You are here

Feed aggregator

NON-FERROUS WEEK IN BRIEF: Glencore banked $2 bln profits in 2017; Wieland Group to acquire Aurubis’ rolled-products division; Section 232 could reorganize world supply chains

Base Metals Market - Fri, 02/23/2018 - 18:15
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.
Categories: Metals Industry News

Paul Crone to join ECTP as head of metals proprietary trading

Base Metals Market - Fri, 02/23/2018 - 17:52
Paul Crone will join Engelhart Commodities Trading Partners (ECTP) as the head of proprietary trading for its metals division, based in Stamford, Connecticut, in the United States.
Categories: Metals Industry News

EXPERT VIEW: The backs are back in aluminium - for now

Base Metals Market - Fri, 02/23/2018 - 17:42
The benchmark cash/three-month spread in aluminium at the start of this week hit backwardation levels not seen since before the Global Financial Crisis, which is a landmark event but not necessarily a signal of a major shift in market dynamics.
Categories: Metals Industry News

LIVE FUTURES REPORT 23/02: Base metals prices end on weak footing; only tin closes higher

Base Metals Market - Fri, 02/23/2018 - 17:26
Tin was the only base metal to close in positive territory on the London Metal Exchange on Friday February 23, with the rest correcting lower.
Categories: Metals Industry News

Zinc, lead concentrate TCs hold at low levels in Feb

Base Metals Market - Fri, 02/23/2018 - 15:50
Treatment charges (TCs) for spot zinc and lead concentrates continued to trade at low levels in February, with the Chinese market winding down for New Year holidays and participants discussing annual terms at the IZA conference in California.
Categories: Metals Industry News

Section 232 report isolating US from global aluminium flow [UPDATED]

Base Metals Market - Fri, 02/23/2018 - 15:48
The proposed Section 232 investigation remedies by the United States Commerce Department are becoming apparent in the global market, with the common theme a reorganization of the world’s supply chains to remove the US from the trade flow.
Categories: Metals Industry News

Section 232 report isolating US from global aluminium flow (Update)

Base Metals Market - Fri, 02/23/2018 - 15:48
The proposed Section 232 investigation remedies by the United States Commerce Department are becoming apparent in the global market, with the common theme a reorganization of the world’s supply chains to remove the US from the trade flow.
Categories: Metals Industry News

PEOPLE MOVES: Base metals trader Jonathan Berchole leaves Mercuria - source

Base Metals Market - Fri, 02/23/2018 - 14:23
Jonathan Berchole, a senior base metals trader at Mercuria Energy Group, has left the company, a well-informed source told Metal Bulletin.
Categories: Metals Industry News

MSC's 2017 profit up on higher tin prices; smelter relocation to address inefficiencies

Base Metals Market - Fri, 02/23/2018 - 14:02
Malaysia Smelting Corp (MSC) recorded a 20% increase in net profit at its tin mining unit in 2017, but its smelting segment registered a loss due to aged equipment and operation inefficiencies that will be addressed by the relocation of its Butterworth smelter from Penang to Port Klang, it said on Friday February 23.
Categories: Metals Industry News

PEOPLE MOVES: Montanwerke Brixlegg CCO Bernhard Uldrian steps down

Base Metals Market - Fri, 02/23/2018 - 12:45
Bernhard Uldrian, Montanwerke Brixlegg’s chief commercial officer, resigned from his position at the end of January, Metal Bulletin has learned.
Categories: Metals Industry News

PEOPLE MOVES: Montanwerke Brixlegg’s CCO Bernhard Uldrian steps down

Base Metals Market - Fri, 02/23/2018 - 12:45
Bernhard Uldrian, Montanwerke Brixlegg’s chief commercial officer, stepped down from his position at the end of January, Metal Bulletin has learned.
Categories: Metals Industry News

NORTH AMERICAN MORNING BRIEF 23/02: LME base metals dip; SHFE stocks higher; Rusal 2017 earnings up

Base Metals Market - Fri, 02/23/2018 - 11:40
Good morning from Metal Bulletin’s London office, bringing you the latest news and pricing stories on Friday February 23.
Categories: Metals Industry News

UPDATE: Wieland Group seeks copper growth outside Europe after Aurubis division acquisition

Base Metals Market - Fri, 02/23/2018 - 11:30
Wieland Group will strengthen its position as Europe’s largest semi-finished copper products producer by acquiring Aurubis’ rolled-products division later this year, yet the deal is intended to kickstart growth in the US and Asian markets, chief executive officer Erwin Mayr told Metal Bulletin.
Categories: Metals Industry News

SHFE STOCKS REPORT 23/02: copper stocks up; nickel, tin down

Base Metals Market - Fri, 02/23/2018 - 11:15
Deliverable base metals stocks at Shanghai Futures Exchange-approved warehouses all rose in the short trading week to Friday February 23, except for nickel and tin which saw a very slight decline.
Categories: Metals Industry News

LIVE FUTURES REPORT 23/02: LME base metals dip lower; prices awaiting new direction

Base Metals Market - Fri, 02/23/2018 - 10:29
Base metals prices on the London Metal Exchange dipped across the board during morning trading on Friday February 23, with prices awaiting further direction to move higher.
Categories: Metals Industry News

SHFE vs LME physical arbitrage 23/02: Copper, aluminium, zinc, nickel

Base Metals Market - Fri, 02/23/2018 - 09:25
The arbitrage for copper, aluminium, zinc and nickel imported into China on Friday February 23*
Categories: Metals Industry News

Metals morning view: Metals prices consolidate after Thursday’s rebounds

Base Metals News - Fri, 02/23/2018 - 08:16

The base metals complex on the London Metal Exchange is mixed this morning, Friday February 23, with prices down by an average of 0.2%. Zinc prices lead the decline with a 0.8% fall to $3,501 per tonne, copper and nickel prices are off by 0.4% with the former at $7,143 per tonne, aluminium prices are bucking the trend with a 0.4% rise, while the rest are little changed.

Volume has returned to around average with 7,917 lots traded as of 06:56 am London time.

This follows a day of recovery on Thursday when prices dropped intraday before rebounding in the afternoon, which has left underlying tails on most of the metals’ candlestick charts.

Gold prices are weaker this morning, with prices off 0.4% at $1,326.53 per oz, silver and platinum prices are little changed and palladium prices are up by 0.2%. This follows a day of strength on Thursday, when gold, silver and platinum closed up between 0.3% and 0.5% and palladium closed up 1.8%.

On the Shanghai Futures Exchange, the base metals are for the most part stronger this morning, with gains averaging 1.1%. At the extremes nickel prices are up by 2.1% and tin prices are down by 0.1%, while copper prices are up by 1.6% at 53,620 yuan ($8,448) per tonne. Spot copper prices in Changjiang are up by 1.5% at 52,940-53,120 yuan per tonne and the LME/Shanghai copper arbitrage ratio stands at 7.51.

In other metals in China, iron ore prices are up by 2.0% at 548.00 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices are up by 1.5%, while gold prices are up by 0.35 and silver prices are up by 0.5%.

In wider markets, spot Brent crude oil prices are up by 0.11% at $66.24 per barrel, the yield on US 10-year treasuries has eased to 2.92%, as has the German 10-year bund yield which was recently quoted at 0.70%.

Equity markets in Asia are stronger across the board this morning: Nikkei (+0.72%), Hang Seng (+1.13%), CSI 300 (+0.45%), ASX 200 (+0.82%) and Kospi (+1.54%). This follows gains in western markets on Thursday, where in the United States the Dow Jones closed up by 0.66% at 24,962.48, and in Europe where the Euro Stoxx 50 closed up by 0.05% at 3,431.99.

The dollar index’s rebound ran out of steam yesterday and is consolidating this morning at around 89.99. This is leading to consolidation in the other currency majors: euro (1.2286), sterling (1.3931), yen (107.07) and Australian dollar (0.7817). The yuan is fairly flat at 6.3417 – before the Lunar New Year holiday it was around 6.3440 – and the emerging market currencies we follow are also consolidating.

On the economic calendar there is data on German final GDP, which came in unchanged at 0.6%, later there is EU CPI, China leading indicators and the Federal Reserve’s monetary policy report. In addition, UK’s Monetary Policy Committee member David Ramsden and Federal Open Market Committee members William Dudley, Loretta Mester and John Williams are speaking.

Thursday’s intraday price dips on the base metals that were followed by strong rebounds implies good bargain hunting interest, even if there is not yet much interest to chase prices higher. As such, we may well see prices hold up in high ground for longer while traders adjust and get more used to these price levels, before the rallies extend further.

The down draft in gold prices seems to have halted now that the dollar’s rebound is paused. For now we would expect further consolidation, but we expect the general bullishness in metals to lead prices higher again before too long. We expect dips to remain well supported.

Overnight Performance GMT 06:56 +/- +/- % Lots Cu 7,143 -27.5 -0.4% 3,163 Al 2,195 9.0 0.4% 1,141 Ni 13,765 -55.0 -0.4% 1,124 Zn 3,501 -29.0 -0.8% 2,170 Pb 2,553 1.0 0.0% 295 Sn 21,440 -45.0 -0.2% 24 Average BM   -0.2%        7,917 Gold  1,326.53 -4.02 -0.3%   Silver        16.56 -0.02 -0.1% Platinum      995.00 0.00 0.0% Palladium  1,040.00 2.00 0.2% Average PM   -0.1%

 

SHFE Prices 06:55 GMT RMB Change % Change Cu      53,620           850 1.6% AL      14,340           190 1.3% Zn      26,620           210 0.8% Pb      19,405           175 0.9% Ni   105,050        2,140 2.1% Sn   147,600 –         210 -0.1% Average change (base metals) 1.1% Rebar  3,940.00        59.00 1.5% Au      274.60          0.75 0.3% Ag  3,697.00        20.00 0.5% Iron Ore (DCE) May’18 548 10.5 2.0%

 

Economic calendar GMT Country Data Actual Expected Previous 7:00am Germany German Final GDP q/q 0.6% 0.6% 0.6% 10:00am EU Final CPI y/y 1.3% 1.3% 10:00am EU Final Core CPI y/y 1.0% 1.0% 12:00pm UK MPC Member Ramsden Speaks 2:00pm China CB Leading Index m/m 1.7% 3:15pm US FOMC Member Dudley Speaks 4:00pm US Fed Monetary Policy Report 6:30pm US FOMC Member Mester Speaks 8:40pm US FOMC Member Williams Speaks

 

The post Metals morning view: Metals prices consolidate after Thursday’s rebounds appeared first on FastMarkets.

Categories: Metals Industry News

METALS MORNING VIEW 23/02: Metals prices consolidate after Thursday's rebounds

Base Metals Market - Fri, 02/23/2018 - 08:15
The base metals complex on the London Metal Exchange is mixed this morning, Friday February 23, with prices down by an average of 0.2%. Zinc prices lead the decline with a 0.8% fall to $3,501 per tonne, copper and nickel prices are off by 0.4% with the former at $7,143 per tonne, aluminium prices are bucking the trend with a 0.4% rise, while the rest are little changed.
Categories: Metals Industry News

Stonger demand, LME prices drive Rusal's earnings higher in 2017

Base Metals Market - Fri, 02/23/2018 - 05:59
UC Rusal’s adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) increased to $2.12 billion in 2017, the company said in its report on Friday February 23.
Categories: Metals Industry News

EUROPEAN MORNING BRIEF 23/02: SHFE base metals broadly higher; Section 232 isolates US from trade flows; HudBay posts strong earnings

Base Metals Market - Fri, 02/23/2018 - 03:30
Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Friday February 23.
Categories: Metals Industry News

Pages

Subscribe to Allied Metal Group aggregator
Site content copyright © The Allied Metal Group, Inc.