SHANGHAI, Jul 3 (SMM) – The nonferrous complex closed with mixed performances on Tuesday July 3. SHFE lead dropped 0.84%, nickel and aluminium dipped while zinc and tin nudged up and copper gained 0.18%.The ferrous complex fell across the board. Coke led the decreases with a loss of 1%. Coking coal edged down close to 1%, rebar lost 0.64% and hot-rolled coil and iron ore dipped.Copper:...Read More
SHANGHAI, Jul 3 (SMM) – Copper: LME copper broke support at the 60-week moving average last night to a low of $6,519/mt as US dollar jumped on robust manufacturing data. It recovered part of the losses to close at $6,571/mt, down $48/mt from the previous trading day. We see it test support at $6,500/mt in the short run with trading range today at $6,520-6,580/mt. The SHFE 1808 contract...Read More
Mining and metals investors started the third quarter the same way they ended the second, offloading the sector over fears of the impact of a global trade war.A trade tit-for-tat comes at a bad time just as China, responsible for half the world's industrial metal demand, enters a period of slower economic growth."Escalating global trade tensions bring a risk of demand destruction across commodity...Read More
(Bloomberg) - Commodities face a twin threat in the coming months, according to Morgan Stanley, which flagged burgeoning risks to consumption from a potential escalation in global trade tensions, especially for metals, as well as any slowdown in China."Escalating global trade tensions bring a risk of demand destruction across commodity markets as costs rise for end-users and access to materials is...Read More
A court in the Democratic Republic of Congo suspended a hearing about a lawsuit brought by a former shareholder of a Glencore Plc-owned cobalt and copper mine.The case was put on hold pending a decision by the country's Court of Appeal on whether the High Court should have jurisdiction over the case, Judge Roger Songambele said at the court Monday in the capital, Kinshasa.Congolese-American busine...Read More
* Majority stake purchase seen valued at $3.5-$4.0 bln -minister* Govt drafting documentation on taxation, operational control* Deal might be completed in July - officialBy Cindy SilvianaJAKARTA, June 30 (Reuters) - Indonesia's state-owned mining holding company PT Inalum is close to finalising a multi-billion-dollar deal to acquire a majority stake in the giant Grasberg copper mine, government of...Read More
(Bloomberg) - Billionaire Anil Agarwal added to a string of commodities deals with plans to buy out minority investors in Vedanta Resources Plc, the resources group that he's seeking to transform into one of the world's largest.Agarwal's Volcan Investments Ltd. will offer 825 pence a share for the 33.5 percent of Vedanta it doesn't already own and plans to cancel its London listing. Vedanta surge...Read More
SHANGHAI, Jul 2 (SMM) – This is a roundup of global macroeconomic news last weekend and what is expected today.Last weekendThe US dollar index fell below 95 to close at 94.5 last Friday night, with pressure from a strengthened euro as the European leaders reached a migration deal. LME base metals saw mixed trading with zinc leading the loss and closing 1.7% lower on sluggish demand and...Read More
Investing.com - Gold prices are likely to remain under pressure this week as traders digest the minutes of the Federal Reserve’s June meeting on Thursday, when markets re-open after Wednesday’s Independence Day holiday.The Fed hiked interest rates in June and signaled for the first time that they could lift rates four times this year, a typically gold-negative factor.On Friday, metals...Read More
SHANGHAI, Jul 2 (SMM) – Both nonferrous and ferrous futures fell on Monday July 2, except for SHFE tin, as China’s manufacturing activity slipped in June and as a wave of tariffs are on the horizon.A loss of 1.7% in SHFE lead led the declines in the nonferrous complex. Aluminium dropped 1.2%, nickel edged down close to 1%, zinc and copper closed slightly lower as they recovered some lo...Read More
SHANGHAI, Jul 2 (SMM) – Refining charges (RCs) for imported blister copper were mostly offered at $200-220/mt cif as of Monday July 2, SMM learned. This compared with $190-220/mt cif at the start of June. For domestic blister copper delivered to refineries, RCs were mostly offered at 1,600-1,800 yuan/mt as of July 2, flat from SMM data a month ago. Read More
SHANGHAI, Jul 2 (SMM) – Aluminum Corporation of China Limited (Chalco) began the trial operation of its new 400,000-mt/year copper smelting project in Ningde city, Fujian province on Saturday June 30, SMM learned.With total investment of over 5 billion yuan, the project also has a sulphuric acid capacity of 1.46 million mt. It is expected to generate over 1,000 jobs with annual revenue up to...Read More
SHANGHAI, Jul 2 (SMM) – The price gap between copper cathode and copper scrap narrowed 358 yuan/mt to 1,055 yuan/mt over the week ended Friday June 29, suggesting less substitution function of scrap. Prices of copper scrap dipping slower than that of copper cathode also led to the narrower spread, SMM data showed. The average price of #1 bare bright copper stood at 45,510...Read More
SHANGHAI, Jul 2 (SMM) – Operating rates at wire and cable producers across China stood at 83.4% in June, down 8.39 percentage points from the same month last year, an SMM survey showed.This is also down 7.55 percentage points from last month.The month-on-month decline was because these producers accepted orders selectively on financial pressures towards the middle of the year. The Shang...Read More
SHANGHAI, Jul 2 (SMM) –Copper: LME copper met resistance at the five-day moving average last Friday night with support at $6,600/mt as final labour negotiation is expected in July at the world's largest copper mine, Escondida, in Chile. Trading range is set to be $6,590-6,640/mt today with the SHFE 1808 contract at 51,000-51,500 yuan/mt amid slack season. Spot discounts are expected to b...Read More
Arizona deal a sign of relaxed capital discipline?M&ASolGold set to shineSPONSOREDsolgold"We feel the price of the proposal really undervalued the company," CEO Peter Kukielski told Mining Journal in an interview."If the Lundin proposal offers C$4 per share fo...Read More
Peru's National Institute of Statistics and Informatics released a preliminary report stating that in May 2018 and for the third month in a row, the mining and oil sectors continued to grow.According to Reuters, both sectors showed a 1.86 per cent interannual growth which was driven by increased production of oil, natural gas, zinc and tin.In detail, the oil sector showed an interannual growth of...Read More
Indonesia's state-owned mining holding company PT Inalum is close to finalising a multi-billion-dollar deal to acquire a majority stake in the giant Grasberg copper mine, government officials said on Saturday.Situated in Indonesia's eastern-most province of Papua, Grasberg, the world's second-largest copper mine, is owned and operated by Freeport Indonesia (PTFI), a subsidiary of U.S.-based Freepo...Read More