July 2019

MORNING VIEW: LME base metals prices correct while traders reconsider US rate cut expectations

Rising tension over Iran and a reduction in expectations on the size of the next US Federal Reserve rate cut were weighing on sentiment this morning, Monday July 22.

MORNING VIEW: LME base metals prices spurred higher by dovish Fed speech, weaker dollar

Comments from US Federal Reserve officials overnight appeared dovish after New York Federal Reserve president John Williams stressed at the annual meeting of the Central Bank Research Association that “it is better to take preventative measures than to wait for disaster to unfold”.

MORNING VIEW: Nickel strength inspires gains across LME base metals complex

Misplaced optimism seems to be driving gains in the London Metal Exchange’s three-month nickel price, especially amidst weak global economic growth and ongoing trade tensions between the United States and China; granted there is growing concern over nickel supply from Indonesia but this remains a long-term play.

MORNING VIEW: LME base metals prices consolidate after trade tensions resurface

Trade negotiations between the United States and China following a meeting between the countries’ leaders on the sidelines of the Group of 20 (G20) summit in Japan at the end of last month have not progressed as well as investors had hoped.

IN CASE YOU MISSED IT: 5 key stories from July 15

Here are five Fastmarkets MB stories you might have missed on Monday July 15 that are worth another look.

HOTTER ON METALS: Reko Diq, a masterclass in mining ambition

The dream of building a new world-class copper-gold mine in Pakistan in an area bordering Afghanistan and Iran has been dashed, for now at least.

MORNING VIEW: LME base metals prices on divergent paths while participants digest Chinese data

China’s economic growth slowed to 6.2% in the second quarter of this year - in line with expectations and well within Beijing’s target of 6-6.5% growth for 2019 - but market participants continued to focus on the fact that this was the country’s lowest gross domestic product (GDP) growth in nearly three decades.

MORNING VIEW: LME base metals prices mixed as healthy China trade surplus could unsettle trade talks

China's trade surplus with the United States in the first half of 2019 has increased as imports from the US have fallen by 25.7%, stoking fears that President Trump will harden his position in trade talks with China.

MORNING VIEW: LME base metals prices consolidate as macro-headwinds persist

Although rate cut expectations encouraged the London Metal Exchange three-month base metals prices to move higher yesterday, they have started to weaken in early trading today, Thursday July 11, and been unable to attract follow-through buying.

MORNING VIEW: LME base metals prices run into dip-buying interest ahead of US Fed chairman testimony

Market participants seem to be waiting for something to provide direction and that impetus is likely to come from the testimony of the United States Federal Reserve chairman later today.