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LIVE FUTURES REPORT 14/05: LME nickel climbs 3%; lead moves higher

May 14, 2018 / www.metalbulletin.com

Base metals on the London Metal Exchange were mostly mixed at the close of trading on Monday May 14, with nickel's three-month price climbing 3% during the afternoon. Breaking through previous resistance at $14,200 per tonne this morning, nickel reached a high of $14,520 per tonne during the afternoon once momentum took an upward shift. Staggered mine output across New Caledonia and Indonesia...Read More

LIVE FUTURES REPORT 14/05: Comex copper price slides to open week

May 14, 2018 / www.metalbulletin.com

Comex copper prices failed to hold onto Friday's gains with the market pausing the uptick after a fresh set of material inflows across Europe and Asia. Copper for July settlement on the Comex division of the New York Mercantile Exchange fell 0.90 cents or 0.3% to $3.1015 per lb. On Friday, the contract touched a high of $3.1265, the highest since April 27. "We expect a rebound in copper prices in...Read More

IRON ORE DAILY: Prices rise at start of week, but trading muted

May 14, 2018 / www.metalbulletin.com

Trading activity remained thin in the physical iron ore market on Monday May 14, though prices rose amid gains in the steel and futures segments.Metal Bulletin 62% Fe Iron Ore Index: $68.93 per tonne cfr Qingdao, up by $1.51 per tonne Metal Bulletin 58% Fe Premium Index: $55.70 per tonne cfr Qingdao, up by $0.63 per tonne Metal Bulletin 65% Fe Iron Ore Index: $87.20 per tonne cfr Qingdao, up by $1...Read More

Metals start the week on firmer footing

May 14, 2018 / www.metalbulletinresearch.com

Base metals prices on the London Metal Exchange were broadly positive on the morning of Monday May 14, with all of the metals, except for zinc (-0.1%), up by an average of 0.6%. Nickel and lead were the frontrunners with gains of 1.3% and 1.2% respectively. Volume on the LME has been average, with 4,689 lots traded as at 06.42 am London time. The precious metals were firmer across the board this m...Read More

Long steel availability unaffected for now by production halt at Acciaierie Venete after 4 hurt

May 14, 2018 / www.metalbulletin.com

Italian steelmaker Acciaierie Venete has suspended production at its Padova plant in Northern Italy after four employees were injured by molten steel from a defective ladle carrying the material on May 13.Long steel production at the plant has stopped while an investigation into the accident, which also caused a fire at the plant, takes place.The company hopes to restart its rolling mill by Tuesda...Read More

GLOBAL TUNGSTEN WRAP: China's environmental inspections continue to push APT prices higher

May 14, 2018 / www.metalbulletin.com

Both the European spot and Chinese export ammonium paratungstate markets continued to move higher last week amid concerns of supply disruptions due to continued environmental inspections in China. Concerns over disruptions at ammonium paratungstate smelters in Jiangxi province, a major production hub, continue  More inquiries were seen in the European spot and Chinese export markets for ammo...Read More

Commission to report back on new DRC mining code

May 14, 2018 / www.metalbulletin.com

The commission appointed to draft the regulations required for the Democratic Republic of Congo's (DRC) new mining code hascompleted its work and will now report back to the Minister of Mines, major international mining companies active in the country said. According to industry representatives, the minister will then work with the inter-ministerial commission ahead of presenting the new code to g...Read More

PEOPLE MOVES: Dessy Nascimentom joins Harthill Logistics

May 14, 2018 / www.metalbulletin.com

London-based Harthill Logistics has expended its consultancy services through the appointment of Dessy Nascimentom, the company said. Nascimentom has more than 15 years experience in credit derivatives, structured finance and corporate and government debt. Having managed investment portfolios for a major financial institution, in addition to having a legal background, she has detailed knowledge of...Read More

Marex Spectron adds satellite analysis to quantitative research in JV with Earth-i

May 14, 2018 / www.metalbulletin.com

Global commodities broker Marex Spectron's new joint venture with international space company Earth-i will diversify its research arm by bringing "New Space" technologies to the forefront of the metals market.Bolstered by a global commercial and governmental drive to widen the use of high-resolution satellite imagery and video analytics in mining, the collaboration aims to broaden Marex Spectron's...Read More

PEOPLE MOVES: Chile's president appoints two board members for Codelco; new chairman to be named this week

May 14, 2018 / www.metalbulletin.com

Chilean President Sebasti??n Pi??era has appointed Hern??n de Solminihac and Ignacio Briones as new board members of state-owned copper producer Codelco, the company said late on Friday May 11. De Solminihac, who is an ex-minister of Mining and Public Works, and Briones, the dean of the Adolfo Ib????ez University, were both appointed for four-year terms. They replace Laura Albornoz and Dante...Read More

LIVE FUTURES REPORT 14/05: Comex copper price slides to open week

May 14, 2018 / www.metalbulletin.com

Comex copper prices failed to hold onto Friday's gains with the market pausing the uptick after a fresh set of material inflows across Europe and Asia. Copper for July settlement on the Comex division of the New York Mercantile Exchange fell 0.90 cents or 0.3% to $3.1015 per lb. On Friday, the contract touched a high of $3.1265, the highest since April 27. "We expect a rebound in copper prices in...Read More

NORTH AMERICAN MORNING BRIEF 14/05: LME base metals lower; Afarak confirms Q1 loss on low ferro-chrome prices; US slab imports likely excluded from Section 232

May 14, 2018 / www.metalbulletin.com

The latest metal markets news and price moves to start the North American day on Monday May 14. Base metals on the London Metal Exchange edged mostly lower during morning trading, with nickel and lead the only metals to record gains across the complex.Here is how the LME base metals complex looked at 12.09pm London time:For a snapshot of exchange news, check out our live futures report.Afarak has...Read More

LIVE FUTURES REPORT 14/05: LME base metals broadly lower; nickel up 2.2%

May 14, 2018 / www.metalbulletin.com

Base metals on the London Metal Exchange edged mostly lower during morning trading on Monday May 14, with nickel and lead the only metals to record gains across the complex. Dipping below $2,300 per tonne on May 10, since then aluminium's three-month price has been consolidating around $2,200-2,300 per tonne.The light metal's price sentiment remains well supported in the midst of sanctions and tar...Read More

US plate prices dip on trade policy uncertainty

May 14, 2018 / www.metalbulletin.com

Plate prices in the United States have slipped for the second week in a row despite prevailing market sentiment that demand has been stable.American Metal Market's price assessment for cut-to-length plate has dipped to $46.25 per hundredweight ($925 per ton), down 0.5% from $46.50 per cwt ($930 per ton) previously.Despite falling 1.6% from a year-to-date peak of $47 per cwt ($940 per ton) reached...Read More

INTERVIEW: Italian rebar overcapacity 'likely to remain' despite loss of Algerian demand, Pittini says

May 14, 2018 / www.metalbulletin.com

Overcapacity in the domestic Italian rebar market could be a problem in the medium to long term, possibly amplified by the loss of demand from Algeria, Andrea Floreani, sales manager at Italian long steel producer Pittini, has told Metal Bulletin."Algeria is the end of a good movie - and hardly any other export market could substitute for it in such volumes," Floreani said late last month.Algeria'...Read More

CIS STEEL BILLET: Prices climb as customers accept higher offers

May 14, 2018 / www.metalbulletin.com

Prices in the Black Sea billet export market picked up by $9 per tonne over the week ended Monday May 14 with customers accepting higher prices from CIS-region suppliers, Metal Bulletin has learnt.The fact that the US threatened last week to reimpose international trading sanctions on Iran, which may result in reduced billet export volumes from the Middle Eastern country, gave additional support t...Read More

Turkey may take counter-steps against Section 232, minister says

May 14, 2018 / www.metalbulletin.com

Turkey may take counter-measures against the Section 232 import tariffs imposed by the United States, economy minister Nihat Zeybek??i said on Saturday May 12.The US imposed a global 25% duty on steel imports and 10% on aluminium imports after concluding its Section 232 trade investigation of imports with a bearing on the country's national security, but announced temporary exemptions for countrie...Read More

Brazil's Ferbasa reports fall in Q1 earnings on higher energy costs

May 14, 2018 / www.metalbulletin.com

Core earnings at Brazilian ferro-alloys producer Ferbasa declined by 10.16% in the first quarter of 2018, affected by higher costs for energy and raw materials on an annual comparison, Metal Bulletin has learnt.Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) came to 94.4 million Brazilian Reais ($26.2 million) in January-March, against 101.6 million Reais in the co...Read More

Afarak confirms Q1 loss, cites lower ferro-chrome benchmark

May 14, 2018 / www.metalbulletin.com

Afarak has confirmed a first-quarter loss of ?,?700,000 ($836,000) due to lower ferro-chrome prices, higher costs and a stronger South African rand.The London and Helsinki-listed mining and metallurgical group, which owns the Mogale ferro-alloys plant in South Africa, reported negative earnings before interest, tax, depreciation and amortization (Ebitda) of ?,?700,000 compared with positive Ebitda...Read More

DAILY SCRAP REPORT: Weak finished steel demand restrains mill scrap buying

May 14, 2018 / www.metalbulletin.com

The Turkish steel mills prefer to stay out of the deep-sea scrap market for a second consecutive week this week because of the approach of the Islamic holy month of Ramadan and the current low demand for their finished steel products, sources said on Monday May 14.The mills booked a number of deep-sea cargoes in the week before last, and are still expected to buy more scrap for delivery in May. Bu...Read More

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