SHANGHAI, Mar 21 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightDriven by bullish sentiment on the US economy and an expected hike in interest rates, the US dollar rebounded to 90. Weak economic data for the eurozone also bolstered the greenback.However, nonferrous metals fell across the board under pressure from the strong dollar. LME...Read More
SHANGHAI, Mar 21 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightDriven by bullish sentiment on the US economy and an expected hike in interest rates, the US dollar rebounded to 90. Weak economic data for the eurozone also bolstered the greenback.However, nonferrous metals fell across the board under pressure from the strong dollar. LME...Read More
SHANGHAI, Mar 21 (SMM) –Copper: Copper prices remained under pressure given high inventories and worries of a potential trade war. We expect LME copper to fall to the $6,700/mt level in the short term but with upward momentum in the mid and long term. We see it trading at $6,730-6,790/mt today, with the SHFE 1805contract trading at 50,500-51,000 yuan/mt. In the physical market, dow...Read More
SHANGHAI, Mar 21 (SMM) –Copper: Copper prices remained under pressure given high inventories and worries of a potential trade war. We expect LME copper to fall to the $6,700/mt level in the short term but with upward momentum in the mid and long term. We see it trading at $6,730-6,790/mt today, with the SHFE 1805contract trading at 50,500-51,000 yuan/mt. In the physical market, dow...Read More
Key data from the Wednesday March 21 pricing session in Europe.Ferro-titanium 70% (max 4.5% Al), $ per kg, delivered duty-paid in EuropeTodayPreviousChange to midpoint of rangeMidpoint % change4.655.3-0.075-1Titanium scrap turnings, unprocessed (max 0.5% Sn) $ per lb, cif European ports Titanium scrap turnings, unprocessed (0.5-2% Sn), $ per lb, cif European ports...Read More
Mills across Europe producing hollow steel sections have continued this week to be largely unsuccessful in raising their prices for tube products because many producers are in need of bookings, sources told Metal Bulletin on Wednesday March 21."They've been trying for several weeks, but they've been unsuccessful. If they don't get orders, they can't raise their prices, and they are all in urgent n...Read More
Domestic prices for cold-rolled coil (CRC) in the EU have been stable over the past week due to a slow market, sources told Metal Bulletin this week.Buyers have gone into "wait-and-see" mode until the price trend becomes clear, according to market sources."European mills are sold out for second-quarter-rolling coil," a German trader said. "Producers will probably increase prices for the third quar...Read More
Domestic prices for hot-rolled coil (HRC) in the EU have been stable this week with buyers remaining in "wait-and-see" mode, sources have told Metal Bulletin.Although activity is scarce, prices are not expected to go down, according to market sources.European steelmakers have largely sold out their second-quarter production of HRC, but have not announced new prices yet. The mills will make attempt...Read More
The latest metal markets news and price moves to start the North American day on Wednesday March 21. Base metals prices on the London Metal Exchange were on divergent paths during morning trading, with copper prices falling further. The three-month copper price was down $40 per tonne and trading at levels unseen since December 2017. Easing supply concerns have put pressure on copper prices over th...Read More
Good morning from Metal Bulletin's office in Shanghai as we bring you the latest news and pricing stories on Wednesday March 21. Base metal prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Wednesday with the risk-off tone persisting amid fears of a trade war between the United States and China, and ahead of the US Federal Open Market Committee's monetary p...Read More
While the programming behind algorithmic trading is still in relative infancy, these computerized systems are more likely to increase volatility in metals trading than reduce it, Lord Copper muses. A few weeks ago, fellow Metal Bulletin columnist Martin Hayes wrote about the dramatic fall in the prices of financial assets since the turn of the year. Stock markets across the world have given b...Read More
Zinc and lead trader Monika Zientara and aluminium trader Christian Hermetschweiler have resigned from Switzerland-based TMT Metals, Metal Bulletin has learned.The resignations follow that of senior aluminium trader Arefe Khosravi, who left TMT Metals late last year and recently joined Tiberius Group to drive a return to base metals trading. TMT Metals declined to comment on the latest resign...Read More
Base metals prices on the London Metal Exchange closed higher across the board on Wednesday March 21 after the dollar weakened slightly. The three-month copper price staged a recovery back toward the $6,800 per tonne support level. The red metal has come under pressure in recent days following easing supply concerns. Aluminium and nickel price remained rangebound, both closing marginally higher wh...Read More
Comex copper prices bounced back on Wednesday March 21 ahead of the conclusion of the US Federal Reserve meeting with the dollar experiencing a bout of weakness. Copper for May settlement on the Comex division of the New York Mercantile Exchange inched up 0.75 cents or 0.3% to $3.0455 per lb. Yesterday, the contract hit a three-month low. "Today, the Fed concludes its two-day policy meeting which....Read More
While the programming behind algorithmic trading is still in relative infancy, these computerized systems are more likely to increase volatility in metals trading than reduce it, Lord Copper muses. A few weeks ago, fellow Metal Bulletin columnist Martin Hayes wrote about the dramatic fall in the prices of financial assets since the turn of the year. Stock markets across the world have given b...Read More
Domestic prices for steel beams have inched down across Europe although market participants expect to see mills raise their offer prices in the coming week after ferrous scrap prices increased.Prices for ferrous scrap in Italy increased by ?,?30 ($37) per tonne in March, while those in Germany rose by around ?,?20 per tonne."I expect to see some movement [in prices] because these guys can't keep r...Read More
Base metals prices on the London Metal Exchange closed higher across the board on Wednesday March 21 after the dollar weakened slightly. The three-month copper price staged a recovery back toward the $6,800 per tonne support level. The red metal has come under pressure in recent days following easing supply concerns. Aluminium and nickel price remained rangebound, both closing marginally higher wh...Read More
Major international mining companies active in the Democratic Republic of Congo (DRC) previously supported work on the new mining code by the country's Chamber of Commerce and are unfair to criticize the association, it said. The country's largest foreign miners, including Randgold Resources, AngloGold Ashanti, Glencore plc, Ivanhoe Mines, Gold Mountain International/Zijin Mining Group, MMG (PTY)...Read More
Comex copper prices bounced back on Wednesday March 21 ahead of the conclusion of the US Federal Reserve meeting with the dollar experiencing a bout of weakness. Copper for May settlement on the Comex division of the New York Mercantile Exchange inched up 0.75 cents or 0.3% to $3.0455 per lb. Yesterday, the contract hit a three-month low. "Today, the Fed concludes its two-day policy meeting which....Read More
Nickel premiums in Shanghai dived to their lowest level in eight months on Tuesday March 20, due to the sustained negative arbitrage, while the majority of US and European premiums remained firm. Shanghai full-plate premiums dive to August 2017 lowNickel briquette premiums in Rotterdam dip due to more availabilityUS nickel premiums unchanged but demand is firm Shanghai premiums dive on negative ar...Read More