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EUROPEAN MORNING BRIEF 30/01: SHFE base metals prices correct; zinc miners try to halve annual concentrate TCs; European alloy steel surcharges rise sharply

Base Metals Market - Tue, 01/30/2018 - 04:30
Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Tuesday January 30.
Categories: Metals Industry News

LIVE FUTURES REPORT 30/01: SHFE base metals prices correct after strong gains on Monday

Base Metals Market - Tue, 01/30/2018 - 03:55
Base metals prices on the Shanghai Futures Exchange were all weaker during Asian morning trading on Tuesday January 30, with a correction underway across the complex following a strong performance in the previous session.
Categories: Metals Industry News

Zinc miners try to halve annual conc TCs with 2018 market set for swings in supply

Base Metals Market - Mon, 01/29/2018 - 19:45
Zinc miners hope to halve the annual concentrate Treatment Charges (TCs) in initial offer prices to smelters this year, while the market prepares for what could be one of the most vibrantly contested negotiations for years.
Categories: Metals Industry News

LIVE FUTURES REPORT 29/01: Zinc leads LME in mixed session

Base Metals Market - Mon, 01/29/2018 - 17:35
Zinc was the best performer on the London Metal Exchange at the close on Monday January 29, while the other metals diverged.
Categories: Metals Industry News

EUROPE ALLOY STEEL SURCHARGE: February values rise on stronger nickel, moly costs

Base Metals Market - Mon, 01/29/2018 - 15:35
European alloy surcharges for January deliveries of grade-316 cold-rolled (CR) stainless steel sheet have risen sharply month on month amid higher nickel and molybdenum costs.
Categories: Metals Industry News

Zinc TCs sink to multiyear lows amid Chinese smelters' increase in Jan orders

Base Metals Market - Mon, 01/29/2018 - 14:40
Treatment charges (TCs) for spot market zinc concentrates dropped to multiyear lows while Chinese smelters re-entered the market for tonnages in January.
Categories: Metals Industry News

Chile's Codelco reaches wage deal with workers' unions at Andina mine

Base Metals Market - Mon, 01/29/2018 - 13:16
Codelco has reached an early wage deal with unionized workers at its Andina division, the Chilean copper producer said on Saturday January 27.
Categories: Metals Industry News

LORD COPPER: Metals traders can breathe a little easier on signs of economic recovery

Base Metals Market - Mon, 01/29/2018 - 10:45
There is more to excite the metals industry than the batteries boom, argues Lord Copper, with the global economy’s gradual emergence from the 2008 recession boding well for metal demand.
Categories: Metals Industry News

Base metals trend up to start week

Base Metals News - Mon, 01/29/2018 - 10:20

Base metals on the London Metal Exchange began the week in positive territory during London morning trading on Monday January 29, with nickel up over 2%.

Nickel was the best performer, up $305 per tonne, or 2.2%, while zinc was also strong, up $59.50 or 1.7%.

“Metals are trending up, but it’s largely trend flowing behavior, continuing the uptrend from last week,” said Oliver Nugent, commodities strategist at ING Bank.

Analysts are cautious whether the nickel increase can continue further. LME nickel was also supported by the metal’s increase on the Shanghai Futures Exchange.

“You have a huge amount speculation, probably retail, put in [to the SHFE]. There’s a great risk of profit-taking,” Nugent said, adding that moves on the two exchanges are highly interconnected.

Base metals prices

  • Copper’s three month price rose $44 to $7,135 per tonne. In stock movements 6,750 tonnes were freshly cancelled.
  • Aluminium’s three-month price increased $5 to $2,265 per tonne.
  • Lead was up $15 to $2,623 per tonne.
  • Tin increased $155 to $21,795 per tonne.

Currency moves and data releases

  • The dollar index rose 0.2% to 89.20.
  • In other commodities, the Brent crude oil spot price fell 0.45% to 70.18 per barrel.
  • In data on Friday, the United Kingdom’s GDP grew 0.5% in the fourth quarter of 2017, beating both an expected and previous expansion of 0.4%.
  • Meanwhile in the United States, GDP grew at a 2.6% annual rate in the fourth quarter of 2017, according to an ‘advance’ estimate released by the US Bureau of Economic Analysis. This was below an expected and previous print of 3% and 3.2%, respectively

The post Base metals trend up to start week appeared first on FastMarkets.

Categories: Metals Industry News

LIVE FUTURES REPORT 29/01: Base metals trend up to start week

Base Metals Market - Mon, 01/29/2018 - 10:20
Base metals on the London Metal Exchange began the week in positive territory during London morning trading on Monday January 29, with nickel up over 2%.
Categories: Metals Industry News

SHFE vs LME physical arbitrage 29/01: Copper, aluminium, zinc, nickel

Base Metals Market - Mon, 01/29/2018 - 09:02
The arbitrage for copper, aluminium, zinc and nickel imported into China on Monday January 29*
Categories: Metals Industry News

Metals Morning View: Strong gains seen in most of the base metals print

Base Metals News - Mon, 01/29/2018 - 08:30

Base metals prices on the London Metal Exchange are stronger by an average of 1% this morning, Monday January 29.

Nickel and zinc prices lead the way with gains of around 2%, followed by lead prices that are up by 1% and copper prices ($7,147 per tonne) that are up by 0.8%, while aluminium and tin lag with gains of 0.2% and 0.1% respectively.

Volume has been strong with 13,382 lots traded as of 07.09 am London time. Strong gains and high volume bode well.

This follows a mixed performance on Friday, that saw strong gains in tin, aluminium, lead and zinc prices, while nickel prices were off by 0.6% and copper prices were down by 0.3% at $7,091 per tonne.

The precious metals are little changed this morning with spot gold prices at $1,348.75 per oz, silver prices at $17.39 per oz, platinum at $1,010.80 per oz and palladium prices at $1,089.50 per oz. This follows losses in gold, silver and palladium averaging 0.3% on Friday, while silver prices edged up by 0.3%.

On the Shanghai Futures Exchange today, base metals prices are for the most part significantly stronger, the exceptions are aluminium, where prices are down by 0.4% and copper where prices are up 0.2% at 53,640 yuan ($8,488) per tonne. The rest are up by an average of 1.7%, led by a 3.3% rise in zinc prices. Spot copper prices in Changjiang are up by 0.2% at 53,230-53,430 yuan per tonne and the LME/Shanghai copper arbitrage ratio has edged up to 7.50, from 7.49 on Friday.

In other metals in China, iron ore prices are down by 1.3% at 514.50 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices are unchanged, while gold and silver prices are off by 0.5%.

In wider markets, spot Brent crude oil prices are easier, off by 0.29% at $70.26 per barrel, the yield on US 10-year treasuries is strong at 2.68%, and the German 10-year bund yield has climbed to 0.63%.

Equities in Asia are mixed today: CSI 300 (-1.81%), Hang Seng (-0.58%) and Nikkei little changed, while the Kospi is up by 0.91% and the ASX 200 is up by 0.42%. This follows a strong performance in western markets on Friday, where in the United States the Dow Jones closed up by 0.85% at 26,616.71, which is a record high, and in Europe where the Euro Stoxx 50 closed up by 0.48% at 3,647.41.

The dollar index at 89.24 has run into some buying, the recent low was 88.43 seen on January 25. Underlying tails on the candlesticks suggest dip-buying which is not surprising given treasury yields are on the rise. With the dollar’s slide halted, the strength in the other currencies has abated: euro (1.2397), sterling (1.4120), yen (109.02) and the Australian dollar (0.8082). The yuan’s rally is also consolidating, it was recently quoted at 6.3255, and most of the emerging currencies we follow are also consolidating recent gains.

On the economic agenda today there is data on German import prices, which rose 0.3%, which was as expected, but below the 0.8% seen previously. Later there is data on US personal income, personal spending and personal consumption expenditure consumer price index (CPI).

Zinc and nickel prices are rallying strongly and have pushed upward into fresh high ground, tin prices are close to challenging the November 2016 highs at $22,000 per tonne, lead and aluminium prices are poised just below recent highs and copper prices are firmer but seem to be facing more overhead resistance than the other base metals. Whether the halt in the dollar slide becomes a headwind for the metals remains to be seen, overall we remain bullish but expect trading to remain choppy at these high price levels.

After strong runs to the upside, the precious metals prices are consolidating – the halt in the dollar’s slide is no doubt acting as a headwind and after such strong gains we would not be surprised to see some profit-taking. We should now get a feeling for how strong underlying sentiment is by seeing how far prices pullback and how long the rallies are put on hold. Overall, we think there is a broad-based move into commodities, so we expect dips to be short-lived.

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

The post Metals Morning View: Strong gains seen in most of the base metals print appeared first on FastMarkets.

Categories: Metals Industry News

METALS MORNING VIEW 29/01: Strong gains seen in most of the base metals

Base Metals Market - Mon, 01/29/2018 - 08:30
Base metals prices on the London Metal Exchange are stronger by an average of 1% this morning, Monday January 29.
Categories: Metals Industry News

EUROPEAN MORNING BRIEF 29/01: SHFE base metals kick off the week strongly; LME copper prices shrug off stock increase; nickel price volatility

Base Metals Market - Mon, 01/29/2018 - 04:45
Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Monday January 29.
Categories: Metals Industry News

LIVE FUTURES REPORT 29/01: SHFE base metals have strong start to the week; zinc outperforms

Base Metals Market - Mon, 01/29/2018 - 04:10
Base metals prices on the Shanghai Futures Exchange were stronger across the board during Asian morning trading on Monday January 29, with zinc the star performer, as the complex continued to benefit from a softer dollar.
Categories: Metals Industry News

ERG brings 1.3 mln tpy of bauxite on stream in Kazakhstan

Base Metals Market - Mon, 01/29/2018 - 02:02
Eurasian Resources Group (ERG) has completed the construction of two bauxite mines in the Kostanay region of Kazakhstan, bringing 1.3 million tonnes per year of bauxite on stream, captive to Aluminium of Kazakhstan’s needs.
Categories: Metals Industry News

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