Physical iron ore prices edged up in the seaborne market while increases at Chinese ports were more pronounced on Wednesday June 6, amid gains in China's steel and futures markets.Metal Bulletin 62% Fe Iron Ore Index: $66.56 per tonne cfr Qingdao, up by $0.22 per tonneMetal Bulletin 58% Fe Premium Index: $53.55 per tonne cfr Qingdao, up by $0.04 per tonneMetal Bulletin 65% Fe Iron Ore Index: $87.6...Read More

The latest bids, offers and deals in the global markets for iron ore, pig iron, direct-reduced iron and other steelmaking raw materials. Latest transaction: iron oreIron oreRio Tinto, tender, 170,000 tonnes...Read More

China's steel futures weakened during morning trading on Wednesday June 6, though steelmaking raw materials contracts largely had some support, with physical prices also trending higher this week amid supply constraints. Futures closing prices - morning session Shanghai Futures Exchange October rebar: 3,749 yuan ($587) per tonne, down 8 yuan per tonne October hot-rolled coil: 3,896 yuan per tonne,...Read More

Following Wuxi Stainless Steel Exchange's public consultation on adding nickel briquettes for physical delivery, many market participants have said the move would generate more liquidity and bring transparency to the nickel briquette price, if successfully approved.Queries on feasibility of nickel briquette Despite the general positivity regarding nickel briquettes, market participants have a few...Read More

SHANGHAI, Jun 6 (SMM) – A potential disruption in supply from domestic environmental reviews and a declining US dollar buoyed prices of SHFE copper recently, SMM senior analyst Ye Jianhua believed.  The SHFE copper 1808 contract jumped over 2% to close at 53,320 yuan/mt on Wednesday June 6. LME copper currently stands at around $7,150/mt, with gains of 5% in the last four cons...Read More

SHANGHAI, Jun 6 (SMM) – Nonferrous metals rose across the board on Wednesday June 6 with SHFE nickel leading the gains with a rise of nearly 2%. Copper jumped 1.96%, zinc grew almost 1.9%, aluminium and lead rose over 1%, and tin inched up. The ferrous complex also soared as rebar led the gains and closed nearly 2% higher. Iron ore went over 1.8% higher, and hot-rolled coil rose over 1%...Read More

SHANGHAI, Jun 6 (SMM) – Nonferrous metals rose across the board on Wednesday June 6 with SHFE nickel leading the gains with a rise of nearly 2%. Copper jumped 1.96%, zinc grew almost 1.9%, aluminium and lead rose over 1%, and tin inched up. The ferrous complex also soared as rebar led the gains and closed nearly 2% higher. Iron ore went over 1.8% higher, and hot-rolled coil rose over 1%...Read More

Copper prices on the London Metal Exchange continued to rally during morning trading on Wednesday June 6, climbing 0.6% overnight to reach levels not seen since February. The red metal began the week within the $6,800-6,900 per tonne range, continuing to consolidate after short-term pressure surrounding United States-China trade relations resulted in price stagnancy. Supply concerns surrounding po...Read More

SHANGHAI, Jun 6 (SMM) – Nonferrous metals rose across the board on Wednesday June 6 with SHFE nickel leading the gains with a rise of nearly 2%. Copper jumped 1.96%, zinc grew almost 1.9%, aluminium and lead rose over 1%, and tin inched up. The ferrous complex also soared as rebar led the gains and closed nearly 2% higher. Iron ore went over 1.8% higher, and hot-rolled coil rose over 1%...Read More

SHANGHAI, Jun 6 (SMM) – To ease concerns of shortages of charging stations, Guangdong Power Grid will invest 2.7 billion yuan to build over 10,000 charging points across the province by the end of 2020, Chinanews reported on Tuesday June 5.The company will also work with the Guangdong Provincial Communication Group to develop charging infrastructure along expressways across th...Read More

SHANGHAI, Jun 6 (SMM) – To ease concerns of shortages of charging stations, Guangdong Power Grid will invest 2.7 billion yuan to build over 10,000 charging points across the province by the end of 2020, Chinanews reported on Tuesday June 5.The company will also work with the Guangdong Provincial Communication Group to develop charging infrastructure along expressways across th...Read More

U.S. equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.Index futures were virtually unchanged following release of the April U.S. Trade Deficit report at 8:30 AM EDT. Consensus was $50.0 billion versus $49 billion in March. Actual was $46.2 billion.The Canadian Dollar was unchanged at U.S. 76.66 cents following release of Canada's April Mercha...Read More

SHANGHAI, Jun 6 (SMM) – Spot copper was mostly offered at a discount of 60 yuan/mt to flat over the SHFE 1806 contract in the Shanghai market on Wednesday June 6. This compared with a discount of 30 yuan/mt to a premium of 30 yuan/mt on Tuesday June 5.The SHFE 1806 contract traded robustly this morning. It gained over 700 yuan/mt from the previous day to close at 52,580 yuan/mt in the mornin...Read More

SHANGHAI, Jun 6 (SMM) –Copper: Trading levels of copper prices climbed up as the US dollar weakened and as the worries over supply from the Escondida labour negotiation sustained. The SHFE 1807 and 1808 contracts surged overnight and are expected to extend their gains today. We see LME copper trading at $7,100-7,160/mt today with the most traded SHFE contract at 52,800-53,300 yuan/mt. A...Read More

SHANGHAI, Jun 6 (SMM) – To ease concerns of shortages of charging stations, Guangdong Power Grid will invest 2.7 billion yuan to build over 10,000 charging points across the province by the end of 2020, Chinanews reported on Tuesday June 5.The company will also work with the Guangdong Provincial Communication Group to develop charging infrastructure along expressways across th...Read More

SHANGHAI, Jun 6 (SMM) –Copper: Trading levels of copper prices climbed up as the US dollar weakened and as the worries over supply from the Escondida labour negotiation sustained. The SHFE 1807 and 1808 contracts surged overnight and are expected to extend their gains today. We see LME copper trading at $7,100-7,160/mt today with the most traded SHFE contract at 52,800-53,300 yuan/mt. A...Read More

SHANGHAI, Jun 6 (SMM) – Production at Baiyin Nonferrous Group's three zinc smelters resumed operation as of Wednesday June 6 after maintenance, SMM learned. Maintenance began from the start of May to early June, and affected zinc output of over 10,000 mt. All production lines of the Group's zinc smelters will maintain normal production in the near term.Baiyin...Read More

SHANGHAI, Jun 6 (SMM) –Copper: Trading levels of copper prices climbed up as the US dollar weakened and as the worries over supply from the Escondida labour negotiation sustained. The SHFE 1807 and 1808 contracts surged overnight and are expected to extend their gains today. We see LME copper trading at $7,100-7,160/mt today with the most traded SHFE contract at 52,800-53,300 yuan/mt. A...Read More

All charts courtesy of Bloomberg and Financial Sense (R) Wealth ManagementDeutsche Bank credit default swaps (insurance against default risk) are moving back up today:Unicredit (Italian Bank) CDS moving back up after a 2-3 day respite while its stock price remains weak:Monte CDS moving back up:French CDS moving back up:Italy CDS moving back up:There has been absolutely NO rally in European ba...Read More

Emerging markets, EMs, have had an amazing run over the past two years. Moving in lock step with U.S. stock markets, the leading EM stock ETF has produced gains of over 50% since early 2016.But just as U.S. stocks have run into higher volatility and major drawdowns in recent months, EM stocks have also encountered head winds. A major reversal of EM stock gains is emerging.Your correspondent in fro...Read More