May 2012

Glencore, Xstrata set July dates for shareholder merger vote

Glencore and Xstrata shareholders will vote on the proposed merger of the two companies on July 11 and 12 respectively, the companies announced on Thursday May 31.

Nickel prices fail to impress as 2009 lows linger

A modest improvement in nickel prices on Thursday morning failed to reassure traders as the alloying metal remained near two-and-a-half-year lows on the London Metal Exchange.

CLOSE TO CLOSE: Copper prices at fresh year-to-date lows in LME kerb

Copper prices finished at fresh year-to-date lows in kerb trading on the London Metal Exchange on Thursday May 31, as disappointing US data contributed to a further slide in the euro in the afternoon.

LME copper prices under pressure after US data

Copper prices were holding above their opening levels in official trading on the London Metal Exchange on Thursday May 31, but came under pressure in the afternoon after US unemployment data came in below expectations.

CBMX platform concludes 1.6m tonnes of iron ore deals

A total of 1.6 million tonnes of iron ore have been traded through the physical iron ore trading platform at the China Beijing International Mining Exchange (CBMX) as of Wednesday May 30.

Shanghai base metals prices fall on eurozone worries

Shanghai Futures Exchange copper fell by 1.6% on Thursday May 31 as mounting concerns over the continued debt crisis in Europe weighed on metals prices.

IRON ORE DERIVATIVES WRAP: OTC volumes drop

The OTC iron ore market did not continue with the healthy volumes seen on the previous day with only a few trades reported on Thursday May 31, brokers told Metal Bulletin.

Iron ore swaps volumes in May set to break record

The volume of iron ore swaps cleared via the Singapore Exchange (SGX) in May is set to break the monthly record, vp Kenneth Ng said on Thursday May 31.

COMMENT: Copper longs and shorts unlock horns – for now

The backwardation in the London Metal Exchange copper market that has persisted for the past two months has involved battles between two dominant longs and several speculative and physical shorts.

Copper rallies above $7,500 in LME pre-market, tracking euro moves

Copper prices rose back above $7,500 per tonne in pre-market trading on Thursday May 31, recovering from a five-month low as the euro stabilised against the dollar.