Prices struggling amid signs of comfortable supply While zinc and nickel prices are extending their gains, copper is trading sideways. That said, it has held up well above $7,000 per tonne in the face of another sudden bout of LME stock inflow; 101,725 tonnes were delivered into warehouses over a four day period last week. This may well have been the result of a warehouse deal. There were four ins...Read More
SHANGHAI, Jan 30 (SMM) – Nonferrous metals fell for the most part on Tuesday January 30 except for a small rise in SHFE tin. SHFE aluminium led the loss by a 1.5% decline, while copper and lead dropped close to 1%.The ferrous market saw mixed trading with iron ore and coking coal up slightly. Coke was down over 1%, as rebar slid 0.6% and hot-rolled coil slipped 0.5%.Copper: We expect copper...Read More
SHANGHAI, Jan 30 (SMM) –Copper: The latest Commitments of Traders report published by the Commodity Futures Trading Commission (CFTC) showed that investors have reduced their long positions following a price drop earlier last week. We see pressure for copper futures prices as Chinese consumptions dwindle ahead of Chinese New Year. The LME contract is expected to trade at $7,070-7,120/mt toda...Read More
Another week, another high Lead prices extended gains last week, reaching a high of $2,653 per tonne on Thursday, January 25. Selling is starting to dominate, restricting the upside, but there is also good dip buying interest, which means the overall uptrend is intact. Sister metals zinc is still putting in a stronger performance than lead, and where zinc goes we expect lead prices to follow. Are...Read More
SHANGHAI, Jan 30 (SMM) –Copper: The latest Commitments of Traders report published by the Commodity Futures Trading Commission (CFTC) showed that investors have reduced their long positions following a price drop earlier last week. We see pressure for copper futures prices as Chinese consumptions dwindle ahead of Chinese New Year. The LME contract is expected to trade at $7,070-7,120/mt toda...Read More
SHANGHAI, Jan 30 (SMM) –Copper: The latest Commitments of Traders report published by the Commodity Futures Trading Commission (CFTC) showed that investors have reduced their long positions following a price drop earlier last week. We see pressure for copper futures prices as Chinese consumptions dwindle ahead of Chinese New Year. The LME contract is expected to trade at $7,070-7,120/mt toda...Read More
Lithium’s crown as the leading raw material in batteries for electric vehicles (EVs) – largely due to its early adoption in technology developed by Tesla – is facing increasing competition from other materials also used along with lithium in the cathode part of the battery cell. These include cobalt, manganese iron and nickel. These threats to lithium have emerged as its supply chai...Read More
The London Metal Exchange has appointed James Cressy as its new chief operating officer, the exchange confirmed today. Cressy was previously head of operations for LME Clear and head of relationship management for the LME Group. "James's depth of...Read More
Super rally under way LME tin prices accelerated their appreciation last week, gaining of 5.2%, making tin the second-best performer among the base metals, after nickel (+7.5%). The LMEX was up just 1.6%. LME tin is already up 9% in the year to date. What is behind the move? Last week’s rally was driven primarily by fresh buying, judging by the significant increase of 1,666 lots or 9% in open...Read More
Another 10-year high on stock fall, option-related buying, dollar weakness Bullish sentiment has continued to carry zinc higher, with prices testing above $3,580 per tonne at the start of this week. Alongside broader risk-on sentiment and dollar weakness, option-related buying likely featured given the level of call options around the $3,500 strike. There has also been a pick-up in withdrawals fro...Read More
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Base metals prices on the London Metal Exchange are weaker across the board by an average of 0.9% this morning, Tuesday January 30.Nickel prices lead the way with a loss of 1.8%, with the rest of the complex trailing in their wake: tin (-1.1%) zinc (-0.9%), copper (-0.8%, at $7,035 per tonne), aluminium (-0.4%) and lead (-0.1%). Volume has been strong with 12,588 lots traded as of 06.50 am London...Read More
Base metals prices on the London Metal Exchange closed in negative territory across the board on Tuesday January 30, with nickel slumping over 3%. Nickel prices rallied to a fresh two-and-a-half-year high of $13,915 per tonne last week, but has now come under increased selling pressure and a downward correction. "It's [nickel's] price action can be quite volatile. We are seeing broad based ri...Read More
Comex copper prices saw minor profit-taking in the US morning on Tuesday January 30, with the red metal unable to establish a clear price direction over the past week. Copper for March settlement on the Comex division of the New York Mercantile Exchange fell 0.50 cents or 0.2% to $3.1890 per lb. "We are positive on copper over the very short term, expecting...Read More
Iron ore prices tumbled below $73 per tonne cfr China on Tuesday January 30 after a drop in billet prices, with trades concluded at lower prices than a week ago. Metal Bulletin's 62% Fe Iron Ore Index Today: $72.97 per tonne cfr Qingdao Daily change: down by $1.36 per tonne Month-to-date average: $75.97 per tonne Metal Bulletin's 58% Fe Premium Index Today: $59.70 per tonne cfr...Read More
Turkish steel mills have returned to the deep-sea scrap markets for March cargoes and the prices have fallen further at the recent transactions, sources said on Tuesday January 30.The mills had been widely expected to book more cargoes for delivery in February, but no such deals have been reported.Instead, after a short period of negotiation, the mills in the country booked two deep-sea cargoes fr...Read More
Metal Bulletin proposes to discontinue two assessments of zinc premiums in the European market.Metal Bulletin proposes to discontinue the zinc premium, 99.995% purity, Rotterdam, duty-unpaid FCA, $ per tonne and the zinc premium, 99.995% purity, Antwerp, duty-unpaid FCA, $ per tonne.The two prices are currently assessed on a weekly basis and published every Tuesday. The proposal has been raised am...Read More
Copper miners, including Freeport-McMoRan and Antofagasta, have made big cuts to copper concentrate tonnages and in some cases altered side terms for material delivered against benchmark treatment and refining charge (TC/RC) terms this year, despite the market rallying around a single number after a tense set of negotiations.Chinese smelters have stood firm behind a single number TC/RC of $82.25 p...Read More
Comex copper prices saw minor profit-taking in the US morning on Tuesday January 30, with the red metal unable to establish a clear price direction over the past week. Copper for March settlement on the Comex division of the New York Mercantile Exchange fell 0.50 cents or 0.2% to $3.1890 per lb. "We are positive on copper over the very short term, expecting...Read More