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Metals Industry News

LIVE FUTURES REPORT 24/10: LME metals robust; follow-through gains seen

Base Metals Market - Tue, 10/24/2017 - 11:00
Base metals prices posted across-the-board gains during London Metal Exchange pre-market trading on Tuesday October 24, with follow-through momentum seen from the previous day’s gains, traders said.
Categories: Metals Industry News

LME WEEK 2017 – INTERVIEW: NFEx on track and ‘not waiting around for a deal’

Base Metals Market - Tue, 10/24/2017 - 11:00
Non-Ferrous Exchange Markets (NFEx Markets) is on track to launch in 2018 but is yet to make a decision on its clearing house – a decision chief operating officer Mark Bradley says is firmly in NFEx’ hands.
Categories: Metals Industry News

LIVE FUTURES REPORT: LME metals robust; follow-through gains seen

Base Metals News - Tue, 10/24/2017 - 10:00

Base metals prices posted across-the-board gains during London Metal Exchange pre-market trading on Tuesday October 24, with follow-through momentum seen from the previous day’s gains, traders said.

Copper was comfortably trading above the key-note $7,000 per tonne level – prices have been see-sawing either side of this point in recent sessions.

“We did see another attempt on the upside on Monday and there has been follow-through strength so far today. This does suggest the pullback in the metals prices from last week’s early show of strength has run its course,” Metal Bulletin senior analyst William Adams said.

As well, market observers also cited positive sentiment in the market ahead of major industry conferences and stricter regulations over scrap imports in China.

“There is upside for copper prices possibly up till early November as the upcoming industry conferences are fuelling positive sentiment,” a Beijing-based metals analyst said.

LME Week kicks off in London next week while Cesco Asia Copper Week takes place in Shanghai at the end of November.

For the rest of the session, prices look set to focus on the macroeconomic data flow, with a run of flash purchasing managers’ index (PMI) figures out across much of Europe and the USA.

Copper holds above $7,000/t

  • The three-month copper price traded at $7,083 per tonne, up $79 from the Monday close. Warehouse inventories declined a net 1,900 tonnes to 281,550 tonnes.
  • China is expected to tighten its scrap import policies with market participants estimating 300,000-1 million tonnes of China’s scrap copper imports could be affected by a ban.

Nickel and rest of complex higher

  • The three-month nickel price moved back above $12,000 again to trade at $12,055 per tonne, up $195. Stocks fell 672 tonnes to 385,284 tonnes.
  • Nickel continues to be supported by concerns over tightening Chinese nickel pig iron (NPI) production and nickel metal supply, and expected demand from Tsingshan Group’s Indonesia stainless steel mill as well as the global growth in electric vehicle batteries, industry watchers said.
  • The three-month aluminium price climbed to $2,156 per tonne, up $19 – inventories dropped 4,075 tonnes to 1,195,600 tonnes.
  • The three-month zinc price rose to $3,166 per tonne, an advance of $37. Stocks declined 1,500 tonnes to 266,125 tonnes.
  • The three-month lead price was $5 higher at $2,505 – inventories were up 175 tonnes at 148,750 tonnes.
  • The three-month tin price traded at $19,675, up $95. Stocks were unchanged at 2,110 tonnes.

 

Currency moves and data releases

  • The dollar index was up just 0.02% to 93.85 – it had risen as high as 94.02 on Monday, the highest since October 6.
  • In other commodities, the Brent crude oil spot price dropped 0.24% to $57.06 per barrel.
  • On the data side, the October flash manufacturing PMI was 60.5, against a predicted 60.1. The French reading for the same month was also positive at 56.7, compared with a forecast 56.2. The eurozone PMI was 58.6, against the expected 57.9.
  • Later, the US PMI and Richmond Manufacturing Index will be released.

The post LIVE FUTURES REPORT: LME metals robust; follow-through gains seen appeared first on FastMarkets.

Categories: Metals Industry News

LME WEEK 2017: CME builds momentum while LME hits reset

Base Metals Market - Tue, 10/24/2017 - 09:48
It has been a tumultuous year for exchanges, with new leadership, wide-sweeping regulation and a commodities recovery fueling seismic changes at the CME and the London Metal Exchange.
Categories: Metals Industry News

Chinese zinc production dips 2.7% in September; lead climbs 7%

Base Metals Market - Tue, 10/24/2017 - 09:25
China’s refined zinc production decreased by 2.7% on an annual basis in September, according to the latest figures released by the country’s National Bureau of Statistics (NBS) on Tuesday October 24.
Categories: Metals Industry News

Glencore restart questions loom over zinc market as LME prices set new highs

Base Metals Market - Tue, 10/24/2017 - 09:00
Zinc's extremely tight mined market conditions could ease, with metals market analysts starting to factor in Glencore mine production restarts in 2018.
Categories: Metals Industry News

China’s refined copper output hits highest since December 2014

Base Metals Market - Tue, 10/24/2017 - 08:30
China produced 774,000 tonnes of refined copper in September, marking the highest monthly production volume since December 2014, according to data released by the country’s National Bureau of Statistics (NBS) on Tuesday October 24.
Categories: Metals Industry News

METALS MORNING VIEW 24/10: Copper prices off to a strong start

Base Metals Market - Tue, 10/24/2017 - 08:00
Base metals prices on the London Metal Exchange are firmer by an average of 0.5% this morning, Tuesday October 24. Three-month copper prices lead the advance with a 1.3% gain to $7,103 per tonne, with tin and nickel both up by 0.6% and aluminium, lead and zinc up by an average of 0.2%.
Categories: Metals Industry News

HOTTER ON METALS: LME Week to begin with reasons to be cheerful

Base Metals Market - Tue, 10/24/2017 - 07:00
What a difference a year makes: Twelve months ago, relations between the London Metal Exchange had reached, what many seasoned market participants dubbed, an all-time low.
Categories: Metals Industry News

METALS MORNING VIEW: Copper prices off to a strong start

Base Metals News - Tue, 10/24/2017 - 07:00

Base metals prices on the London Metal Exchange are firmer by an average of 0.5% this morning, Tuesday October 24. Three-month copper prices lead the advance with a 1.3% gain to $7,103 per tonne, with tin and nickel both up by 0.6% and aluminium, lead and zinc up by an average of 0.2%.

Volume has been above average with 7,972 lots traded as of 06:05 BST.

This follows a day of strength on Monday, when the base metals complex closed up by an average of 1%, with nickel, lead and zinc prices firmer by around 1.5%, while copper prices rose 0.6% and aluminium and tin prices closed up by 0.3%.

Precious metals prices are stronger this morning, led by a 1% gain in palladium prices to $965.90 per oz, with platinum prices up by 0.5%, silver prices 0.3% firmer and gold prices up marginally at $1,282.69 per oz. This after a divergent day of trading on Monday that saw palladium prices drop 1.9%, while the rest were up by between 0.2% and 0.6%.

Base metals on the Shanghai Futures Exchange (SHFE) are up across the board this morning with some healthy gains being seen: copper prices are 2% higher at 55,690 yuan ($8,401) per tonne; zinc prices are up by 1.7%; lead prices are 1% firmer; nickel and tin are both up by 0.8% and aluminium prices are up by 0.5%. Spot copper prices in Changjiang are up by 1.9% at 55,690-56,190 yuan per tonne while the London/Shanghai copper arbitrage ratio is steady at 7.84.

The steel-orientated metals in China are firmer this morning with iron ore prices climbing by 0.7% to 462 yuan per tonne on the Dalian Commodity Exchange, while steel rebar prices on the SHFE are also up by 0.7%. Gold and silver prices on the SHFE are up by 0.3% and 0.2%, respectively.

In international markets, spot Brent crude oil prices are up by 0.23% at $57.43 per barrel. The yield on US ten-year treasuries has eased to 2.37% and the German ten-year bund yield is little changed at 0.43%.

Equities in Asia are stronger with the CSI 300 up by 0.5%, the Nikkei is 0.3% firmer, the Kospi is up by 0.2%, the ASX 200 is up by 0.1% and the Hang Seng is little changed. Western markets were mixed on Monday, in the USA, the Dow closed down by 0.23% at 23,273.96 and in Europe, the Euro Stoxx 50 closed up by 0.1% at 3,608.87.

The dollar index at 93.78 is well placed to work higher to challenge the top of the recent 92.75-94.27 range – the jury remains out as to whether this is a pause in the downward trend that has been in effect all year, or whether it is the start of a turning point for a move higher – the latter looks likely. If so then that could prove to be a headwind for the metals. That said, with US president Donald Trump reported close to deciding who will be the next US Federal Reserve chair, the dollar could see some short-lived volatility. The euro at 1.1756 is also consolidating, but is looking possibly toppy, while sterling is looking stronger at 1.3216, the Australian dollar at 0.7811 is under pressure, while the yen is trending lower, but saw some counter-trend strength on Monday.

The Chinese yuan remains weak, it was recently quoted at 6.6290, while the other emerging currencies we follow are slightly weaker, the exceptions being the Brazilian real which has weakened to 3.2362 from around 3.1500 on October 20, this on the back of political issues, while the rupee is looking firmer.

Today’s economic data is focused on flash purchasing managers’ index (PMI) data, out across much of Europe and the USA, and there is also data on China’s leading indicators. Data out already shows Japan’s flash manufacturing PMI dropped to 52.5 from 52.9 – it has averaged 52.55 so far this year.

Some strength emerged in the base metals camp on October 20, which did not last, but we did see another attempt on the upside on Monday and there has been follow-through strength so far today. This does suggest the pullback in the metals prices from last week’s early show of strength has run its course, so we now need to see if buying pressure is strong enough to see prices challenge the highs again. Our view of late has been to remain quietly bullish, but expect trading to become choppier as prices are generally in high ground, so we should expect more bouts of scale-up selling along the way. A firmer dollar is also likely to be a headwind for prices, but as it stands this morning, the complex is looking bullish. Tin has been the metal that has corrected the most; previous dips have turned out to be downward spikes so we wait to see if last week’s dip also turns out to be a spike.

Gold prices gapped lower on Monday and put in a low at $1,272.40 per oz, but as we have expected, the market has remained well supported and the dip attracted buying. With the metals and oil prices looking stronger, it may be that we see more buying of commodity baskets – which may be needed if gold prices are to stand firm against a stronger dollar. Needless to say, North Korea also remains a potentially bullish factor.

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

The post METALS MORNING VIEW: Copper prices off to a strong start appeared first on FastMarkets.

Categories: Metals Industry News

EUROPEAN MORNING BRIEF 24/10: SHFE base metals broadly higher; Hindustan Zinc half-year profit soars; MB APEX Q3 results

Base Metals Market - Tue, 10/24/2017 - 05:30
Good morning from Metal Bulletin’s offices in Shanghai, bringing the latest news and pricing stories on Tuesday October 24.
Categories: Metals Industry News

LIVE FUTURES REPORT 24/10: SHFE base metals higher; copper prices surge amid positive sentiment

Base Metals Market - Tue, 10/24/2017 - 05:10
Base metals prices on the Shanghai Futures Exchange (SHFE) were higher across the board during Asian morning trading on Tuesday October 24, buoyed by a weakening in the dollar and positive sentiment ahead of major industry conferences.
Categories: Metals Industry News

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