Base metals prices on the London Metal Exchange closed in positive territory across the board on Wednesday January 31, supported by dollar weakness. The three-month nickel price remained the strongest performer of the complex throughout the day, supported from dip-buying. "A combination of surging China imports, tightening supplies and fund interest are expected to sustain prices of stainless stee...Read More
Tharisa plans to build two new plants and upgrade another, part of its aim to lift production to 2 million tonnes per year of chrome concentrate by 2020, the South African miner said on Wednesday January 31.An upgrade of the miner's Genesis Plant is scheduled for commissioning in July this yearTharisa is aiming for an increase of 15% or 180,000 tonnes per year in plant throughput, it said, adding...Read More
An 8% year-on-year drop in Norilsk Nickel's 2017 full-year nickel output pushed up the nickel full-plate premium cif China in the third quarter of 2017 and encouraged Norilsk to offer a historically high long-contract nickel premium of $300-320 per tonne to Chinese trading firms for 2018. Norilsk's total nickel output in 2017 came to 217,000 tonnes, down from year-ago levels of 236,000 tonnes, mai...Read More
Good morning from Metal Bulletin's office in Shanghai, as we bring you the latest news and pricing stories on Wednesday January 31.Nickel prices on the Shanghai Futures Exchange were weaker during Asian morning trading on Wednesday, tracking the pullback in prices seen on the London Metal Exchange in the previous session.Check Metal Bulletin's live futures report here.LME snapshot at 02.01 am Lond...Read More
Base metals prices on the London Metal Exchange are for the most part firmer this morning, Wednesday January 31, the exceptions being aluminium (-0.3%) and lead that is little changed, while the rest of the complex is up by an average of 0.6% - ranged between tin (0.4%) and nickel (0.7%), with copper prices up by 0.5% at $7,117 per tonne. Volume has been average with 8,535 lots traded as of 07.08...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade.Index futures maintained gains following release of the January ADP employment report at 8:15 AM EST. Consensus was an increase of 195,000 versus 242,000 in December. Actual was 234,000.The Canadian Dollar added to overnight gains to US 81.54 cents following released of Canada's November...Read More
SHANGHAI, Jan 31 (SMM) – Nonferrous metals futures fell across the board on Wednesday as SHFE nickel led the loss with over 2% drop. Both lead and aluminium were down some 1%, while zinc and tin slipped.In the ferrous complex, coking coal went back up in the afternoon while coke and iron ore were down some 1%. Hot-rolled coil and rebar edged down slightly.Copper: The SHFE 1803 copper contrac...Read More
SHANGHAI, Jan 31 (SMM) – Nonferrous metals futures fell across the board on Wednesday as SHFE nickel led the loss with over 2% drop. Both lead and aluminium were down some 1%, while zinc and tin slipped.In the ferrous complex, coking coal went back up in the afternoon while coke and iron ore were down some 1%. Hot-rolled coil and rebar edged down slightly.Copper: The SHFE 1803 copper contrac...Read More
SHANGHAI, Jan 31 (SMM) – Nonferrous metals futures fell across the board on Wednesday as SHFE nickel led the loss with over 2% drop. Both lead and aluminium were down some 1%, while zinc and tin slipped.In the ferrous complex, coking coal went back up in the afternoon while coke and iron ore were down some 1%. Hot-rolled coil and rebar edged down slightly.Copper: The SHFE 1803 copper contrac...Read More
SHANGHAI, Jan 31 (SMM) –Copper: Lacklustre downstream consumption has dragged the performance of copper futures of late but we see support for SHFE copper at 53,000 yuan/mt. LME copper, meanwhile, is set to trade at $7,050-7,110/mt. We see spot discounts stable today at 210-150 yuan/mt amid quiet physical market.Aluminium: LME aluminium will test support at the $2,200/mt level today while th...Read More
SHANGHAI, Jan 31 (SMM) – Copper scrap spot prices fell 100 yuan/mt on Wednesday January 31 as downstream customers started to close for the Chinese New Year holiday.The 1# bare bright copper in Guangdong province area traded at 46,500-46,800 yuan/mt today, SMM learned. Trading was limited as supply remained tight and seller were reluctant to let go cargoes easily. For editorial qu...Read More
SHANGHAI, Jan 31 (SMM) –Copper: Lacklustre downstream consumption has dragged the performance of copper futures of late but we see support for SHFE copper at 53,000 yuan/mt. LME copper, meanwhile, is set to trade at $7,050-7,110/mt. We see spot discounts stable today at 210-150 yuan/mt amid quiet physical market.Aluminium: LME aluminium will test support at the $2,200/mt level today while th...Read More
SHANGHAI, Jan 31 (SMM) – Tongling Nonferrous Metals Group’s net profits for 2017 are expected to amount to 510-580 million yuan, up 183-222% from a year ago, the company said in a statement on Wednesday January 31. This is due to the increase in average processing fees of copper foil, the company noted. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For mor...Read More
SHANGHAI, Jan 31 (SMM) –Copper: Lacklustre downstream consumption has dragged the performance of copper futures of late but we see support for SHFE copper at 53,000 yuan/mt. LME copper, meanwhile, is set to trade at $7,050-7,110/mt. We see spot discounts stable today at 210-150 yuan/mt amid quiet physical market.Aluminium: LME aluminium will test support at the $2,200/mt level today while th...Read More
Base metals prices on the London Metal Exchange closed in positive territory across the board on Wednesday January 31, supported by dollar weakness. The three-month nickel price remained the strongest performer of the complex throughout the day, supported from dip-buying. "A combination of surging China imports, tightening supplies and fund interest are expected to sustain prices of stainless stee...Read More
Comex copper prices bounced back on Wednesday January 31 after a multi-session downturn with a softening dollar lifting the metals complex. Copper for March settlement on the Comex division of the New York Mercantile Exchange gained 2.90 cents or 0.9% to $3.2180 per lb. The contract had been on a four-day losing streak. "Judging by the limited pullback and decent dip-buying interest, bulls are sti...Read More
Iron ore prices continued to hover around $73 per tonne cfr China on Wednesday January 31 amid an inactive physical market. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.92 per tonne cfr Qingdao Daily change: down by $0.05 per tonne Month-to-date average: $75.83 per tonne Metal Bulletin's 58% Fe Premium Index Today: $59.96...Read More
Export prices for Southern European rebar have gone unchanged week-on-week amid continued low market activity, sources told Metal Bulletin on Wednesday January 31.Metal Bulletin's weekly export price assessment for Southern European rebar was ?,?490-505 ($607-626) per tonne fob main ports on Wednesday."There is little activity but we cannot rush into the market and drop prices immediately. The bes...Read More
Domestic prices for heavy steel plate in Europe are expected to rise following the positive trend settled in the region's market for steel coil products, sources told Metal Bulletin on Wednesday January 31.High slab costs are also expected to support higher plate prices, especially in Southern European, where the majority of plate produced by re-rollers, according to market source.Metal Bulletin's...Read More
GFG Alliance has been granted full planning permission for a new 400-worker alloy wheel factory next to the Liberty British Aluminium smelter at Fort William, Scotland, the company said. The new plant, part of a ?120 million ($170 million) investment by GFG at Fort William, will utilize aluminium from the adjacent smelter. Liberty is a part of British group GFG Alliance, the investment vehicle ow...Read More