U.S. equity index futures were lower this morning. S&P 500 futures were down 19 points in pre-opening trade. Investors are responding to reports that the U.S. government will impose tariffs against Chinese goods valued at $50 billion. U.S. equity index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EDT. Consensus was 225,000 versus 226,000 las...Read More
SHANGHAI, Mar 22 (SMM) – China's aluminium industry is likely to take a greater hit than the steel industry as a result of the US' recent tariffs on steel and aluminium imports, said director and top economist at the Rushi Advanced Institute of Finance, Guan Qingyou.He made the statement as Chinese aluminium accounted for 16.6% of the US' aluminium import...Read More
SHANGHAI, Mar 22 (SMM) – China's aluminium industry is likely to take a greater hit than the steel industry as a result of the US' recent tariffs on steel and aluminium imports, said director and top economist at the Rushi Advanced Institute of Finance, Guan Qingyou.He made the statement as Chinese aluminium accounted for 16.6% of the US' aluminium import...Read More
SHANGHAI, Mar 22 (SMM) – China's aluminium industry is likely to take a greater hit than the steel industry as a result of the US' recent tariffs on steel and aluminium imports, said director and top economist at the Rushi Advanced Institute of Finance, Guan Qingyou.He made the statement as Chinese aluminium accounted for 16.6% of the US' aluminium import...Read More
SHANGHAI, Mar 22 (SMM) – As LME inventories of nickel is likely to grow, we see limited upward room for prices of LME nickel even as the US dollar weakens. Investors are more likely to take long positions on copper or zinc that saw larger drops.LME nickel inventory rose 0.9% to 325,800 mt, and cancelled warrants dipped 7.1% on Wednesday March 21. This indicated that the d...Read More
SHANGHAI, Mar 22 (SMM) – SHFE zinc is likely to stay rangebound at lows with strong upward resistance in the short term, given high inventories and a slow recovery of consumption, SMM expects.The 1805 contract fell below the 24,500 yuan/mt level at the end of the day on Wednesday March 21. Overall momentum was weak as inventories were high. Despite production cuts from ma...Read More
SHANGHAI, Mar 22 (SMM)? 1/4 ?Spot copper in the Shanghai market was offered at a discount of 190-140 yuan/mt on the morning of Thursday March 22, SMM learned.This compared with discounts of 210-160 yuan/mt on the morning of Wednesday March 21. For editorial queries, please contact Daisy Tseng at daisy@smm.cn For more information on how to access our research reports, please email service...Read More
SHANGHAI, Mar 22 (SMM) – SMM expects prices of nickel ore to continue its decline in the short term as supply grows.Nickel ore exports from the Philippines are rising as the weather improved from mid-March, an SMM survey showed.High-grade nickel ore with 1.8% Ni traded at $53.5/wmt cif this week, down some $2/wmt from the previous week. For editorial queries, please contact D...Read More
SHANGHAI, Mar 22 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar dropped below 90 at one point and then hovered around 89.7 as the Federal Reserve anticipated hiking interest rates three times in 2018, below market expectations of four hikes. Nonferrous metals rose due to the weak US dollar and higher oil prices....Read More
SHANGHAI, Mar 22 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar dropped below 90 at one point and then hovered around 89.7 as the Federal Reserve anticipated hiking interest rates three times in 2018, below market expectations of four hikes. Nonferrous metals rose due to the weak US dollar and higher oil prices....Read More
SHANGHAI, Mar 22 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar dropped below 90 at one point and then hovered around 89.7 as the Federal Reserve anticipated hiking interest rates three times in 2018, below market expectations of four hikes. Nonferrous metals rose due to the weak US dollar and higher oil prices....Read More
SHANGHAI, Mar 22 (SMM) –Copper: LME copper rebounded from the $6,700/mt level overnight as long positions entered the market. Copper prices are expected to rebound if China's economic data remain strong and the global bearish sentiment eases. We see LME copper trading at $6,800-6,860/mt today, with the SHFE 1805 contract trading at 51,000-51,600 yuan/mt. Spot discounts are seen smaller a...Read More
SHANGHAI, Mar 22 (SMM) –Copper: LME copper rebounded from the $6,700/mt level overnight as long positions entered the market. Copper prices are expected to rebound if China's economic data remain strong and the global bearish sentiment eases. We see LME copper trading at $6,800-6,860/mt today, with the SHFE 1805 contract trading at 51,000-51,600 yuan/mt. Spot discounts are seen smaller a...Read More
SHANGHAI, Mar 22 (SMM) –Copper: LME copper rebounded from the $6,700/mt level overnight as long positions entered the market. Copper prices are expected to rebound if China's economic data remain strong and the global bearish sentiment eases. We see LME copper trading at $6,800-6,860/mt today, with the SHFE 1805 contract trading at 51,000-51,600 yuan/mt. Spot discounts are seen smaller a...Read More
Base metals prices on the London Metal Exchange plummeted at the close on Thursday March 22, while the dollar index staged a recovery.Nickel prices were the worst affected closing 2.7% lower and trading at a low of $13,060 per tonne - its lowest since February 12. The metal is under pressure from poor underlying demand from Chinese stainless steel mills. "Stainless steel prices in China have strug...Read More
Exporters of CIS-origin pig iron have been focusing on the market in the United States, where demand is higher and prices are expected to rise, unlike in the Italian market where prices have reached a peak, sources told Metal Bulletin this week.Metal Bulletin's export price assessment on Thursday March 22 for high-manganese pig iron from the CIS region widened to $370-395 per tonne fob Black Sea,...Read More
Volatility is the key risk to lead and zinc prices for the next few years and traders should begin to hedge their risk, Oliver Nugent, commodity strategist at ING Bank, said on a panel at Metal Bulletin's Lead & Zinc conference in London on Thursday March 22. "Volatility is on the horizon and so much can happen - the lead and zinc prices are especially prone to this," he told delegates at the two-...Read More
The Turkish deep-sea scrap import market had another quiet day on Thursday March 22, with the country's steel mills absent from trading for a second week, sources said.There has been no significant trading since the mills in the Middle Eastern country stepped back from the deep-sea scrap markets on March 9, when the United States applied a 25% duty on imports of steel products following its Sectio...Read More
The latest metal markets news and price moves to start the North American day on Thursday March 22.Base metals prices on the London Metal Exchange mostly edged higher during morning trading on Thursday March 22, with the dollar experiencing a bout of weakness.The dollar came under pressure on the US Federal Open Market Committee's (FOMC) slightly dovish tone - the committee did not suggest it was...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Thursday March 22.Base metal prices on the Shanghai Futures Exchange were broadly higher during Asian morning trading on Thursday, with support coming from a weaker dollar following Wednesday's US Federal Reserve meeting.The most-traded May copper contract on the SHFE was at 51,110 yuan ($8...Read More