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Metals Industry News

MONTHLY ALUMINIUM BILLET PREMIUM WRAP: US billet market soars on tight market; competitive European billet market pushes premiums lower

Base Metals Market - Fri, 05/18/2018 - 22:21
Tight supply in the US market pushed billets to another record high, while European premiums edged lower in a competitive and active market.
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NON-FERROUS WEEK IN BRIEF: LME Asia Week; Rusal’s export struggles; Huayou Cobalt says auto clients ‘satisfied’ with DRC sourcing chain

Base Metals Market - Fri, 05/18/2018 - 18:47
Metal Bulletin rounds up some of the key news and price moves across the global metal markets this week.
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LIVE FUTURES REPORT 18/05: LME nickel price ends week higher; complex consolidates

Base Metals Market - Fri, 05/18/2018 - 17:55
Base metals on the London Metal Exchange had a mixed end to the week at the close of trading on Friday May 18, with complex consolidation resisted by nickel’s steady gains.
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BATTERY RAW MATERIALS MARKET REPORT 18/05: Weaker demand teases out cheaper lithium hydroxide offers

Base Metals Market - Fri, 05/18/2018 - 17:41
An overview of the battery raw materials markets and their price moves from the past week.
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FOCUS: Lead market eyes stocks, prices after LME short drives open China import arbitrage

Base Metals Market - Fri, 05/18/2018 - 12:55
Lead is starting to be imported into China at a profit after shorts drove down international market prices far enough to trigger an arbitrage.
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NORTH AMERICAN MORNING BRIEF 18/05: LME nickel price finds support; Tuticorin still closed pending hearing; SHFE base metals stocks

Base Metals Market - Fri, 05/18/2018 - 12:00
The latest metal market news and price moves to start the North American day on Friday May 18.
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Sterlite copper smelter outage extended further on appeal hearing adjournment

Base Metals Market - Fri, 05/18/2018 - 11:16
Sterlite’s refined copper smelter, Tuticorin, will remain closed for another 20 days after the local court adjourned the next hearing on Sterlite’s appeal against a decision not to renew consent of the smelter operation, Metal Bulletin understands.
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LIVE FUTURES REPORT 18/05: LME base metals broadly lower; nickel up 1.2%

Base Metals Market - Fri, 05/18/2018 - 11:15
Base metals on the London Metal Exchange were broadly lower during morning trading on Friday May 18, with marginal drops across the complex largely due to a strengthening dollar and nickel the only metal to buck the trend.
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SHFE vs LME physical arbitrage 18/05: Copper, aluminium, zinc, nickel

Base Metals Market - Fri, 05/18/2018 - 09:46
The arbitrage for copper, aluminium, zinc and nickel imported into China on Friday May 18*
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SHFE STOCKS REPORT 18/05: Base metal inventories fall across the board; copper stocks down 4%

Base Metals Market - Fri, 05/18/2018 - 09:42
All base metal stocks at Shanghai Futures Exchange-approved warehouses were lower week on week on Friday May 18, with deliverable copper stocks slipping 3.9% or 11,021 tonnes over the week to 268,504 tonnes.
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METALS MORNING VIEW 18/05: Nickel and aluminium prices have direction; rest are listless

Base Metals Market - Fri, 05/18/2018 - 08:30
Base metals prices on the London Metal Exchange were diverging on the morning of Friday May 18.
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METALS MORNING VIEW 18/05: Nickel and aluminium prices have direction, the rest are listless

Base Metals Market - Fri, 05/18/2018 - 08:30
Base metals prices on the London Metal Exchange were diverging on the morning of Friday May 18, the main movers being nickel where prices have climbed 1% and aluminium where prices have dropped 0.6%. Zinc prices are down 0.3%, while the rest are little changed with copper prices at $6,869 per tonne.
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METALS MORNING VIEW 18/05: Nickel and aluminium prices have direction; rest are listless

Base Metals News - Fri, 05/18/2018 - 07:30

Base metals prices on the London Metal Exchange were diverging on the morning of Friday May 18.

The main movers were nickel, which climbed 1%, and aluminium, which dropped 0.6%. Zinc prices are down 0.3% while the rest are little changed, with copper prices at $6,869 per tonne.

Volume on the LME has been below average, with 3,276 lots traded as at 06.46 am London time.

This follows a mixed performance on Thursday where the main movers were nickel and lead, which both made gains of 1%, while aluminium prices dropped by 0.9%.

Gold, silver and platinum prices are little changed this morning, with spot gold prices off by 0.1% at $1,289.88 per oz, while palladium prices have recovered 0.4%, having dropped by 1% on Thursday. The strong dollar and US yields, no doubt, are still dominating over increased geopolitical tension.

The base metals prices on the Shanghai Futures Exchange were mixed with copper, lead and nickel prices up by 0.4%, 0.6% and 1.5% respectively with copper prices at 51,290 yuan ($8,053) per tonne, while aluminium and tin prices were down by 0.6% and zinc prices were down by 0.1%.

Spot copper prices in Changjiang were up by 0.1% at 50,970-51,070 yuan per tonne and the LME/Shanghai copper arbitrage ratio is at 7.46.

In other metals in China, iron ore prices were down by 0.6% at 478.50 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices were down by 1.3%, while gold prices were off by 0.1% and silver prices were up by 0.2%.

In wider markets, spot Brent crude oil prices were weaker at $79.49 per barrel this morning, having been above $80 per barrel on Thursday. The yield on US 10-year treasuries continues to climb and was recently quoted at 3.1085%. Meanwhile, the German 10-year bund yield has eased to 0.63%.

Equity markets in Asia were mixed on Friday: Nikkei (+0.33%), Hang Seng (+0.25%), Kospi (+0.46%), CSI 300 (-0.06%) and the ASX 200 (-0.13%). This follows a mixed performance in western markets on Thursday, where in the United States the Dow Jones closed down by 0.22% at 24,713.98, and in Europe where the Euro Stoxx 50 closed up by 0.82% at 3,592.18.

The dollar index, at 93.41 remains strong but is consolidating having set a high on Wednesday at 93.64 – the brief pullback between May 10 and May 14, appears to have just been a pause in the rally, with 95.00 now the upside target.

The other major currencies that had been weakening after the dollar strengthened were generally consolidating this morning: euro (1.1812), sterling (1.3521)and the Australian dollar (0.7522), but the yen (110.83) continues to weaken. The diverging government bond yields seem to be setting the tone, with safe-haven concerns taking a back seat.

The yuan is also consolidating (6.3677) and most of the emerging market currencies we follow are looking weaker again; the exception is the rand, which is managing to consolidate.

Today’s economic agenda includes data on Japan’s national core CPI, which climbed 0.7%, down from the previous reading of 0.9%, while data out later includes the German PPI and the WPI and the EU current account and trade balance. In addition, Federal Open Market Committee members Loretta Mester and Lael Brainard are speaking.

The base metals generally remain rangebound, volumes are lighter and the markets seem to be waiting for fresh direction from economic data that has in recent months pointed to less concerted global growth – some regional weakness has shown up, while in other areas growth has slowed. In these conditions, the metals are trading their own fundamentals more.

On balance, we think underlying sentiment is robust and that should provide support, but there seems little interest/need to chase prices higher – the summer lull seems to have arrived early.

Given considerable uncertainty over US trade and the geopolitical tensions this seems logical. With US treasury yields strengthening we need to be wary of corrections in broader markets that could lead to another risk-off moment, but in the absence of that we expect more rangebound trading. We would expect a more bullish scenario to unfold if economic data starts to pick-up again.

Silver and palladium prices seem to be holding up relatively well; platinum prices are back in low ground and gold prices are suffering because of rising US yields and dollar strength, which has increased the opportunity cost of holding gold. Emerging currencies can act as a barometer of risk appetite, given their weaker trends that may be a warning that we could see broader based risk-off.

 


With gold prices already weakening, gold may be seen as commodity that has already corrected and therefore is better placed to provide a safe haven again.
 
 
 

The post METALS MORNING VIEW 18/05: Nickel and aluminium prices have direction; rest are listless appeared first on FastMarkets.

Categories: Metals Industry News

EUROPEAN MORNING BRIEF 18/05: SHFE base metals broadly higher; Marex sees bull market for Cu; European molybdenum prices dip

Base Metals Market - Fri, 05/18/2018 - 05:15
Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Friday May 18.
Categories: Metals Industry News

LIVE FUTURES REPORT 18/05: SHFE base metals broadly higher; aluminium bucks trend on huge LME re-warranting

Base Metals Market - Fri, 05/18/2018 - 04:25
Base metals prices on the Shanghai Futures Exchange were largely higher during Asian morning trading on Friday May 18, with the exception of tin and aluminium - the latter easing after a huge re-warranting in London Metal Exchange warehouses in Malaysia.
Categories: Metals Industry News

LME WEEK ASIA 2018: ‘Incredibly long, but shallow, bull market for copper’ – Marex’ Wolf

Base Metals Market - Fri, 05/18/2018 - 03:59
The outlook for base metals is a positive one, with copper ready to push into a long period of bullishness, said Guy Wolf, Marex Spectron’s global head of market analytics.
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LME WEEK ASIA 2018: ‘Incredibly long, but shallow, bull market for copper’ – Marex’s Wolf

Base Metals Market - Fri, 05/18/2018 - 03:59
The outlook for base metals is a positive one, with copper ready to push into a long period of bullishness, said Guy Wolf, Marex Spectron’s global head of market analytics.
Categories: Metals Industry News

LIVE FUTURES REPORT 17/05: LME nickel price shows strength; aluminium price drops

Base Metals Market - Thu, 05/17/2018 - 18:27
Base metals on the London Metal Exchange ended mostly higher at the close of trading on Thursday May 17, with aluminium’s three-month price down 1% after a huge re-warranting of 138,650 tonnes at Port Klang this morning.
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Massive Malaysia rewarranting offers sliver of short-term bullishness for physical aluminium market

Base Metals Market - Thu, 05/17/2018 - 17:46
A large rewarranting of aluminium in Malaysia on Thursday May 17 stirred up slightly bullish sentiment in Europe’s physical aluminium market.
Categories: Metals Industry News

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