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Metals Industry News

LME headline volumes rocket after volatile month; April ADV up 63.2% against last year

Base Metals Market - Fri, 05/11/2018 - 17:43
Average daily volumes (ADV) on the London Metal Exchange rocketed as much as 63.2% year on year for the month of April, with aluminium’s ADV difference soaring 117.5% higher, according to the bourse’s latest monthly trading report.
Categories: Metals Industry News

LIVE FUTURES REPORT 11/05: Comex copper price holds at two-week high

Base Metals Market - Fri, 05/11/2018 - 15:57
Comex copper prices edged higher in the US morning on Friday May 11, with the complex benefiting from a softer dollar.
Categories: Metals Industry News

HOTTER ON METALS: Elysis could revolutionize aluminium smelting technology

Base Metals Market - Fri, 05/11/2018 - 15:47
Two of the world’s largest aluminium producers are teaming up with Apple and the governments of Canada and Quebec in a technology joint venture that could revolutionize the sector.
Categories: Metals Industry News

LME ASIA WEEK 2018: Top topics to expect at this year’s Hong Kong meet

Base Metals Market - Fri, 05/11/2018 - 15:30
As members of the metals industry, including the London Metal Exchange, brokers, traders, producers, consumers, banks and warehouse companies, prepare to gather for LME Asia Week in Hong Kong from Monday May 14, Metal Bulletin reviews the likely topics of discussion.
Categories: Metals Industry News

Chinese Ali exports up 51.9% y-o-y in April; market participants upbeat

Base Metals Market - Fri, 05/11/2018 - 13:05
Chinese export volumes of unwrought aluminium and aluminium products increased 51.9% year on year, but slipped slightly compared with March, according to preliminary Chinese customs data released on Tuesday May 8.
Categories: Metals Industry News

PEOPLE MOVES: Andrew Silver, Nicola Burt to leave Triland

Base Metals Market - Fri, 05/11/2018 - 12:42
Nicola Burt and Andrew Silver have left Triland Metals to join rival category-1 member of the London Metal Exchange, CCBI Metdist, sources close to the matter confirmed.
Categories: Metals Industry News

SHFE STOCKS REPORT 11/05: Copper inventories rise 5.8%, Ali inches up

Base Metals Market - Fri, 05/11/2018 - 12:35
Deliverable copper stocks at Shanghai Futures Exchange-approved warehouses rise 5.8% or 15,240 tonnes since Friday May 4 to stand at 279,925 tonnes as of May 11.
Categories: Metals Industry News

NORTH AMERICAN MORNING BRIEF 11/05: LME ali dips lower; PPS tenders; manganese ore stocks

Base Metals Market - Fri, 05/11/2018 - 12:30
The latest metal markets news and price moves to start the North American day on Friday May 11.
Categories: Metals Industry News

South Korea’s PPS to buy good western aluminium at lower premiums

Base Metals Market - Fri, 05/11/2018 - 12:03
South Korea’s Public Procurement Service (PPS) has awarded two tenders of 1,000 tonnes each for good western primary aluminium at premiums of $126-129 per tonne, down 3.4% from the previous tender.
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LIVE FUTURES REPORT 11/05: LME lead price climbs 2.1%; aluminium price dips

Base Metals Market - Fri, 05/11/2018 - 11:10
Base metals on the London Metal Exchange were mostly higher during morning trading on Friday May 11, with aluminium the only metal trading lower.
Categories: Metals Industry News

South Korea’s PPS to buy 1k tonnes of copper

Base Metals Market - Fri, 05/11/2018 - 10:35
South Korea’s Public Procurement Service (PPS) has floated a tender to procure 1,000 tonnes of Grade-A copper cathode, according to the state agency’s notice published on Tuesday May 8.
Categories: Metals Industry News

SHFE vs LME physical arbitrage 11/05: Copper, aluminium, zinc, nickel

Base Metals Market - Fri, 05/11/2018 - 10:14
Arbitrage for copper, aluminium, zinc and nickel imported into China on Friday May 11*
Categories: Metals Industry News

METALS MORNING VIEW 11/05: Metals prices consolidate ahead of LME Asia Week

Base Metals Market - Fri, 05/11/2018 - 09:20
Three-month base metals prices on the London Metal Exchange gave a mixed performance on the morning of Friday May 11, with the complex averaging a slight 0.1% gain as at 06.42 am London time.
Categories: Metals Industry News

METALS MORNING VIEW 11/05: Metals prices consolidate ahead of LME Asia week

Base Metals News - Fri, 05/11/2018 - 07:50

Base metals price performance was a mix bag this morning, with a small average gain of 0.1% as of London time 06:42 am.

The London Metal Exchange three-month copper and aluminium price were down (-0.2%) and (-0.4%) respectively while the rest of its peers managed to eke out gains. At the time of writing, LME lead outperformed with a strong gain of (+0.7%) followed by tin with (+0.3%) while nickel and zinc were almost unchanged.

But with a total trading volume at 3,729 lots, below the weekly average of 5,540 lots, this suggests a very quiet market as metals prices consolidates ahead of the annual LME Asia Week gathering in Hong Kong.

Meanwhile, both zinc and tin prices in the Shanghai Futures Exchange (SHFE) bucked the trend this morning, with a decline of (-0.3%) and (-0.2%) respectively. That said, the SHFE complex was up 0.3% on average, with lead, copper and aluminium securing gains. Steel rebar prices on the SHFE were up 2% at 3,666 yuan per tonne while gold and silver prices were up 0.1% and 0.5% respectively.

In other metals, Iron ore prices rose 3.1% at 484 yuan per tonne on the Dalian Commodity Exchange.

President Trump’s decision to opt out of the Iran nuclear deal was overshadowed by military actions between Iran-Israel forces in Syria. The fresh geo-political tensions in the Middle-East and a slightly weaker dollar index due to softer US inflation number, have supported both gold and silver prices higher on Thursday May 10. Similarly, the platinum groups of metals (PGMs) prices were consolidating near recent high, with platinum trading at $923.20 per oz and palladium at $995.70 per oz respectively.

Furthermore, a supply concern in the oil market has kept the spot Brent crude oil prices near recent high at $77.29 per barrel.

The economic agenda is rather light today, with overnight data out of Japan’s M2 money stock at 3.3%, above market expectation of 3.2% and better than previous reading of 3.1% and a poor month-on-month reading on Australia home loans data. Market focus will turn to Canadian unemployment rate, US import prices as well as preliminary UoM consumer sentiment and inflation expectations. ECB president Draghi is set to speak in Florence later today, but it is unlikely to be a market-moving speech.

Despite a respite in the dollar index and the potential peace talk for the Korean peninsula, overall sentiment in the base metals complex remains nervous. Fresh geo-political concerns in the Middle-East, on-going trade negotiations between US and China as well as sluggish growth data from key economies continue to suppress consumers need to chase prices any higher. As global metals and mining professional convene in Hong Kong, Metal Bulletin coverage of the event may shed light into their views for the second half of 2018.

As we approach the end of the trading week, both gold and silver should remain attractive as market attention turn to Syria. Any fresh military development between the Iranian and Israel forces could easily pushed risk-averse investors into haven-buying mode. Also, previously build-up in bearish exposure from the speculative funds community is likely to come under short-covering pressure, which should support the rally in both metals.

The post METALS MORNING VIEW 11/05: Metals prices consolidate ahead of LME Asia week appeared first on FastMarkets.

Categories: Metals Industry News

EUROPEAN MORNING BRIEF 11/05: SHFE base metals prices mostly up; Alcoa, Rio Tinto in Apple-backed JV; Chile's copper mine output rises in March vs last year

Base Metals Market - Fri, 05/11/2018 - 06:00
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday May 11.
Categories: Metals Industry News

LIVE FUTURES REPORT 11/05: SHFE base metals prices broadly up on weaker dollar; copper, nickel leading the pack

Base Metals Market - Fri, 05/11/2018 - 05:45
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Friday May 11, with copper and nickel prices putting in the strongest performances of the complex, on the back of a weaker dollar.
Categories: Metals Industry News

EUROPEAN MORNING BRIEF 11/05: SHFE base metals prices mostly up; Alcoa, Rio Tinto in Apple-backed JV; Chile’s copper mine output rises in March vs last year

Base Metals News - Fri, 05/11/2018 - 05:00

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday May 11.

Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Friday, with copper and nickel prices putting in the strongest performances of the complex, on the back of a weaker dollar.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03.57 am London time Latest three-month LME Prices   Price ($ per tonne) Change since previous session’s close ($) Copper 6,906 -11 Aluminium 2,311 -24.5 Lead 2,329 23.5 Zinc 3,086 -1 Tin 20,860 35 Nickel 13,920 40

 

SHFE snapshot at 10.57 am Shanghai time Most-traded SHFE contracts   Price (yuan per tonne) Change since previous session’s close (yuan) Copper (July) 51,430 360 Aluminium (July) 14,700 75 Zinc (June) 23,665 -75 Lead (June) 19,135 200 Tin (Sept) 145,450 -1,030 Nickel (July) 104,230 460

Alcoa and Rio Tinto have set up a joint-venture firm with investment from the governments of Canada and the Canadian province of Quebec as well as technology firm Apple to license and sell technology creating carbon-free aluminium.

Chilean copper mine production rose 30.8% in March from a year ago, a recovery from when the country’s output was severely affected by the 44-day strike at the Escondida mine.

US ferrous scrap exports declined marginally in March, with increased volumes to India, Turkey and Peru falling just shy of fully offsetting declines in shipments to Mexico and to several emerging markets.

Buying activity in the European long steel markets is likely to remain cautious because of weak demand and relatively high stock levels among consumers, market sources told Metal Bulletin this week.

The export market for pig iron from the Commonwealth of Independent States was quiet this week because sellers and buyers preferred to wait to see whether prices would fall, sources told Metal Bulletin on Thursday May 10.

The post EUROPEAN MORNING BRIEF 11/05: SHFE base metals prices mostly up; Alcoa, Rio Tinto in Apple-backed JV; Chile’s copper mine output rises in March vs last year appeared first on FastMarkets.

Categories: Metals Industry News

LIVE FUTURES REPORT 11/05: SHFE base metals prices broadly up on weaker dollar; copper, nickel leading the pack

Base Metals News - Fri, 05/11/2018 - 04:45

Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Friday May 11, with copper and nickel prices putting in the strongest performances of the complex, on the back of a weaker dollar.

The SHFE base metals have mainly benefitted from the weaker dollar after US economic data released overnight disappointed.

The US headline and core consumer price indices (CPI) for April were both weaker than expected with growth of 0.2% and 0.1% respectively.

The weaker inflation risk boosted investor appetite for the metals, with the dollar slipping on the prospect that the weaker CPI reading is unlikely to increase the number of times the US Federal Reserve will raise interest rates this year.

The dollar has fallen considerably since its high of 93.42 on Wednesday – its highest reading since late December last year.

The index was down by 0.08% at 92.71 as at 10.55am Shanghai time, compared with a reading of 93.03 at roughly the same time on Thursday.

Copper prices were also likely buoyed an increase in cancelled warrants at London Metal Exchange warehouses on Thursday.

The most-traded July copper contract on the SHFE traded at 51,430 yuan ($8,092) per tonne as at 10.57 am Shanghai time, climbing 360 yuan per tonne from Thursday’s close. Around 168,000 lots of the contract have changed hands so far this morning.

“Another day of falling inventories also helped. Cancelled warrants (orders to remove metal from LME warehouses) rose by 3.1% yesterday, the first rise since April. This follows strong outflows from Asian warehouses over the past week,” ANZ Research noted on Friday.

Base metals prices

  • The SHFE July aluminium contract price rose 75 yuan per tonne to 14,700 yuan per tonne.
  • The SHFE July zinc contract price dipped 75 yuan per tonne to 23,665 yuan per tonne.
  • The SHFE June lead contract price increased 200 yuan per tonne to 19,135 yuan per tonne.
  • The SHFE Sept tin contract price fell 1,030 yuan per tonne to 145,450 yuan per tonne.
  • The SHFE July nickel contract price strengthened 460 yuan per tonne to 104,230 yuan per tonne.

Currency moves and data releases

  • The dollar index was down by 0.08% at 92.71 as at 10.55am Shanghai time.
  • In other commodities, the Brent crude oil spot price fell 0.22% to $77.30 per barrel as at 10.57 am Shanghai.
  • In equities, the Shanghai Composite dipped 0.1% to 3,157.85 as at 10.57 am Shanghai time.
  • In US data on Thursday, the core and headline CPI both disappointed with growth of 0.1% and 0.2% respectively in April. Weekly unemployment claims at 211,000 were slightly lower than the expected 219,000.
  • The economic agenda is light today with US data including import prices and University of Michigan consumer sentiment and inflation expectations of note.
  • In addition, European Central Bank president Mario Draghi is speaking.

 

LME snapshot at 03.57 am London time Latest three-month LME Prices   Price ($ per tonne) Change since previous session’s close ($) Copper 6,906 -11 Aluminium 2,311 -24.5 Lead 2,329 23.5 Zinc 3,086 -1 Tin 20,860 35 Nickel 13,920 40 SHFE snapshot at 10.57 am Shanghai time Most-traded SHFE contracts   Price (yuan per tonne) Change since previous session’s close (yuan) Copper (July) 51,430 360 Aluminium (July) 14,700 75 Zinc (June) 23,665 -75 Lead (June) 19,135 200 Tin (Sept) 145,450 -1,030 Nickel (July) 104,230 460 Changjiang spot snapshot on May 11
  Range (yuan per tonne) Change (yuan) Copper  51,120-51,160 150 Aluminium 14,580-14,620 70 Zinc 23,820-23,870 -100 Lead 19,100-19,300 200 Tin  144,000-145,500 0 Nickel  104,400-104,800 -200

The post LIVE FUTURES REPORT 11/05: SHFE base metals prices broadly up on weaker dollar; copper, nickel leading the pack appeared first on FastMarkets.

Categories: Metals Industry News

Alcoa, Rio Tinto in Apple-backed JV for carbon-free aluminium technology

Base Metals Market - Thu, 05/10/2018 - 19:42
Alcoa and Rio Tinto have set up a joint-venture firm with investment from the governments of Canada and the Canadian province of Quebec as well as technology firm Apple to license and sell technology creating carbon-free aluminium.
Categories: Metals Industry News

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