weaken to $6,700/mt in the short term and to trade at $6,790-6,950/mt today. We see SHFE copper trading at 51,300-51,800 yuan/mt. In the physical market, spot discounts a...Read More
Base metals traded on the London Metal Exchange are for the most part weaker this morning, Friday March 9. The exception is nickel, where prices are up by 0.2%, while the rest are lower: Zinc (-1%), tin (-0.9%), aluminium (-0.5%), lead (-0.3%) and copper prices are off by 0.5% at $6,792 per tonne.Volume has been high with 13,023 lots traded as of 07.10am London time - high volume and weak prices d...Read More
Japan's Kobe Steel will appoint Mitsugu Yamaguchi as president and chief executive officer (CEO) of the company from April 1, the steelmaker, which also produces aluminium and copper products, announced on Friday March 9.Yamaguchi, who is currently executive vice president of the company, will replace current president and CEO, Hiroya Kawasaki, who has decided step down as of April 1. Kawasaki, al...Read More
Nickel was the best performer on the London Metal Exchange at the close on Friday March 9, gaining more than 4%, with most of the complex ending the week on a high.The three-month nickel price recovered by $570 per tonne after a large 27,244-tonne cancellation at LME-listed warehouses this morning."Nickel is still enjoying overall bullishness that has been in place since it recovered from its June...Read More
Physical iron ore prices fell below the $70-per-tonne-cfr mark on Friday March 9 amid persistent losses in China's steel and futures markets.Key driversChina's ferrous futures recorded across-the-board losses for a third day. The benchmark iron ore contract continued to be the worst performer, with a 5.2% decline in comparison with the settlement price on Thursday. The contract closed at a 3.5-mon...Read More
Prices in the seaborne coking coal market gained more downward momentum on Friday March 9, with the number of offers continuing to outpace bids. "Sellers have visibly softened their attitude toward the prices of their cargoes since it is difficult to prop them up based on just the sole factor of the weather," an East Asian end-user source said. Although there are still "two to three more weeks to...Read More
The base price assessments for flat and long stainless steel products in Europe fell slightly this week, sources told Metal Bulletin on Friday March 9.The reason behind the declines was tough competition with imports from Asia, according to market sources."Offers from Taiwan are at least 10% lower than domestic prices [in Europe]," a trader said. "So if that situation is...Read More
The UK inter-merchant price range for austenitic alloy steel scrap has been largely unchanged over the past week while market participants wait for nickel prices to settle, sources said on Friday March 9.Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?950-980 ($1,317-1,359) per tonne delivered on Friday, compared with ?950-990 per tonne delivered last...Read More
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week. Base metalsSwitzerland-based Tiberius Group is making a return to base metals trading under the helm of former TMT Metals head trader Arefe Khosravi, with a focus on refined aluminium, several industry sources have said. Unionized workers at Antofagasta's Los Pelambres mine in Chile have v...Read More
After US President Donald Trump signed into law a 10% tariff on aluminium imports into the United States, premiums in the US saw some movement but European premiums were stuck waiting for more clarity on the trade measures. Market tentative, awaiting US tariff effect The US foundry alloy premium moved slightly higher following the formalization of Trump's tariffs on aluminium and steel imports - w...Read More
Nickel was the best performer on the London Metal Exchange at the close on Friday March 9, gaining more than 4%, with most of the complex ending the week on a high.The three-month nickel price recovered by $570 per tonne after a large 27,244-tonne cancellation at LME-listed warehouses this morning."Nickel is still enjoying overall bullishness that has been in place since it recovered from its June...Read More
Comex copper prices rebounded in morning trading on Friday March 8 in the United States after the publication of a jobs report that exceeded expectations.Copper for May settlement on the Comex division of the New York Mercantile Exchange recovered 3.4 cents or 1.1% to trade recently at $3.1130 per lb. Yesterday, the contract slid to the lowest point since February 12.This morning, the US non-farm...Read More
Unionized workers at Antofagasta's Los Pelambres mine in Chile have voted to strike, rejecting the latest offer for a collective labor agreement from the miner."Around 99% of the voting workers voted in favor of a legal strike," Federacion Minera de Chile treasurer Dino Saltori said in a statement on the organization's website.Antofagasta had offered improvements for miner benefits and a "salary r...Read More
The latest metal markets news and price moves to start the North American day on Friday March 9.The three-month nickel price on the London Metal Exchange regained $100 per tonne in morning trading, supported by a large cancellation of stocks at LME-listed warehouses. Most other metals were largely unchanged but under pressure.Here's how base metals prices looked at 12:20 London time:Read our live...Read More