A summary of base metals premiums from across the globe for the week to Tuesday September 10.Please click...Read More
Michael Kosares, USA Gold Bank of England governor Mark Carney, in something of a shocker, told the recent Jackson Hole central bankers' conference that the world's reliance on the US dollar 'won't hold' and needs to be replaced by a new international monetary and financial system based on many more global currencies," according to a Financial Times report. The greatest impact of Carney's bombs...Read More
By Avi GilburtI think this market has been providing many investors with whipsaw and head aches, which has also caused much head scratching. (And, yes, that little itch may be telling you something.)Back in November of 2018, no one even considered the possibility of a bond rally because the Fed was raising rates. And, recently, no one even considered the possibility of any type of top in bon...Read More
By: Ira EpsteinGold at lower Bollinger band support, gold at an important number, to me..Read More
The three-month aluminium and copper prices on the London Metals Exchange defied a stronger dollar index to trade significant volumes by the end of the day's trading on Tuesday September 10. "Flow [of trading] this past week has been systematic short-covering and trading volumes are coming back under pressure suggesting prices will struggle to move aggressively," Marex Spectron said in a morning n...Read More
Chinese cold-rolled coil export prices remained unchanged over the past week despite an anti-dumping investigation being instigated in Vietnam.Vietnam's Ministry of Industry & Trade launched the probe after requests from several Vietnamese producers. The investigation encompasses non-alloy cold-rolled steel sheet and coil in widths of less than 1,600mm and in thi...Read More
Chinese spot copper premiums hit nine-month highs during a recent copper conference in the Chinese city of Qiqihar (September 5-6), but delegates were less optimistic for the annual benchmark contract negotiations for 2020. Fastmarkets looks at the key topics dominating the Chinese copper industry into the fourth quarter. Spot copper premiums basis cif Shanghai and in-warehouse Shanghai hit n...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday September 10 that are worth another look.Codelco, the world's largest copper producer, will keep its European copper cathode premium for 2020 supply at $98 per tonne, the same level as for 2019, sources told Fastmarkets on September 10.Demand from the Asian energy sector and domestic buyers in Indonesia will continue to support...Read More
Chinese spot copper premiums hit nine-month highs during a recent copper conference in the Chinese city of Qiqihar (September 5-6), but delegates were less optimistic for the annual benchmark contract negotiations for 2020. Fastmarkets looks at the key topics dominating the Chinese copper industry into the fourth quarter. Spot copper premiums basis cif Shanghai and in-warehouse Shanghai hit n...Read More
The three-month aluminium and copper prices on the London Metals Exchange defied a stronger dollar index to trade significant volumes by the end of the day's trading on Tuesday September 10. "Flow [of trading] this past week has been systematic short-covering and trading volumes are coming back under pressure suggesting prices will struggle to move aggressively," Marex Spectron said in a morning n...Read More
The queue to remove aluminium from London Metal Exchange-approved warehouses operated by Istim in Port Klang, Malaysia, doubled to 64 days at the end of August, according to the latest LME data. At the end of July the queue was down to just 33 days, but a series of large cancellations throughout August have extended the time taken for metal to be delivered out of warehouses once again. Around 86,0...Read More
Seaborne coking coal prices were flat on Tuesday September 10, with Chinese market participants anticipating some strength in prices towards the end of the year but expecting downward pressure in the short term.Fastmarkets indicesPremium hard coking coal, fob DBCT: $150.76 per tonne, down $1.44 per tonne Premium hard coking coal, cfr Jingtang: $169.26 per tonne, up $0.19 per tonneHard co...Read More
Export prices for steel billet from the CIS region continued to drop in the second week of September under pressure from low demand and the weakening of the international scrap market.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $366 per tonne on Tuesday September 10, down by $4 per tonne day on day.There were few indications of offers on Tuesday. Market participants repo...Read More
Turkish deep-sea scrap import prices fell again on Tuesday September 10, after a Baltic Sea supplier agreed to accept a lower bid from a Turkish steel mill.Late on Monday, a steel mill in the Izmir region booked a Baltic Sea cargo of 25,000 tonnes of HMS 1&2 (80:20) at $240 per tonne cfr.And other Baltic Sea scrap suppliers were offering HMS 1&2 (80:20) at $245 per tonne cfr.As a result....Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday September 10 that are worth another look.Codelco, the world's largest copper producer, will keep its European copper cathode premium for 2020 supply at $98 per tonne, the same level as for 2019, sources told Fastmarkets on September 10.Demand from the Asian energy sector and domestic buyers in Indonesia will continue to support...Read More
Chilean copper production rose by 0.9% year-on-year in July 2019 with growth at the Esperanza, Collahuasi and Spence mines offsetting lower output from Codelco, Escondida and Anglo American.The country produced 486,500 tonnes of copper content during the month, compared with 482,000 tonnes a year earlier, Chilean copper commission Cochilco said on Monday September 9. Volumes had not grown on the s...Read More
The queue to remove aluminium from London Metal Exchange-approved warehouses operated by Istim in Port Klang, Malaysia, doubled to 64 days at the end of August, according to the latest LME data. At the end of July the queue was down to just 33 days, but a series of large cancellations throughout August have extended the time taken for metal to be delivered out of warehouses once again. Around 86,0...Read More
The three-month copper price on the London Metal Exchange was slightly lower during morning trading on Tuesday September 10, falling below its nearby $5,800 per tonne support level amid broad complex weakness, while aluminium futures stayed above the $1,800 per tonne threshold. Volumes traded in copper over the morning have been moderate, topping the complex at around 4,400 lots exchanged as of 9:...Read More
Base metals prices on the Shanghai Futures Exchange exhibited mixed movements during morning trading on Tuesday September 10 while the complex reacts to global economic growth concerns and China relaxing its monetary policy. China's disappointing trade data for August, with exports unexpectedly down 1% year on year, weighed on market sentiment at a time when trade tensions between the world's top...Read More
Demand from the Asian energy sector and domestic buyers in Indonesia will continue to support steel plate prices in the final quarter of this year, a source close to a leading Japanese steelmaker told Fastmarkets this week."Crude oil prices have been hovering about $50-60 per barrel and this has led to more interest from the energy sector to increase steel procurement," the source said.This was mo...Read More