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Metals Industry News

International miners in DRC submit proposed amendments to mining code

Base Metals Market - Thu, 03/29/2018 - 16:30
Representatives of major international mining companies active in the Democratic Republic of Congo (DRC) have submitted a formal proposal to the country’s Ministry of Mines that they say is designed to address their concerns about the recently-revised mining code as well as the government’s revenue needs.
Categories: Metals Industry News

LIVE FUTURES REPORT 29/03: Comex copper price rebounds amid technical buying, dollar weakness

Base Metals Market - Thu, 03/29/2018 - 15:54
Comex copper prices staged a modest rally in the US morning on Thursday March 29, with investor sentiment turning positive following a softer dollar and easing geopolitical tensions.
Categories: Metals Industry News

SHFE VS LME physical arbitrage 29/03: Copper, aluminium, zinc, nickel

Base Metals Market - Thu, 03/29/2018 - 15:40
The arbitrage for copper, aluminium, zinc and nickel imported into China on Thursday March 29*
Categories: Metals Industry News

COPPER SUPPLY MONITOR: Key labor contract negotiations in 2018

Base Metals Market - Thu, 03/29/2018 - 15:34
A wave of labor negotiations at several of the world’s leading copper mines is taking place this year and could have a significant impact to the global copper supply and prices.
Categories: Metals Industry News

FREE WEB SEMINAR: What’s driving the battery raw materials market?

Base Metals Market - Thu, 03/29/2018 - 12:50
Metal Bulletin is hosting a free web seminar on Thursday April 5 at 9am London time to discuss the key drivers of the battery raw materials markets, including substitution risk, electric vehicle policy, and supply of lithium, nickel and cobalt.
Categories: Metals Industry News

NORTH AMERICAN MORNING BRIEF 29/03: LME base metals prices higher ahead of Easter; Philippines mining audit delayed; CISA coverage

Base Metals Market - Thu, 03/29/2018 - 12:10
The latest metal markets news and price moves to start the North American day on Thursday March 29.
Categories: Metals Industry News

FREE WEB SEMINAR: What’s driving the battery raw materials market?

Base Metals News - Thu, 03/29/2018 - 11:50

Metal Bulletin is hosting a free web seminar on Thursday April 5 at 9am London time to discuss the key drivers of the battery raw materials markets, including substitution risk, electric vehicle policy, and supply of lithium, nickel and cobalt.

Date
Thursday April 5

Time
9am London time

Join members of our global battery raw materials team as they discuss:
– EV subsidies and government policy in China and beyond
– Changes in battery chemistries and their effect on demand for nickel and cobalt
– Cobalt sulfate market trends
– Developments in nickel: pricing sulfate and the impact on premiums
– Lithium price fundamentals and outlook

Speakers
Charlotte Radford, senior pricing reporter and battery raw materials team leader
Will Adams, head of base metals and battery research
Susan Zou, cobalt industry analyst
Justin Yang, nickel market reporter
Martim Facada, lithium market reporter

Click here to register for the free web seminar.

The interactive web seminar will include an opportunity to anonymously submit questions or comments to the speakers. If you have any questions about the battery raw materials market, please send them in advance to Charlotte Radford at charlotte.radford@metalbulletin.com.

Unable to attend? Register now and you’ll be able to listen to the recorded web seminar after it finishes.

The post FREE WEB SEMINAR: What’s driving the battery raw materials market? appeared first on FastMarkets.

Categories: Metals Industry News

LIVE FUTURES REPORT 29/01: LME base metals prices rebound; aluminium lower following 30kt delivery in Port Klang

Base Metals Market - Thu, 03/29/2018 - 10:25
Base metals prices on the London Metal Exchange were mostly higher during morning trading on Thursday March 29 with the market gearing up for a long weekend.
Categories: Metals Industry News

GLOBAL NICKEL WRAP: Shanghai full plate, Europe briquette premiums dip lower; US premiums steady

Base Metals Market - Thu, 03/29/2018 - 10:14
Chinese nickel full plate and European nickel briquette premiums dipped further on Tuesday March 27, while premiums in the United States remained firm on strong demand.
Categories: Metals Industry News

LIVE FUTURES REPORT 29/01: LME base metals prices rebound; aluminium lower following 30kt delivery in Port Klang

Base Metals News - Thu, 03/29/2018 - 09:25

Base metals prices on the London Metal Exchange were mostly higher during morning trading on Thursday March 29 with the market gearing up for a long weekend.

Lead and aluminium prices bucked the trend, with the former dipping back to $2,025 per tonne following a large delivery into LME-listed warehouses.

30,075 tonnes of aluminium was delivered into Port Klang – meaning on-warrant stock there have now almost tripled since the start of 2018.

“Most of the base metals prices are rebounding, the exception is aluminium that remains depressed. The rebounds suggest bases may have formed and if that is the case then the metals look well placed to rally as bargain hunting takes advantage of the recent price weakness,” Metal Bulletin senior analyst William Adams said.

Nickel was the strongest performer this morning, recovering $160 per tonne and firming up back above the $13,000-per-tonne mark, while zinc continued to build on this week’s gains.

Copper prices recovered $51.50 per tonne with stock levels falling for the first time this week.

“Copper is again in focus with strong volumes (more than the rest of the complex put together) on steadily appreciating price action as we approach a long weekend for LME markets,” Marex Spectron noted on Thursday.

“The dollar is also softer, which should be supportive commodities… Given positioning across the complex (largely flat to short) would not be surprised to see some short-covering action into the long weekend ahead. However quarter-end flows and the potential for unexpected geopolitical headlines in the current climate creates an increased level of uncertainty,” it added.

The LME will be shut on Friday March 30 and Monday April 2 due to the Easter bank holidays.

Base metals prices

  • The three-month copper price was $51.50 higher at $6,716.50 per tonne. Inventories declined 5,100 tonnes to 383,075 tonnes, with 13,050 tonnes freshly cancelled.
  • Aluminium’s three-month price edged down $1.50 to $2,028.50 per tonne. Stocks increased 24,675 tonnes to 1,286,300 tonnes.
  • Nickel’s three-month price was most recently trading at $13,290 per tonne, an increase of $160. Inventories fell 1,650 tonnes to 320,586 tonnes.
  • The three-month zinc price climbed $28 to $3,312 per tonne. Stocks were 3,275 tonnes to 212,825 tonnes.
  • Lead’s three-month price decreased $5.50 to $2,419.50 per tonne. Inventories dipped 525 tonnes to 129,975 tonnes.
  • The three-month tin price was at $20,920 per tonne, an increase of $30. Stocks climbed 65 tonnes to 2,060 tonnes.

Currency moves and data releases

  • The dollar index was unchanged at 90.08.
  • In other commodities, the Brent crude oil spot price was down 1.60% to $68.70 per barrel.
  • The economic agenda is busy today with a host of data from the United Kingdom with current account, final gross domestic product and net lending to individuals of note. US data out later includes the core PCE price index, personal spending, unemployment claims, the Chicago purchasing managers’ index, revised University of Michigan consumer sentiment and inflation expectations and natural gas storage.

The post LIVE FUTURES REPORT 29/01: LME base metals prices rebound; aluminium lower following 30kt delivery in Port Klang appeared first on FastMarkets.

Categories: Metals Industry News

METALS MORNING VIEW 29/03: Prices getting some lift - book squaring or start of a rebound?

Base Metals Market - Thu, 03/29/2018 - 09:19
Base metals prices on the London Metal Exchange are for the most part stronger today, Thursday March 29, with prices up by an average of 0.6%. Nickel leads the advance with a 2% rise to $13,300 per tonne, while copper is up by 1% at $6,732 per tonne.
Categories: Metals Industry News

Philippines’ MICC mining audit results delayed

Base Metals Market - Thu, 03/29/2018 - 08:45
The mining audit report conducted by Philippines interagency Mining Industry Coordinating Council (MICC) due in March has been delayed, according to a statement from the country’s finance department.
Categories: Metals Industry News

Antam renews nickel ore, bauxite export licenses

Base Metals Market - Thu, 03/29/2018 - 08:25
PT Aneka Tambang (Antam) has renewed its export licenses for low-grade nickel ore and bauxite, the Indonesian state-owned miner said on Wednesday March 28.
Categories: Metals Industry News

METALS MORNING VIEW 29/03: Prices getting some lift – book squaring or start of a rebound?

Base Metals News - Thu, 03/29/2018 - 08:19

Base metals prices on the London Metal Exchange are for the most part stronger today, Thursday March 29, with prices up by an average of 0.6%. Nickel leads the advance with a 2% rise to $13,300 per tonne, while copper is up by 1% at $6,732 per tonne.

Volume has been high with 12,789 lots traded as of 07.56am London time.

This morning’s strength builds on recent consolidation, with most of the metals now undergoing rebounds, the exception still being aluminium.

In precious metals, gold, silver and platinum prices are weaker by an average of 0.2%, while palladium is up by 0.2%. Gold prices were recently quoted at $1,323.26 per oz. Yesterday was a down day for the complex, with prices falling an average of 1%.

On the Shanghai Futures Exchange this morning, base metals prices are for the most part firmer with gains of 0.9% for copper and nickel, 0.5% for lead and 0.3% for aluminium, while zinc prices are off by 0.1% and tin is little changed. Copper prices for the May contract were recently quoted at 49,920 yuan ($7,940) per tonne, while spot copper prices in Changjiang are also up by 0.9% at 49,470-49,730 yuan per tonne. The LME/Shanghai copper arbitrage ratio has eased to 7.42, from 7.47 on Wednesday.

In other metals in China, iron ore prices are up by 1% at 441 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices are up by 1.1%, while gold and silver prices are down by 1% and 1.6% respectively.

In wider markets, spot Brent crude oil prices are down by 1.3% at $68.91 per barrel and the yield on US 10-year treasuries is little changed at 2.78%, as is the German 10-year bund yield at 0.50%.

Equity markets in Asia are generally firmer this morning: CSI 300 (+1.73%), Kospi (+0.71%) Hang Seng (0.64%), Nikkei (+0.61%), but the ASX 200 is weaker (-0.52%). This follows a mixed performance in western markets on Wednesday, where in the United States the Dow Jones closed down by 0.04% at 23,848.42 (weighed down by the tech sector), while in Europe the Euro Stoxx 50 closed up by 0.43% at 3,331.25.

The dollar index at 90.07 is trying to get some lift after a weaker start to the week – a move above 90.50 would start to look more constructive. The major currencies are on more of a back footing: sterling (1.4056), euro (1.2308), yen (106.55) and Australian dollar (0.7675). The yuan is giving back some of its recent gains, it was recently quoted at 6.2891, having been as strong as 6.2409 on Tuesday. Most of the emerging market currencies we follow are on a back footing, the exception being the ringgit and peso.

The economic calendar is busy ahead of the Easter break. Data out already today showed UK house prices dipping by 0.2%. Later there is data on German preliminary consumer price index (CPI) and German unemployment change. There is also data on UK lending, gross domestic product (GDP), M4 money supply and index of services, along with US data that includes personal spending, income and prices, initial jobless claims, Chicago purchasing managers’ index (PMI), University of Michigan (UoM) consumer sentiment and inflation expectations, and natural gas storage.

Most of the base metals prices are rebounding, the exception is aluminium that remains depressed. The rebounds suggest bases may have formed and if that is the case then the metals look well placed to rally as bargain hunting takes advantage of the recent price weakness. Given the long weekend with the LME closed on Friday and Monday, it may be that the market is just seeing short-covering ahead of the holiday, so we will need to wait to see what the mood is when markets reopen on Tuesday April 3.

Overall, we remain bullish on the outlook for the global economy so we see this correction as temporary and are on the lookout for buying opportunities. The second quarter lies ahead and any let-up in trade tensions may well spark another round of buying from consumers and investors alike.

Gold’s strong rebound is being corrected – it appears that geopolitical tensions over North Korea are easing for now with various summits announced and as trade tensions also appear to ease. Silver is mirroring gold’s move, while platinum and palladium prices have been taking their cue from the recent weakness in industrial metals prices, although prices have yet to turn higher in line with the rebound in base metals.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post METALS MORNING VIEW 29/03: Prices getting some lift – book squaring or start of a rebound? appeared first on FastMarkets.

Categories: Metals Industry News

EUROPEAN MORNING BRIEF 29/03: China supply reform to support Ali prices; world manganese ore supply rises in Feb; South Korea’s exemption from 232 tariffs

Base Metals Market - Thu, 03/29/2018 - 06:10
Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Thursday March 29.
Categories: Metals Industry News

LIVE FUTURES REPORT 29/03: Most SHFE base metals prices higher; lead, zinc lag behind

Base Metals Market - Thu, 03/29/2018 - 05:45
Base metals traded on the Shanghai Futures Exchange were broadly stronger during Asian morning trading on Thursday March 29, with positive data from the United States overnight and a continued decline in geopolitical risk providing support.
Categories: Metals Industry News

LIVE FUTURES REPORT 29/03: Most SHFE base metals prices higher; lead, zinc lag behind

Base Metals News - Thu, 03/29/2018 - 04:45

Base metals traded on the Shanghai Futures Exchange were broadly stronger during Asian morning trading on Thursday March 29, with positive data from the United States overnight and a continued decline in geopolitical risk providing support.

Lead and zinc prices were the laggards, both little changed with a slightly weaker bias, while copper led the rest of the complex higher.

The most-traded May copper contract on the SHFE stood at 49,640 yuan ($7,891) per tonne as of 10.30am Shanghai time, up by 380 yuan or 0.8% from Wednesday close.

US fourth-quarter final gross domestic product (GDP) surpassed analysts’ expectations overnight with growth of 2.9% – slightly quicker than the forecast growth of 2.7%.

The reading, which indicated the US economy was on steady footing heading into the current quarter, allayed fears of a slowdown in global economic growth and provided some support to the base metals complex.

Meanwhile, a continued winding down of geopolitical tensions also saw investors’ appetite for the metals pick up, with the easier environment spurring participants to take advantage of the metals’ relatively lower prices.

Base metals prices

  • The SHFE May tin contract price edged 90 yuan higher to 140,780 yuan per tonne.
  • The SHFE May aluminium contract price rose 105 yuan to 13,845 yuan per tonne.
  • The SHFE July nickel increased 170 yuan to 96,770 yuan per tonne.
  • Nickel prices received support from news that the Philippines that the country had again delayed its review on the suspension or possible closure of 26 mines.
  • “Confusion remains in the Philippines concerning the review of 26 mines whose closure or suspended production was ordered last year by the then environment minister. According to the latest reports, the review could still take several more months, with no result expected before August,” said Commerzbank Research.
  • The SHFE May zinc contract price was down 15 yuan to 24,790 yuan per tonne.
  • The SHFE May lead contract price inched 5 yuan lower to 18,640 yuan per tonne.


Currency moves and data releases

  • The dollar index was down by 0.08% to 90.0 as of 11.20am Shanghai time – the index hit a low of 88.98 on Monday, which was its lowest since February 19.
  • In other commodities, the Brent crude oil spot price decreased by 1.32% to $68.90 per barrel, and the Texas light sweet crude oil spot price was down by 0.25% to $64.54.
  • In equities, the Shanghai Composite was little changed at 3,122.65 as of 11.22am Shanghai time.
  • In US data on Wednesday, US final fourth-quarter GDP came in at 2.9%, above the forecast of 2.7%. The final GDP price index was in line with expectations at 2.3%, while wholesale inventories ticked up 1.1% in February.
  • The economic agenda is busy today with a host of data from the United Kingdom including current account, final GDP and net lending to individuals of note. US data out later includes core PCE price index, personal spending, unemployment claims, the Chicago purchasing managers’ index, revised University of Michigan consumer sentiment and inflation expectations and natural gas storage.

 

LME snapshot at 03.32 London time Latest three-month LME Prices   Price ($ per tonne)  Change since yesterday’s close ($) Copper 6,678 13 Aluminium 20,38.5 11.5 Lead 24,10.5 -14.5 Zinc 3,280 -4 Tin 20,805 -85 Nickel 13,040 -90 SHFE snapshot at 10.32am Shanghai time Most-traded SHFE contracts   Price (yuan per tonne)  Change since yesterday’s close (yuan) Copper (May) 49,640 380 Aluminium (May)
13,845 105 Zinc (May)
24,790 -15 Lead (May)
18,640 -5 Tin (May) 140,780 90 Nickel  (July)
96,770 170

 

Changjiang spot snapshot on March 29   Range (yuan per tonne)  Change (yuan) Copper  49,520—49,540 320 Aluminium 13,700—13,740 80 Zinc 24,810—25,610 -170 Lead 18,700—18,900 0 Tin  141,500—143,000 -250 Nickel  96,400—97,000 -450

The post LIVE FUTURES REPORT 29/03: Most SHFE base metals prices higher; lead, zinc lag behind appeared first on FastMarkets.

Categories: Metals Industry News

Lack of raw materials pushes up indium prices

Base Metals Market - Wed, 03/28/2018 - 20:27
A shortage of crude indium material is pushing prices higher, market participants have told Metal Bulletin.
Categories: Metals Industry News

LIVE FUTURES REPORT 28/03: LME base metals prices climb higher; ali bucks the trend

Base Metals Market - Wed, 03/28/2018 - 18:11
Base metals prices on the London Metal Exchange ended higher at the close of trading on Wednesday March 28, with only aluminium trading lower.
Categories: Metals Industry News

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