July 2021

Nickel likely to hit $20,500/t in Q3 on strong stainless, EV demand - Citi

The London Metal Exchange nickel cash price is likely to hit $20,500 per tonne in the third quarter, with strong stainless steel demand and electric vehicle (EV) restocking driving the uptrend, according to analysts at Citi.

CHINA HRC: Domestic prices dip after Beijing’s fresh commodities comment

Hot-rolled coil prices across China’s domestic market edged lower on Tuesday July 20 and futures prices fell following Beijing’s latest pledge to ensure stable prices for commodities.

CHINA REBAR: Prices edge down on weak demand

China’s domestic rebar price dropped on Tuesday July 20 due to weak demand caused by adverse weather in large parts of the country, sources told Fastmarkets.

LIVE FUTURES REPORT 20/07: Base metals recover from Monday weakness, copper and aluminium up 0.7%

Base metals prices were up across the board on the morning of Tuesday July 20, recovering slightly from Monday's drop after a sharp rise in global coronavirus cases raised concern about potential further lockdowns stifling economic recovery.

MORNING VIEW: Base metals prices on LME rebound after broad-based weakness on Monday

Base metals prices on the LME were up across the board this morning, Tuesday July 20, while the SHFE followed Monday's weakness, which was triggered by growing fears over the potential impact of the Delta variant of Covid-19 on the global economic recovery.

Explosion causes suspension of ops at Chinese aluminium smelter

Henan Yongdeng Aluminum Industry Co suspended operations at its aluminium smelter in Dengfeng City, Henan province, after an explosion at the site early on Tuesday July 20, sources told Fastmarkets.

LIVE FUTURES REPORT 12/07: Nickel down $500 as complex falls on Covid-19 concerns

A combination of concerns over the spread of the delta variant of Covid-19, a sturdy dollar index and falling US equities triggered a sell-off in London Metal Exchange prices during the afternoon’s trade on Monday July 19.

China may increase sales volumes of metal reserves in second batch

The Chinese government may increase the quantity of metal it sells in a second batch from its non-ferrous reserves at the end of July or start of August, sources suggested on Monday July 19.

Launch day for new LME lithium, aluminium duty-paid Fastmarkets-settled contracts

The London Metal Exchange launched new lithium and aluminium premium futures contracts on Monday July 19, which are cash-settled against Fastmarkets’ assessments.

IRON ORE DAILY: Seaborne prices ease amid sintering and emissions restrictions

Iron ore prices eased on Monday July 19 amid weaker market sentiment caused by restrictions on sintering and emissions imposed on mills in the steelmaking hub of Tangshan, sources said.