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EUROPEAN MORNING BRIEF 17/05: SHFE base metals prices up across the board; zinc market logs modest surplus in Q1; TCI to invest $1 bln in US Ali market

Base Metals Market - Thu, 05/17/2018 - 05:45
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday May 17.
Categories: Metals Industry News

LIVE FUTURES REPORT 17/05: Weaker dollar gives SHFE base metals prices a boost; copper rises on short-covering

Base Metals Market - Thu, 05/17/2018 - 05:32
Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Thursday May 17 after the dollar weakened, with copper seeing additional support from short-covering.
Categories: Metals Industry News

LME ASIA WEEK 2018: LME will not build dealer-to-client platform – Chamberlain

Base Metals Market - Thu, 05/17/2018 - 04:55
The London Metal Exchange has shelved its idea of developing a dealer-to-client platform, following the results of last year’s discussion paper, the exchange’s chief executive officer Matthew Chamberlain said.
Categories: Metals Industry News

LME WEEK ASIA 2018: LME will not build dealer-to-client platform – Chamberlain

Base Metals Market - Thu, 05/17/2018 - 04:55
The London Metal Exchange has shelved its idea of developing a dealer-to-client platform, following the results of last year’s discussion paper, the exchange’s chief executive officer Matthew Chamberlain said.
Categories: Metals Industry News

EUROPEAN MORNING BRIEF 17/05: SHFE base metals prices up across the board; zinc market logs modest surplus in Q1; TCI to invest $1 bln in US Ali market

Base Metals News - Thu, 05/17/2018 - 04:45

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday May 17.

Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Thursday after the dollar weakened, with copper seeing additional support from short-covering.

Check Metal Bulletin’s live futures report here.

LME snapshot at 04:23.am London time Latest three-month LME Prices   Price ($ per tonne) Change since previous session’s close ($) Copper 6,861.50 35.5 Aluminium 2,334 18.5 Lead 2,348.50 7.5 Zinc 3,091.50 17 Tin 20,815 90 Nickel 14,550 75

 

SHFE snapshot at 11.23 am Shanghai time Most-traded SHFE contracts   Price (yuan per tonne) Change since previous session’s close (yuan) Copper (Jul) 51,180 160 Aluminium (Jul) 14,910 120 Zinc (Jul) 23,840 60 Lead (Jun) 19,450 40 Tin  (Sep) 146,200 490 Nickel  (Jul) 108,090 350

The global refined zinc market logged a modest surplus in the first quarter due to rising inventories that have kept a lid on premiums for the metal, although market participants are expecting higher freight rates to spur a pickup.

Ta Chen International (TCI) will invest $1 billion in the aluminium market in the United States in response to a growing supply deficit, the company’s top executive said.

Tharisa has acquired a 90% stake in Salene Chrome Zimbabwe Ltd for an undisclosed sum, the South African chrome producer announced on Wednesday.

The stainless steel scrap market in the US stalled this week, with prices for nickel, chrome and iron all largely holding steady.

The post EUROPEAN MORNING BRIEF 17/05: SHFE base metals prices up across the board; zinc market logs modest surplus in Q1; TCI to invest $1 bln in US Ali market appeared first on FastMarkets.

Categories: Metals Industry News

LIVE FUTURES REPORT 17/05: Weaker dollar gives SHFE base metals prices a boost; copper rises on short-covering

Base Metals News - Thu, 05/17/2018 - 04:32

Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Thursday May 17 after the dollar weakened, with copper seeing additional support from short-covering.

The most-active July copper contract on the SHFE traded at 51,180 yuan ($8,029) per tonne as at 11.23am Shanghai time, up 160 yuan per tonne from Wednesday’s close. Around 120,000 lots of the contract have changed hands so far this morning.

Copper prices had weakened earlier this week to as low as 50,690 yuan per tonne on Tuesday amid concerns over rising stock levels. On Thursday, investors closed their short positions to take profit on the contract which saw open interest for the contract fall to 214,748 positions at as 10.56am Shanghai time, from 215,988 positions at Wednesday’s close.

The macroeconomic environment is stable, but the rise in domestic copper stock levels could apply downward pressure on copper prices, Guotai Junan Futures said in a note on Thursday.

Copper inventories in SHFE warehouses rose for a second consecutive week in the week ended May 11, reaching a total of 279,525 tonnes. Stocks in London Metal Exchange warehouses had risen consecutively over Monday and Tuesday, but saw a slight 525-tonne net decline to 290,825 tonnes on Wednesday.

In news, Polish copper producer KGHM was reported to have said on Tuesday that it has temporarily closed its Sierra Gorda copper mine in Chile following a fatal accident.

“With copper production of 101,700 tonnes last year and accounting for only 1.85% of Chile’s total production, the impact of the shutdown should be limited,” China’s Ruida Futures said late on Wednesday.

Meanwhile, the dollar index has eased after hitting as high as 93.64 on Wednesday, the highest since December 19, 2017. It was at 93.17 as at 11.22am Shanghai time, down 0.13% from its previous closing price.

US industrial production data provided further evidence that activity is expanding at a stronger pace in the second quarter, ANZ Research said on Thursday.

US data suggests that the US Federal Reserve is “locked and loaded” for a June rate rise, the bank said.

“However, we think it will pause after that until December, but the three or four hike debate for 2018 will continue to run,” it added.

Base metals prices

  • The SHFE July aluminium contract price increased 120 yuan per tonne to 14,910 yuan per tonne.
  • The SHFE June lead contract price rose 40 yuan per tonne to 19,450 yuan per tonne.
  • The SHFE July zinc contract price gained 60 yuan per tonne to 23,840 yuan per tonne.
  • The SHFE September tin contract price edged up 490 yuan per tonne to 146,200 yuan per tonne.
  • The SHFE July nickel contract price jumped 350 yuan per tonne to 108,090 yuan per tonne.

Currency moves and data releases

  • The US dollar index was at 93.17 as at 11.22am Shanghai time, down 0.13% from its previous closing price. The index has eased after hitting as high as 93.64 on Wednesday, the highest since December 19, 2017.
  • In other commodities, the Brent crude oil spot price rose 0.1% to $79.37 per barrel as at 11.21am Shanghai.
  • In equities, the Shanghai Composite fell 0.4% to 3,156.92 as at 11.20 am Shanghai time.
  • In US April data released on Wednesday, industrial production grew close to expectations at 0.7%, while building permits were in line with forecasts at 1.35 million. Capacity utilization rate at 78% and housing starts at 1.29 million were, however, somewhat lower than their projections. Weekly crude oil inventories fell 1.4 million barrels, close to the forecast of a 1.1-million decline.
  • US data due later today includes the Philly Fed Manufacturing Index, unemployment claims and CB Leading Index.

 

SHFE snapshot at 11.23 am Shanghai time Most-traded SHFE contracts   Price (yuan per tonne) Change since previous session’s close (yuan) Copper (Jul) 51,180 160 Aluminium (Jul) 14,910 120 Zinc (Jul) 23,840 60 Lead (Jun) 19,450 40 Tin  (Sep) 146,200 490 Nickel  (Jul) 108,090 350

 

LME snapshot at 04:23.am London time Latest three-month LME Prices   Price ($ per tonne) Change since previous session’s close ($) Copper 6,861.50 35.5 Aluminium 2,334 18.5 Lead 2,348.50 7.5 Zinc 3,091.50 17 Tin 20,815 90 Nickel 14,550 75

 

Changjiang spot snapshot on May 17   Range (yuan per tonne) Change (yuan) Copper  50,960-51,000 230 Aluminium 14,730-14,770 100 Zinc 24,040-24,090 50 Lead 19,350-19,550 50 Tin  144,000-145,500 0 Nickel  107,900-108,000 850

The post LIVE FUTURES REPORT 17/05: Weaker dollar gives SHFE base metals prices a boost; copper rises on short-covering appeared first on FastMarkets.

Categories: Metals Industry News

LIVE FUTURES REPORT 16/05: LME base metals consolidate; nickel firm

Base Metals Market - Wed, 05/16/2018 - 18:00
Base metals on the London Metal Exchange recorded mixed figures at the close of trading on Wednesday May 16, with low volumes traded and broad consolidation in effect across the complex amid a surging dollar.
Categories: Metals Industry News

LIVE FUTURES REPORT 16/05: Comex copper inches higher in midweek session

Base Metals Market - Wed, 05/16/2018 - 15:32
Comex copper prices experienced minor buying during midweek trading on Wednesday May 16 morning in the US, with little to push the market in either direction.
Categories: Metals Industry News

LME WEEK ASIA 2018: Low mined supply, smelter maintenance in China to buoy zinc above $3,000/t - Dong Ling

Base Metals Market - Wed, 05/16/2018 - 15:05
Lower-than-expected mined zinc output and smelter maintenance in China will support the zinc price to stay above $3,000 per tonne this year, according to the leading zinc smelter at LME Week Asia.
Categories: Metals Industry News

LME WEEK ASIA 2018: Ali market vulnerable with inventory to dive in Q2 – Citi

Base Metals Market - Wed, 05/16/2018 - 14:26
Aluminium inventories are set to draw down during the second quarter of 2018, with prices expected to increase to $2,500 per tonne, Tracy Liao, strategist for industrial commodities at Citi Research, said.
Categories: Metals Industry News

GLOBAL ZINC & LEAD WRAP: Iranian supply disruption pushes SE Asia lead premiums to 10-month high; European lead premiums drop

Base Metals Market - Wed, 05/16/2018 - 13:04
Premiums for 99.97% lead ingots edged up in Southeast Asia due to continued tightness in spot material from Iran, while European lead premiums dropped in the week to Tuesday May 15 thanks to ample supply.
Categories: Metals Industry News

GLOBAL TIN WRAP: Rotterdam, US premiums decline on easing supply tightness; Chinese market flat

Base Metals Market - Wed, 05/16/2018 - 12:30
Tin premiums in Europe and the United States declined in the week ended Tuesday May 15 due to the wider availability of Indonesia-origin material and weak appetite from buyers. In China, thin trading activity kept premiums there flat.
Categories: Metals Industry News

NORTH AMERICAN MORNING BRIEF 16/05: LME base metals mainly up; copper TC/RCs at 3.5month-high; Tharisa net profit plunges

Base Metals Market - Wed, 05/16/2018 - 12:20
The latest metal markets news and price moves to start the North American day on Wednesday May 16.
Categories: Metals Industry News

SHFE vs LME physical arbitrage 16/05: Copper, aluminium, zinc, nickel

Base Metals Market - Wed, 05/16/2018 - 12:05
The arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday May 16*
Categories: Metals Industry News

LIVE FUTURES REPORT 16/05: LME base metals broadly higher; tin the exception

Base Metals Market - Wed, 05/16/2018 - 12:03
Base metals on the London Metal Exchange edged higher during morning trading on Wednesday May 16, with tin the only metal recording a downward move.
Categories: Metals Industry News

Higher metal prices boost Noble Group’s Q1 metal business income; constrained liquidity checks volumes

Base Metals Market - Wed, 05/16/2018 - 10:53
Noble Group’s metals, minerals and ores business posted an operating income of $11 million in the January-March quarter, reversing a $32 million loss in the same period last year, amid higher metal prices, the company said on Tuesday May 15.
Categories: Metals Industry News

Sterlite outage drives copper TC/RCs to 3.5-month high, market eyes smelter expansions

Base Metals Market - Wed, 05/16/2018 - 09:57
Spot market copper concentrate treatment and refining charges (TC/RCs) rose to 3.5-month highs in mid-May, with the market becoming progressively bearish due to the continued outage at Sterlite Copper’s Tuticorin smelter in India.
Categories: Metals Industry News

MJP aluminium stocks rise 8.9% m-o-m in April

Base Metals Market - Wed, 05/16/2018 - 09:13
Primary aluminium stocks at the three main Japanese ports (MJP) of Yokohama, Nagoya and Osaka rose 8.9% month on month in April, according to Marubeni Corp data released on Wednesday May 16.
Categories: Metals Industry News

METALS MORNING VIEW 16/05: Metals prices recover after Tuesday's show of weakness

Base Metals Market - Wed, 05/16/2018 - 08:40
Most of the base metals prices on the London Metal Exchange were little changed on the morning of Wednesday May 16, the exceptions were zinc (+0.6%) and tin (-0.5%). Copper was up by 0.1% at $6,818 per tonne.
Categories: Metals Industry News

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