SHANGHAI, Apr 3 (SMM) – Nonferrous metals saw mixed trading today. SHFE zinc fell 1.2%, lead slid over 1%, nickel dipped, while aluminium gained 1.6%. Copper and tin inched up.Most ferrous metals fell. Iron ore lost 1.6%, coking coal and hot-rolled coil edged down slightly, while rebar and coke closed a bit higher.Copper: The SHFE 1805 contract traded rangebound around moving avera...Read More
SHANGHAI, Apr 3 (SMM) – Nonferrous metals saw mixed trading today. SHFE zinc fell 1.2%, lead slid over 1%, nickel dipped, while aluminium gained 1.6%. Copper and tin inched up.Most ferrous metals fell. Iron ore lost 1.6%, coking coal and hot-rolled coil edged down slightly, while rebar and coke closed a bit higher.Copper: The SHFE 1805 contract traded rangebound around moving avera...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 18 points in pre-opening trade. General Electric (GE $13.16) is expected to open lower after Stifel Nicolaus lowered its target price to $13 from $15.MMM (MMM $212.62) is expected to open lower after Stifel Nicolaus lowered its target price to $225 from $251.Constellation Brands slipped $1.83 to $226.33 after Stifel Ni...Read More
SHANGHAI, Apr 3 (SMM) – The final purchasing managers' index (PMI) for downstream nickel industries in March inched up from February and stood at 52.5, SMM data showed. The figure fell below expectations.As operation across industries recovered after Chinese New Year, the overall production index in March came in at 57.4.New orders increased across various sectors, especially for el...Read More
SHANGHAI, Apr 3 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rebounded to 90 following the release of upbeat economic data.SHFE metals saw mixed trading overnight with aluminium rising over 1%. Copper and tin inched up, while others edged down slightly.China’s Caixin/Markit manufacturing purchasing manag...Read More
SHANGHAI, Apr 3 (SMM) – The copper spot market in Shanghai saw brisk transactions on Tuesday April 3 as premiums were offered at 30-100 yuan/mt against the SHFE 1804 contract. This compared with a discount of 110-40 yuan/mt on Monday April 2. Sellers took control of the market, while traders and downstream consumers were keen to stock for the Qingming Festival holiday, SMM learned.Standard-q...Read More
SHANGHAI, Apr 3 (SMM) –Copper: After it was closed for two days, LME copper climbed up after it opened today. SHFE copper mostly traded above the 10-day moving average, with support at the five- and 10-day moving averages overnight. We see it trading at 50,100-50,600 yuan/mt with spot premiums at 0-50 yuan/mt today.Aluminium: As LME aluminium opened higher, we expect it to rise and test...Read More
SHANGHAI, Apr 3 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rebounded to 90 following the release of upbeat economic data.SHFE metals saw mixed trading overnight with aluminium rising over 1%. Copper and tin inched up, while others edged down slightly.China’s Caixin/Markit manufacturing purchasing manag...Read More
SHANGHAI, Apr 3 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rebounded to 90 following the release of upbeat economic data.SHFE metals saw mixed trading overnight with aluminium rising over 1%. Copper and tin inched up, while others edged down slightly.China’s Caixin/Markit manufacturing purchasing manag...Read More
Import offers for billet in Southeast Asia decreased over the past week amid sparse trading, while bids for slab have risen amid limited offers and growing demand for the product.BilletMetal Bulletin's assessment of import prices for billet in Southeast Asia was $540-550 per tonne cfr for the week ended Monday April 2, down $10-15 per tonne from a week earlier.Market participants said they did not...Read More
SHANGHAI, Apr 3 (SMM) –Copper: After it was closed for two days, LME copper climbed up after it opened today. SHFE copper mostly traded above the 10-day moving average, with support at the five- and 10-day moving averages overnight. We see it trading at 50,100-50,600 yuan/mt with spot premiums at 0-50 yuan/mt today.Aluminium: As LME aluminium opened higher, we expect it to rise and test...Read More
SHANGHAI, Apr 3 (SMM) –Copper: After it was closed for two days, LME copper climbed up after it opened today. SHFE copper mostly traded above the 10-day moving average, with support at the five- and 10-day moving averages overnight. We see it trading at 50,100-50,600 yuan/mt with spot premiums at 0-50 yuan/mt today.Aluminium: As LME aluminium opened higher, we expect it to rise and test...Read More
The possibility of a cyclone intensifying off the coast of Queensland has raised concerns over how it might affect seaborne coking coal exports from the Australian state.The North Queensland Bulk Ports Corp, which oversees the Hay Point and Abbot Point coal terminals, announced on Tuesday April 3 that it had closed access to public assets ahead of the approaching Cyclone Iris. "The ports of Hay Po...Read More
Base metals prices diverged on the London Metal Exchange at the close of trading on Tuesday April 3, with copper rising but aluminium dropping below $2,000 per tonne for the first time since August 2017.The complex started the day on a firm note before paring gains and moving back into the red near the close."The Chinese manufacturing numbers held up quite well, which was supportive, and the metal...Read More
China's ten largest copper smelters have set the base level for their treatment and refining charges (TCs/RCs) for the second quarter of this year 10.3% lower than in the first quarter, Metal Bulletin has heard.The China Smelters Purchase Team (CSPT) agreed during a meeting in Shanghai last Friday to fix the minimum levels for TCs at $78 per tonne and for RCs at $0.078 per lb, a source close to th...Read More
Turkish steel producers have resumed their deep-sea scrap purchases following the recent sharp decrease in prices, sources said on Tuesday April 3.A steel producer in the Marmara region booked a European cargo, comprising 15,000 tonnes of HMS 1&2 (75:25), 10,000 tonnes of shredded, 5,000 tonnes of a mixture of HMS 1 and plate and structural scrap (P&S), and 5,000 tonnes of new cuttings, at an aver...Read More
Comex copper prices sustained momentum in the US morning on Tuesday April 3 with the fundamental outlook optimistic for the remainder of the year. Copper for May settlement on the Comex division of the New York Mercantile Exchange ticked up 0.10 cents or 0.1% to $3.0510 per lb. "While it is too early to assert that the rebound in copper will last, we think the bull market in copper will prevail th...Read More
The latest metal markets news and price moves to start the North American day on Tuesday April 3. Base metals prices were firmer on the London Metal Exchange today, extending gains from before the long Easter weekend at the start of the second quarter, the peak season for metals demand.Aluminium's three-month price, which bucked the uptrend on Thursday and dropped 1.5%, was recovering today and cl...Read More
Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Tuesday April 3.Base metals traded on the Shanghai Futures Exchange took divergent paths during Asian morning trading on Tuesday, with copper consolidating after its push higher over the past week.The most-traded copper contract on the SHFE was at 50,550 yuan ($8,048) per tonne as of 10.53...Read More
Base metals prices diverged on the London Metal Exchange at the close of trading on Tuesday April 3, with copper rising but aluminium dropping below $2,000 per tonne for the first time since August 2017.The complex started the day on a firm note before paring gains and moving back into the red near the close."The Chinese manufacturing numbers held up quite well, which was supportive, and the metal...Read More