April 2021

LIVE FUTURES REPORT 28/04: LME nickel price breaches $17,000/t; rest of complex consolidates

Nickel’s three-month price was at $17,265 per tonne at 9am, making it the only base metal to register a gain of over 1% in the morning of Wednesday April 28 on the London Metal Exchange, while the rest of the complex eased from their highs achieved on Monday and Tuesday ahead of the United States’ Federal Reserve statements to be made on Wednesday.

GLOBAL ALUMINIUM WRAP: US Midwest premium at all-time high

Most aluminium premiums were stable in the week to Tuesday April 27, apart from the US Midwest premium, which surged to an all-time high on sturdy demand and short supply.

MORNING VIEW: Base metal price rallies consolidate after strong run, ahead of major meetings

With the exception of the June nickel contract, base metals prices on the Shanghai Futures Exchange were weaker this morning, Wednesday April 28.

Copper price rally sees scrap 'sold above intrinsic value' to China

Chinese importers have been competing for the best-quality copper scrap, citing concerns over future rises in the procurement cost of raw materials while the price rally continues, Fastmarkets has learnt.

LIVE FUTURES REPORT 27/04: LME nickel up 1.8%; gains for copper, zinc on strong trading

The price of nickel on the London Metal Exchange was some $40 per tonne short of the $17,000 per tonne mark at the close of trading on Tuesday April 27, while most other base metals’ prices also finished higher day on day, boosted by a recent rise for copper.

IRON ORE DAILY: 62% Fe index reaches new record high

Fastmarkets’ index for iron ore 62% Fe fines, cfr Qingdao, rose to a new record high on Tuesday April 27 with iron ore prices all going up further. The 62% Fe index has been above the previous high of $183.59 per tonne, set in January 2011, since April 20.

Aluminium smelter margins widen further with LME rallying to $2,400

Aluminium smelters are reeling in profits, with the London Metal Exchange aluminium price and premiums at multi-year highs and raw material prices depressed due to oversupply, sources said.

CHINA HRC: Domestic prices edge closer to 2008 highs

China’s domestic hot-rolled coil prices edged closer to record highs last seen in July 2008 on Tuesday April 27 amid sustained measures to control emissions in the country’s northern region.

LIVE FUTURES REPORT 27/04: LME copper up 1.6%; nickel near $17,000

Copper and nickel were the leaders of the rally during morning trading on Tuesday April 27 on the London Metal Exchange, rising by 1.6% and 1.7% as of 9am from their Monday prices, which were also on an upward momentum.

AT A GLANCE: South32 net cash up on higher commodity prices, strong output

A summary of South32’s results for its third quarter ending March 31, 2021.