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
After finishing 2016 up 25 percent, commodities are getting another boost from bullish investors. Investment bank Citigroup forecasts commodity prices will increase this year on strengthening demand in China and mounting inflation inspired by President Donald Trump's "America First" policies. Commodity assets under management globally stood at $391 billion in January, up 50 percent from the same t...Read More
Attendance at the Prospectors & Developers Association of Canada's (PDAC) 2017 Convention totalled 24,161-a strong indication that confidence has returned to the mineral exploration and mining industry.The annual PDAC Convention-the world's largest industry event-attracted investors, analysts, mining executives, prospectors, geologists, government officials and students."The mineral exploration an...Read More
Nickel fell to a 13-year low of $7,725 a tonne ($3.50 a pound) in February last year; then rallied to more than $11,700 by mid-November only to end the year barely above $10,000.This year the rollercoaster continued as news from top suppliers Indonesia and Philippines pull the metal in different directions. After a 10% rally in February, the price of nickel has been hammered down this week losing...Read More
* Nearly 3.5 mln T of capacity on maintenance in March -Citi* Low fees could shrink refined copper supplies, underpin prices* Traders redirecting copper shipments among Asian portsBy Melanie BurtonMELBOURNE, March 8 (Reuters) - Spot processing fees in Asia for copper concentrate have slid to their cheapest in four years as shutdowns at the world's top two mines in Chile and Indonesia grind on long...Read More
Investing.com - Gold prices dropped to a five-week low during European morning hours on Wednesday, as traders bet on a strong likelihood the Federal Reserve will raise rates at its upcoming policy meeting next week.Comex gold futures touched a session low of $1,212.50 a troy ounce, a level not seen since February 3. It was last at $1,213.15 by 8:10AM ET (13:10GMT), down $2.75, or about 0.2%.Spot g...Read More
SHANGHAI, Mar 8 (SMM) – Nonferrous metals fell across the board in the afternoon with SHFE nickel leading the loss with a 2% drop. Copper and zinc were down over 1%, aluminium slid almost 1%, and other metals edged down.The ferrous complex also saw a weak performance, with iron ore and rebar leading the slump and closing 4% lower. Coke and coking coal dropped over 3%, and hot-rolle...Read More
SHANGHAI, Mar 8 (SMM) – The copper spot market in Shanghai was less active on Thursday March 7 than a day earlier with the red metal trading at a discount of 130-70 yuan/mt. As the SHFE copper edged down today with resistance at the five-day moving average, spot prices faced pressure with reluctant buyers.At noon, higher-grade copper traded at 51,720-51,800 yuan/mt, SMM learned. Fo...Read More
SHANGHAI, Mar 8 (SMM) – China's imports of unwrought copper and copper products in February stood at 352,000 mt, down 20% month on month while up 3.5% year on year, according to China Customs.The month-on-month drop was mainly due to the Chinese New Year holiday. However, losses made in copper imports last month also put a cap on the overall volumes.Imports for the first two months of th...Read More
SHANGHAI, Mar 8 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightThe base metals fell across the board as US dollar rebounded and as the trade war brews. SHFE aluminium and lead slid over 1%, copper dropped close to 1%, while LME lead lost over 2% and aluminium fell close to 2% to a three-month low.China's foreign-exchange reserves i...Read More
SHANGHAI, Mar 8 (SMM) –Copper: LME copper touched a low of $6,900/mt with resistance from moving averages. We expect it to trade at $6,900-6,970/mt and the SHFE 1805 contract to trade at 52,000-52,600 yuan/mt today. In the physical market, spot discounts are seen smaller at 100-40 yuan/mt. Aluminium: LME aluminium edged down overnight and is set to test support...Read More
In New York on Tuesday copper for delivery in May fell as much as 1.7% to $2.6080 per pound or $5,750 a tonne after a surge in warehouse stocks in Asia limiting the impact of supply disruptions at the world's biggest mines.Reuters reports copper inventories at facilities controlled by the LME unexpectedly jumped by almost 39,000 tonnes, the biggest inflow in more than a decade and reversing a...Read More
Investing.com - Gold prices struggled near three-week lows during European morning hours on Tuesday, amid growing expectations among traders that the Federal Reserve will raise interest rates at its March policy meeting next week.Comex gold futures were steady at $1,225.35 a troy ounce by 3:20AM ET (08:20GMT). The precious metal fell to $1,223.00 on Friday, the lowest since February 15.Spot gold w...Read More
SHANGHAI, Mar 7 (SMM) – While SHFE aluminium fell 0.77% and tin and zinc edged down today, lead rose 0.67% as copper and nickel inched up.The ferrous complex fell across the board with hot-rolled coil slipping 2.4%. Coking coal dropped 2.3%, rebar went down 1.6%, and coke fell 1.5%. Iron ore edged down slightly.Copper: Support is seen at the five-day moving average during the today as SHFE c...Read More
SHANGHAI, Mar 7 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightMarkets were rattled following the resignation of White House economic advisor Gary Cohn. The US dollar declined and hovered at 89.4.Base metals saw mixed trading. SHFE tin edged down while nickel rose over 1%. LME nickel jumped close to 2%, copper rose almost 1% while...Read More
SHANGHAI, Mar 7 (SMM) – China’s banking regulator plans to cut the amount of funds that banks are required to set aside to cover loan losses in a bid to provide more liquidity to the market.In a circular released by China Banking Regulatory Commission (CBRC) last week, commercial banks are required to reduce the provision coverage ratio to 120-150% and loan provision ratio to 1.5-2.5%...Read More
SHANGHAI, Mar 7 (SMM) –Copper: The support at the 40-day moving average, or 52,000 yuan/mt, remained for SHFE copper, while destocking in China helped the bullish sentiment somewhat. We expect copper prices to go up further with SHFE 1805 at 52,500-53,000 yuan/mt today and LME copper at $6,960-7,020/mt. Spot discounts are expected to be smaller as sellers continued to hold on to their cargoe...Read More
With 2016 being a year of rock bottom-of-cycle prices, many expected it to also be a good year for mining mergers and acquisitions (M&A).But while the number of deals made last year increased by a third from the year prior, to 477 deals in 2016, it's the low value of the M&A that stands out in EY's latest report, "Mergers, acquisitions and capital raisings in mining and metals - 2016 trends, 2017...Read More