June 2020

MORNING VIEW: Broad markets mixed, while metals continue to hold up

Despite fears of second waves of the Covid-19 virus, base metals prices on the London Metal Exchange were generally holding up well this morning, Monday June 22. But while prices are holding up well, they do seem to have lost upward momentum.

LIVE FUTURES REPORT 19/06: LME aluminium closes below $1,600/t; zinc, copper finish strong

The three-month London Metal Exchange aluminium price briefly breached $1,600 per tonne on Friday June 19 before closing at $1,592 per tonne.

Istim fined by LME for warehouse agreement breach

The London Metal Exchange has fined warehouse operator Istim £30,000 ($37,120) for breaching clauses of its warehouse agreement, the exchange said in a notice to members on Friday June 19.

Covid-19 uncertainty drives liquidity on CME’s EDP aluminium contract

Uncertainty in the aluminium market and poor nearby demand have pushed participants on to exchanges, fueling more liquidity on the Chicago Mercantile Exchange’s aluminium European duty-paid contract (EDP).

COKING COAL DAILY: Seaborne premium indices drop slightly amid concerns over China's import restrictions

Seaborne premium hard coking coal prices dropped slightly on Friday June 19 on a transaction of premium mid-volatility hard coking coal material at a lower price, while concerns over China’s import restrictions constrained Chinese demand, putting pressure on seaborne prices.

CHINA HRC: Importers raise bids on strengthening domestic market

China’s domestic hot-rolled coil prices continued to rise on Friday June 19 on robust trading, which motivated importers to raise their bids.

LIVE FUTURES REPORT 19/06: LME zinc price up 2%; fresh 10kt cancellation boosts copper

The three-month LME zinc price pushed up in morning trading on Friday June 19 and is now making a steady approach toward the $2,100 per tonne threshold, while more fresh cancellations kept copper’s price elevated.

MORNING VIEW: Broad markets tread water; metals hold up well, albeit in light volume

Markets were mixed again this morning, Friday June 19, while participants wait to see if second waves of Covid-19 are going to derail the V-shaped recovery in asset markets.

LIVE FUTURES REPORT 18/06: LME zinc price maintains uptrend in 1.4% close; copper holds above $5,800/t

The three-month zinc price on the London Metal Exchange was the top performer at the close of trading on Thursday June 18, with steady buying prompting its highest close since February, while copper futures consolidated above nearby support levels over the afternoon.

IRON ORE DAILY: Seaborne prices fall after Vale announces Itabira restart

Seaborne iron ore prices fell on Thursday June 18 after Vale announced the gradual resumption of operations at its Itabira complex in southern Brazil.