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Friday, December 30 |
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Our next update will come on 1/3 with the London Metal Exchange closed
on Monday for the holiday. We wish each of you a healthy 2012 and a year
that leaves many pleasurable memories.
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 6:45 am CST show 3 month nickel trading around $.06/lb
higher, with other
London traded base metals higher as well. The Euro is currently trading over
1/10 of 1% lower against the US Dollar. NYMEX crude futures are down nearly
3/10 of 1% and at $99.37/barrel. Gold is up 1.4% and silver is higher by
over 8/10 of 1%. In overnight trading, Asian markets ended lower, with China
up 1.5%. European markets are trading higher this morning, while US futures
show Wall Street may open slightly higher this morning. Stockpiles of nickel
stored in LME approved warehouses fell on Thursday and now total just under
90,050 tonnes.
-
Bloomberg morning - Copper Rises as U.S. Economic Expansion May Make Up for
Slowdown in China -
more
-
LME Morning - Metals range routinely at mixed levels, watch currency markets
- more
-
Reuters - Copper heads for first drop in three years on demand fears -
more
Reports
-
Reuters Inside Metals - next report on 1/3
-
Commonwealth Daily Alert-
pdf here
-
Daily Market Report - pdf
here
-
Commodities Report - pdf
here
-
Metals Insight - pdf
here
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals ended mixed yesterday, but were well off earlier lows, as a better
tone in the US equity markets, coupled with decent macro numbers, helped
steady the complex. On the US macro front, it was reported that sales of
existing homes jumped to a 1-1/2 year high in November, further evidence
of a budding recovery in housing. We are also reading that some equity funds
are positioning themselves into the much-battered housing space going into
2012 and indeed, if the strengthening they are betting on is real and just
not another head-fake, we could have a potential game-changer on our hands
for the US economy going into 2012. On the labor side, US weekly initial
claims came in slightly higher than expected, climbing by 15,000 to 381,000,
but the four-week moving average for claims dropped to its lowest level since
June 2008. Right now, we are seeing metals pushing higher, with both energy
and gold in tow. The commodity group seems to be ignoring a slightly firmer
dollar (now at $1.2930 against the Euro) and lingering debt concerns over
Europe and seems to be moving higher on its own accord in thin trading. Sluggish
Chinese macro numbers released earlier in the day have not had much of an
impact either. In this regard, the HSBC Purchasing Manager's Index, (a precursor
to the official data scheduled to be published Sunday), inched up to 48.7
in December from a 32-month low of 47.7 in November, but remains mired in
contraction territory. The sub-index for overall new orders edged up to 46.9
in December from November's 45, but also shows falling demand. New export
orders dipped, reflecting waning demand from the US and Europe, but input
costs incurred by Chinese manufacturers continue to moderate, as expected.
.... Nickel is at $18,250, up $55. (complete report
here)
Commodity/Economic Comments
-
(Yieh) Its reported that the major stainless steel producers have remained
alloy surcharge unchanged for 304 grade cold rolled (CR) stainless steel
sheet with thickness of 2mm for next January. The average alloy surcharge
for CR stainless steel sheets in the European stainless steel mills including
Acerinox, Aperam, Outokumpu and ThyssenKrupp remained flat at 1,339/ton
for next January.
CaNickel to cut
production at Bucko Lake Mine - Canadian miner CaNickel Mining Ltd said it
will cut production at its flagship Bucko Lake Mine by nearly a third due
to unfavorable nickel prices and to preserve capital. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Thursday, December 29 |
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Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index -
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) China Stops Encouraging Investment
in Auto Manufacturing After Sales Slow // Chinas Stocks Rise, Capping
Indexs First Back-to-Back Gains in a Month // China-Japan Currency
Deal Points Way to a New World Monetary Order: View // Euro Drops to 10-Year
Low Versus Yen After Italian Debt Sale; Futures Rise // Italian Borrowing
Costs Below 7% as Bond Sale Falls Short of Maximum Goal // ECB Has Scope
to Lower Rates as Debt Crisis Eases Price Pressures: Economy // European
Stocks Climb as U.S. Business Activity Expands More Than Forecast // Cutting
Buffett Helps Sequoia Top Value Investor Rankings in Fourth Decade // Business
Activity, Pending U.S. Home Sales Point to Growth Pickup: Economy // Stocks
Rally on U.S. Economic Data as Euro Erases Decline Against Dollar
-
The Euro is now trading higher against the US Dollar, but just slightly.
NYMEX crude is down 4/10 of 1% and trading at $98.95/barrel. Gold is down
nearly 1.4% and silver is off slightly. Base metals ended their session mostly
higher. Indicator charts show nickel was trading quietly early, and then
bounced sharply when it fell below the $17,800 tonne resistance line. For
the day, Dow jones reports three month nickel closed at
$8.25/lb
. Stockpiles of nickel
stored in LME approved warehouses retreated on Wednesday and now total 90,300
tonnes. On this day last year, one day before the end of 2010, stockpiles
totaled 135,444 tonnes. On that day nickel trading ended at $11.02/lb. No
update on the fate of the Vinalines Queen or her 23 crew members. The ship
was carrying 54,400 tons of nickel ore from Indonesia to China when it
went missing last Sunday. It's been a slow news day, and tomorrow will
probably be more so as the world prepares to welcome in 2012 with high hopes.
Reports
Commodity/Economic Articles and Comments
-
What Is Money and How Do You Destroy It? -
more
-
Liquidity Returns To Flood The ECB Basement -
more
-
Occupy Wall Street: How Cash Has Corrupted Congress -
more
-
Congress ends corn ethanol subsidy -
more
Still time for
Vale - After completing what it calls an in-depth technical review, the Ministry
of the Environment has approved Vale Ltd.'s application for more time --
10 years -- to comply with new standards for nickel emissions that go into
effect in 2016. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.01/lb
lower, but recovering,
with other London traded base metals mixed and quiet. The Euro is trading
4/10 of 1% lower against the US Dollar. NYMEX crude futures are up 3/10 of
1% and trading at $99.65/barrel. Gold is down 1-3/4% and silver is off 2-3/4%.
In overnight trading, Asian markets ended lower, with China up slightly.
European markets are trading slightly higher, while US futures show Wall
Street may open slightly higher. Nickel stockpiles fell on Wednesday.
-
LME Morning - Metals range routinely at mixed levels, watch currency markets
-
more
-
Reuters - Copper falls on firmer dollar, euro nerves -
more
Reports
-
US Imports of Stainless Steel Mill Products -
more
-
Reuters Inside Metals - next issue Jan 3rd
-
Commonwealth Daily Alert-
pdf here
-
Daily Market Report - pdf
here
-
Commodities Report - pdf
here
-
Metals Insight - pdf
here
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
We had a surprisingly sloppy session on Wednesday, as a modestly lower start
to the day morphed into a more substantial selloff. The decline was unusual
given that earlier, markets seemed to have been impressed by the results
of a favorable short-term Italian auction. However, as the day wore on, it
seemed investors were unnerved by Italian rates backing up and by continued
reports of a wall of money being accumulated at the ECB on behalf of European
banks still reluctant to lend to one another. The ECBs balance sheet
now stands at a record $3.55 trillion (eclipsing that of the Fed's, we should
add) after massive amounts of money were lent in recent weeks. ....
We are seeing uneven activity in most markets right now. The tone is mixed
in base metals, with copper lower, although the rest of the group is sporting
modest gains. The Euro is again under attack, now trading at $1.2860 and
close to one year lows against the dollar, while being at a 10-year low against
the yen. Oil prices are slightly higher, and US equities are expected to
open up as well, but gold is off, down by some 2%, while platinum is languishing
at a two-year lows. ..... Nickel is at $18,130, up $225. (complete report
here)
Commodity/Economic Comments
-
(Yieh) The prices of nickel based cold rolled (CR) stainless steel plate
are expected back to the level of US$3,000/ton C&F in Asia.
-
Banks 'must prepare' for eurozone changes -
more
Ramu NiCos
road to destiny - Ramu NiCo the developer of Ramu Nickel project
has built a metaphoric road to a great destiny and it invited all stakeholders
to walk on that road to reach our destiny. -
more
New tech to
make nickel laterites a viable option - A game-changing technology now in
development could make nickel laterites a much more economically viable option.
-
more
Norilsk board approves
$3 bln investment plan - Russian metals group Norilsk Nickel said on Thursday
its board had approved its budget for 2012, which envisages investing over
$3 billion in its development. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Wednesday, December 28 |
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Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index -
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) China Central Bank May Suspend Sale
of 3-Month Bills Tomorrow, Traders Say // BRIC Decade Ends With Record Stock
Outflows as Goldman Says Growth Peaked // Most Chinese Stocks Fall as
Money-Market Rates Raise Cash Crunch Concern // Giant Vale Iron-Ore Ship
Reaches China After Six-Month Delay by Officials // Deflations Grip
Returns in Japan as Factory Production Declines: Economy // Italy Bonds Rise
as Borrowing Cost Falls at Auction; Stocks, Futures Gain // Spanish Mortgages
Decline for the 18th Straight Month as Bad Loans Surged // European Stocks
Retreat After Italian Bill Sale; Carmakers, Banks Decline // Facebook Poised
to Lead Biggest U.S. Internet IPO Year Since 1999 Bubble // Sears as
Lamperts Mismanaged Asset Forfeits Shoppers Flowing to
Macys // Retail Sales in U.S. Advance 4.5% in Week Before Christmas,
ICSC Reports // Euro, Stocks Retreat as ECBs Balance Sheet Expands
to Record Amid Crisis
-
The Euro took a dive when Wall Street opened and is now trading over 1% lower
against the US Dollar. This move bit commodity trading hard. NYMEX crude
is down 1-2/3% and trading at $99.68/barrel. Gold is down 1.9% and silver
is off 4.7%. Base metals got whacked as well, all ending lower. Indicator
charts show nickel was trending lower before US markets opened but as the
Euro fell, nickel's fall accelerated. For the day, Dow Jones reports three
month nickel ended the day at $8.12/lb
. Stockpiles
of nickel stored in LME approved warehouses rose for a third consecutive
session last Friday and now totals 90,600 tonnes. Nickel fell over 3.3% today
with copper off 2.3%. While still showing weakness, the short term future
for nickel may actually be helped by today's sell off, with the market moving
into oversold territory and a high possibility of a rebounding Euro. Then
again, we could be very wrong and nickel start to threaten support at $8.12/lb
before the New Year begins. A Vietnamese newspaper is reporting search and
rescue personnel have spotted an oil slick, but still have not found the
Vinalines Queen with 23 souls and 54,000 tonnes of laterite nickel ore aboard.
Our thoughts are with the families of those missing.
Reports
Commodity/Economic Articles and Comments
-
Rare Instances of Reaching Across the Aisle to Fill Fed Seats -
more
-
Treasury Sees U.S. Debt Near Limit By End Of Friday -
more
-
Economists React: China-Japan Currency Pact -
more
-
Unemployment Extension Passed but Eligibility for Full 99 Weeks May Decline
-
more
Oil streak found,
Vietnam missing ships fate still unknown - An oil streak has been detected
near the site where a Vietnamese ship with 23 crewmen went missing off the
Philippines on Sunday, but the ship and its crew are nowhere to be found.
-
more
EU starts antidumping
probe on some Chinese steel - The European Commission has opened an anti-dumping
investigation on some Chinese organic coated steel products and imposed
definitive antidumping duty on imports of Chinese stainless steel seamless
pipes and tubes -
more
Norilsk Nickel
to modernize Nadezhda Metallurgical Plant - Norilsk Nickel announces the
start of Nadezhda Metallurgical Plant (NMP) modernization program, which
will be implemented as part of the Groups 2025 production and technical
development strategy (approved by the Board of Directors on October 27).
- more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb
lower, with other
London traded base metals also lower. The Euro is currently trading slightly
lower against the US Dollar. NYMEX crude futures are down over 1/2 of 1%
and at $100.81/barrel. Gold is down nearly 1/2 of 1% and silver is down nearly
3/4 of 1%. In overnight trading, Asian markets ended lower, with China up
over 1/10 of 1%. European markets are trading higher this morning, and US
futures are higher as well.
-
Reuters morning - Copper down on euro zone and China slowdown worries -
more
-
LME Morning - Metals drift in lacklustre trade, slow conditions set to prevail
-
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals prices pushed higher in thin conditions on Friday, the last day of
trading in the run-up to the Christmas holidays. The LME was closed on Monday
and Tuesday of this week, but as we start another holiday-shortened week,
the group is broadly lower, giving up a good portion of Friday's gains in
quiet trading. ..... On the currency front, the Euro has not done much
over the past few days, trading just above $1.30 in very quiet conditions,
but its restrained tone belies tensions that continue to percolate underneath.
In this regard, the ECB reported yesterday that it received record cash deposits
of some E412bln from various European institutions as of last Friday, reflecting
lingering nervousness among the regions banks about the prospect of
lending money to one another. Bloomberg reports that when markets are functioning
normally, banks use the ECB facility to the tune of a few hundred million
Euros overnight, so the E400 billion figure is staggering to say the least.
The markets also have to contend with massive amounts of sovereign debt that
needs to be rolled over in Q1 of 2012, including more than 91 billion Euros
of Italian bonds maturing in the first four months of 2012. In other macro
news, Japans industrial production declined in November as the strong
yen and slowing overseas demand hampered the recovery from the twin March
disasters. The government reported overnight that that factory output fell
2.6% from October, much worse than the -0.8% decline expected. The flooding
in Thailand may have contributed to the decrease in production, crippling
the supply chain for a number of Japanese companies such as Sony and Honda
Motor. Expect quiet trading for the balance of the week, but certainly, the
Italian short-term auction should be considered an important development
and will likely prevent more concerted selling from setting in. Next week
could be an entirely different story, as markets will be returning to more
normal conditions towards the latter part of the week, while the issues that
have been troubling investors for much of the last few months will be waiting,
still very much unresolved. ..... Nickel is at $18,435, down $70. (complete
report here)
Commodity/Economic Comments
-
(Yieh) According to report of Japanese Ministry of Economy, Trade and Industry
(METI), Japanese demand for crude steel is predicted to decline to 26 million
tons in next Q1, down by 2% year on year, touching the two-year low.
-
(MBN) Taigang raises January nickel pig iron bid price as nickel prices lift
-
US Steel Import Monitor -
more
-
Giant Vale ship unloads maiden iron ore cargo in China -
more
-
CPA - TransCores North American Freight Index climbed 36% last month
compared to November 2010, making it the consecutive month with the highest
same-month volume since 2005.
Stakeholder
in New Caledonia nickel plant keen to sell its share - The French nuclear
energy giant Areva says its in exclusive talks with state investment
fund FSI on selling its stake in the Eramet mining company, a major player
in a massive nickel plant in New Caledonia. -
more
Ethnic conflict
flares over Chinese nickel mine pollution - The refinery next door is set
to produce huge quantities of nickel and cobalt, and generate jobs -
more
Rising Nickel
Demand in the Aerospace Industry - According to our latest research report,
Global Nickel Market Analysis, the global nickel industry is
witnessing a positive growth owing to the rise in production and increased
demand for nickel across the world. -
more
Courtesy AISI - In
the week ending December 24, 2011, domestic raw steel production was 1,900,000
net tons while the capability utilization rate was 76.7 percent. Production
was 1,655,000 tons in the week ending December 24, 2010, while the capability
utilization then was 68.4 percent. The current week production represents
a 14.8 percent increase from the same period in the previous year. Production
for the week ending December 24, 2011 is down 2.3 percent from the previous
week ending December 17, 2011 when production was 1,945,000 tons and the
rate of capability utilization was 78.5 percent.
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Tuesday, December 27 |
|
|
Vietnam's
Vinalines Queen Ship Missing at Sea - Vietnam's Vinalines Queen Ship was
still missing as of 9 a.m. local time on Tuesday, after more than 48 hours
of disconnection and despite international joint search and rescue efforts,
Vietnam News Agency reported on Tuesday quoting latest news from the Vietnam
Maritime Rescue Cooperation Center. -
more
-
Vinalines Queen Ship -
about
-
Risk of nickel ore liquefication -
more (this is background material only and may not
have anything to do with this missing ship)
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
London Metal Exchange trading closed today for holiday. The Euro is trading
slightly higher against the US Dollar. NYMEX crude futures are up nearly
1/10 of 1% and trading at $99.76/barrel. Gold and silver are down over 8/10
of 1%. In overnight trading, Asian markets ended lower, with China down 1.3%.
European markets that are open are quiet and slightly lower, while US futures
are also showing slightly lower. China stock markets are trading at a 33
month low, and nickel began to show weakness late last week. While other
base metals gained, nickel fell back from the technical line of resistance
that it was unable to beat for two consecutive days. There will be no afternoon
update today.
-
Bloomberg morning - more
-
LME Morning -
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
Commodity/Economic Comments
-
(PR) Mitsubishi Corporation (MC) has agreed to sell a 3.4% ownership
interest from its 33.4% stake in Strand Minerals (the owner of 90% of PT
Weda Bay Nickel) to Pacific Metals Co. Ltd. (Pamco) of Japan
for 3 billion Japanese yen. ERAMETs ownership in Strand Minerals remains
unchanged at 66.6%. This transaction gives an indicative value of approximately
944 million Euros or 1.263 billion US Dollars for 100% of the Project, and
valorises ERAMETs ownership of the Project at around 566 million Euros
or 757 million US Dollars. The shareholders agreement existing between
ERAMET and MC has been amended to include Pamco.
-
(Yieh) Taiyuan Iron & Steel Group (Tisco), the largest stainless steel
maker in Taiwan planned to start the maintenance schedule in late December,
after its stainless steel output hit 3 million tons this year.
-
(Reuters) China's daily crude steel output fell to 1.666 million tonnes in
the second ten days of December, down 0.44 percent from the preceding ten
days, data from the China Iron & Steel Association showed on Tuesday.
-
Hedge Funds Cut Bets as Raw Materials Rally Most in 10 Weeks: Commodities
-
more
-
Chinas Metal Fasteners Output for Jan-Nov -
more
-
(China) Economic growth set to fall -
more
Japan Molybdenum
Supply/Demand January - September 2011 = Imports of molybdenum oxide and
ferromolybdenum increased year-on-year = Production of crude special steel
in which molybdenum is mainly consumed during the first 9 months (January
through September) of 2011 was 17.99 million tons a little less, by 0.8%,
than 18.13 million tons in the same period of 2010, but imports of molybdenum
oxide and ferromolybdenum increased year-on-year. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Friday, December 23 |
|
|
London Metal
Exchange markets are closed Monday and Tuesday for a holiday break. The happiest
of holidays to our readers!!
Dow Jones reports three month nickel
ended the days session at $8.39/lb.
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 6:55 am CST show 3 month nickel trading around $.05/lb
higher, with other
London traded base metals trading higher as well. The Euro is trading over
1/10 of 1% against the US Dollar. NYMEX crude futures are up 1/4 of 1% and
at $99.76/barrel. Gold is up more than 1/10 of 1% while silver is higher
by less than 1/10 of 1%. In overnight trading, Asian markets ended higher,
with China up 3/4 of 1%. European markets are trading higher this morning,
and US futures show Wall Street should open higher. Nickel inventories rose
for a second consecutive day on Thursday and now total just over 90,000 tonnes.
-
LME Morning - Base metals make further gains on pre-Christmas short-covering
- more
-
Reuters - Copper up in thin trade on growth hopes, data eyed -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals advanced in thin trading on Thursday, as a relatively stable credit
market in Europe, coupled with upbeat macro data from the US helped improve
sentiment. In the energy markets, oil prices advanced, with WTI now bumping
against the $100 mark, while US equities also rose for a third day in a row.
However, the gains did not extend to the Euro or gold, both of which closed
relatively flat on the day. .... We think the markets held up well on Thursday
considering that signals coming out of Europe could have derailed the advance.
For one thing, there was some nervous rhetoric coming out of the European
System Risk Board (ESRB), which is a policy watch-dog of sorts, who said
that European governments needed to get their rescue fund up and running
and that the lack of confidence in Europe's banks had made the risks facing
the region more acute. "Overall conditions have worsened as a result of the
intensification of negative interlinkages between sovereign risks and the
uncertainty about the resilience of the financial system, and on account
of deteriorating growth prospects," the ESRB said in a statement. "Dependence
on central banks has risen and signs are intensifying that stressed financial
conditions are passing through to the real economy. It went on to say
that capital levels need to be increased, and urged leaders to finalize
agreements agreed to earlier this month at a crisis summit taking place shortly
in Brussels. "The swift and coordinated implementation of those decisions
is now of utmost importance." ..... In corporate news, both Bloomberg
and Reuters are reporting that there have been losses incurred by Barclays
Capital, forcing the departure of the head of metals trading at the company,
as well as one other person. Barclays would not specify the size of the loss,
other than to say they were not "big" and that there was no "abnormal" trading,
meaning no foul play was suspected. Apparently, the metals desk was quite
long copper and aluminum as well as a number of spreads going into the summer
months and got stung by the subsequent price collapse. In addition, the Barclays
research team had been bullish on metals, calling for the copper, for example,
to hit $12,000 by the fourth quarter. ..... Finally, there is a very good
article in this months Vanity Fair on what is ailing the US economy
and the parallels the author (Nobel-prize winning economist Joseph E. Stiglitz)
sees between what is going on now and what happened during the Great Depression.
Stiglitz's ideas to get us out of the slump are certainly not in vogue given
the current political situation, but he makes an interesting case based on
the parallels he sees. The piece can be accessed in this
link. ... Nickel
is at $18,700, up $5. (complete report
here)
Commodity/Economic Comments
-
(Interfax) China's imports of nickel ores grew in November, up 37.55 percent
on monthly basis to 6,304,568 tons as low prices stimulated buying among
steel mills, according to customs data released on Dec. 21. -
more
-
(MBN) NSSC cuts 300-series stainless wire rod prices for Q1 2012
-
Copper Traders Most Bullish in Two Months on Demand Outlook: Commodities
-
more
-
Toledo Mining confirms latest shipment of nickel ready to depart -
more
-
(China) New fall in economic outlook: bank poll -
more
Cuba says nickel
venture to top 37,700 tonnes - A Cuban nickel venture with Canadian mining
company Sherritt International is headed toward a record output of unrefined
nickel plus cobalt, state media in eastern Holguin province, said on Wednesday.
-
more
An 80,000-ton
Ferro-nickel Project Settled in Jingzhou - An 80000-ton ferro-nickel project
invested by Hubei Changjiang Nickel High Tech Co.,.... -
more
PNG Appeal Court
Approves Mine Dumping Into Sea - A move to block the deep sea dumping of
waste from the Ramu nickel mine on Papua New Guineas north coast has
been rejected in an appeals court, ending a lengthy legal battle delaying
the Chinese-backed project. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Thursday, December 22 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 69 to 1,787.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) More Bankers Predict Monetary Policy
Easing as Economy Cools, PBOC Says // Chinas Stocks Decline for Fourth
Day on Cash Crunch, Europe Debt Concern // Komatsu Sees Record Year for Mining
Equipment Sales on China, India Demand // Overseas Investors Jump Back Into
South Korean Stocks After Death of Kim // Toyota Says 2012 Vehicle Sales
May Rise 20% on Recovery From Quake, Floods // Greeces Creditors Said
to Resist Pressure From IMF to Take On More Losses // U.K. Grew 0.6% in Third
Quarter, Faster Than Originally Estimated: Economy // Londons Oldest
Stockbrokers Fall Victim to Europes Sovereign Debt Crisis // Decline
in U.S. Home Values to Be Smallest in Four Years, Zillow Reports // House
Republicans Left With Few Options to Resolve Fight Over Payroll Tax // Growth
Gets Boost Heading Into 2012 as U.S. Jobless Claims Drop: Economy // Stocks
in U.S., Europe Gain as Dollar Rallies
-
The Euro is still trading higher against the US Dollar, but just barely at
the moment. NYMEX crude is up 1.1% and trading at $99.75/barrel. Gold is
down 1/2 of 1% while silver is off 3/4 of 1%. Base metals ended their session
mostly higher. Indicator charts show nickel fell early and was unable to
recover, trending lower much of the day. For the day, Dow Jones reports three
month nickel ended the session at $8.48/lb
. Stockpiles
of nickel stored in LME approved warehouses took a big jump on Wednesday,
gaining back nearly all of the last four days of withdrawals. Totals now
sit just over the 89,500 tonne level, about the same as the numbers reported
last Thursday. The large gain appears to have taken the market by surprise,
as nickel did not show the strength it has recently. While Dr Copper ended
over 1% higher today, nickel broke ranks with the other London traded base
metals, and fell 1-1/2%. From a technical perspective, the inability to close
above resistance for a second straight day, could mean nickel's recent upward
trend might be coming to an end. We have one more day of trading before the
LME begins a 4 day Christmas break.
Reports
Commodity/Economic Articles and Comments
-
(Dow Jones) Barclays Capital makes huge losses in base metals trading, sources
say
-
Charting 2011?s Top Story: Inside the Euro Zone Crisis -
more
-
IMF Chief Economists Four Lessons From 2011 -
more
-
Realtors Lower 2007-2010 Home-Sales Estimates by 14% -
more
-
White Houses Krueger: Lack of Demand Holding Back Economy -
more
-
GOP Candidates Seek to Pin Crisis on Govt -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.01/lb
lower, but moving
higher, with other London traded base metals mixed and quiet. The Euro is
trading nearly 1/10 of 1% higher against the US Dollar. NYMEX crude futures
are nearly 3/10 of 1% higher and trading at $98.95/barrel. Gold is trading
2/10 of 1% lower while silver is down 1/10 of 1%. In overnight trading, Asian
markets ended lower, with China down 1/10 of 1%. European markets are trading
higher this morning, while US futures are trading higher as well. Nickel
stockpiles jumped on Wednesday.
-
LME Morning - Base metals steadier, volatility lessens in wider markets -
more
-
Reuters - Copper up with euro in ECB tender reaction -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals finished mixed in very quiet trading yesterday, as a fade in the Euro
offset decent macro numbers coming out of the US. In other markets, oil prices
finished higher after US crude oil inventories posted their largest one-week
fall in a decade. US stocks finished flat on the day after being all over
the place, but there was weakness in tech names after Oracle disappointed
Wall Street with an earnings report that was only its second quarterly
miss in the past 26 quarters. On the currency front, the Euro
slipped to $1.3040 yesterday on growing doubts that the ECBs easy-money
program would do anything to ameliorate the more burdensome debt situation.
In fact, one can make the case that the ECB and the markets are talking past
each other--the markets are fixated on the ECB buying an infinite amount
of Eurozone bonds as the only logical solution to the crisis, while the central
bank is vehemently opposed going down that route. Instead, it is buying bonds
in relatively modest amounts and on its own timetable, although it is far
more willing to put out generous swap lines and loans in order to tide the
banks over, such as the E498 billion it lent out this week. It also frequently
takes European governments to task about getting their fiscal houses in order,
leaving unclear how governments will manage their debt loads if they are
not given some help by the ECB. All in all, the important point to be made
here, is that the ECB policy measures are not the ones the markets seem to
be demanding, so it remains to be seen how this standoff will eventually
be resolved. As long as the two sides continue to butt heads, it will be
very difficult to escape the erratic price behavior and uncertain tone that
is now clearly evident in a number of markets. ..... Right now, markets are
steadier, with metals generally mixed, while crude oil markets are up a tad.
The Euro is a touch higher, now trading at $1.3070. US stocks are expected
to open up in light of calm conditions in the European debt markets. In this
regard, Italian 10-year bond yields were about 3 basis points lower at 6.79%
on light ECB buying, while Spanish paper was yielding 5.36%, about 5 basis
points higher on the day. The cost of insuring Hungary's debt against default,
however, jumped sharply after Standard & Poor's cut the country's rating
to junk on Wednesday, following a similar move by Moody's last month. We
do not expect much to happen for the balance of the week in most markets,
as participants thin out and refrain from taking major positions ahead of
the year and quarter end. If anything, a steadier tone should remain in place
given the vigilance of the central banks guarding against any liquidity squeezes
heading into year-end. ..... Nickel is at $18,875, down $100 and still bumping
against resistance levels evident around $18,900. ..... The Pedro Soto Alba
plant, a joint-venture between Cuban state monopoly Cubaniquel and Canadian
mining company Sherritt, has reached its production target of nickel-plus-cobalt
for the year and expects to hit a new record of over 37,700 tons by December
31, state media said. (complete report
here)
Commodity/Economic Comments
-
Outokumpu divests rights to royalties from Forrestania resources -
more
-
(TI) Truck tonnage rose 0.3% in November after rising a revised 0.4% in October,
according to the American Trucking Associations' advance seasonally adjusted
For-Hire Truck Tonnage Index. Compared with November 2010, seasonally adjusted
tonnage was up 6%, the largest year-over-year gain since a 6.5% increase
in June 2011.
Chinese
producers key to 2012 nickel prices - High-cost nickel producers in China
will limit price moves in either direction next year, even while the market
accelerates a move into over-supply as several new projects start up and
demand falters. -
more
Japan Hot-Rolled
SUS Production 248,790 tons; October 2011 = Slightly down by 1.2% from September;
larger down in Ni-alloyed than the up in Cr-alloyed = According to the data
released by Ministry of Economy, Trade and Industry on December 14, output
of hot-rolled stainless steel during October 2011 was as per the table attached
hereto. -
more
PNG rejects appeal
to block Ramu nickel ocean dumping-Highlands - A move to block deep sea dumping
of waste from the Ramu nickel mine in Papua Guinea has been rejected in an
appeals court, ending a lengthy legal battle delaying the Chinese-backed
project, junior partner Highlands Pacific said on Thursday. -
more
-
PNG court allows company to dump waste in ocean - A move to block deep sea
dumping of waste from the Ramu nickel mine in Papua Guinea has been rejected
in an appeals court, ending a lengthy legal battle delaying the Chinese-backed
project, junior partner Highlands Pacific said. -
more
DJ Zambia Albidon
Starts Talks Over Munali Nickel Mine - Australia-based Albidon Ltd. has started
talks with a potential partner for its Munali Nickel Mine in Zambia as it
continues efforts to resume production at its troubled facility, the company
announced Thursday. -
more
Metal Corp mum on
nickel start - Metal Corp of China the developer of the Ramu Nickel
mine in Madang province yesterday shied away from commenting on reports
the mine was working toward commissioning the project soon. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Wednesday, December 21 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 22 to 1,856.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Wen Says Chinas Slowing Growth,
Elevated Prices Add to Policy Challenge // China Stocks Drop for Third Day
on Cash Crunch, Ping Ans Fundraising Plan // Taiwan Stocks Surge Most
in Asia as Government Pledges Support to Markets // Japan Exports Fall a
Second Month as BOJ Sees Weakness on Europe: Economy // ECB to Lend
Greater-Than-Forecast $645 Billion as Banks Line Up for Funds // EU Leaders
to Hold Jan. 30 Summit to Discuss Jobs, Growth, Van Rompuy Says // Drachma
Threat Confronts Greeks as Country Teeters on Edge of Losing Euro // Stocks
Decline in Europe as ECB Funding Fails to Ease Debt-Crisis Concern // Bernanke
Prods Savers to Become Consumers // Wall Street Trading Revenue to Decline
as Year to Forget Comes to an End // Existing Homes Sold Since
07 Revised Down // Sales of Existing U.S. Homes at 10-Month High a
Sign of Recovery: Economy // Stocks, Euro Fall as Optimism Fades Over ECB
Loan Program; Oracle Tumbles
-
The Euro is trading slightly lower against the US Dollar at the moment. NYMEX
crude is trading 1.3% higher and at $98.49/barrel. Gold is even at the moment
while silver is off 6/10 of 1%. Base metals ended their session mixed and
mostly higher. Indicator charts show nickel opened higher, but then fell
sharply as the Euro fell and European equity markets fell. Afternoon trading
saw nickel recover while equity markets did not. For the day, Dow Jones reports
three month nickel ended the session at $8.61/lb
. Stockpiles
of nickel stored in LME approved warehouses fell for a seventh consecutive
session and now totals over 87,850 tonnes. Data released by Chinese customs
today show China has been quietly importing a lot more nickel than many thought
they were. There is a lot of speculation on why this is happening, considering
their stainless steel output has slowed. And while some of these thoughts
may have merit, in our opinion, they are simply taking advantage of nickel's
low price while it lasts. A drop in cancelled warrants recently could mean
that these purchases are starting to fall off. Nickel looked very strong
today, breaking thru resistance without much fanfare. A second close above
$8.57/lb could give technical legs to nickel.
Reports
Commodity/Economic Articles and Comments
-
Billionaire Buffoons Hoisted On Their Own Petards -
more
-
Housing Markets Foundation Looking More Stable -
more
-
Debate Heats Up on Travails of Baby Boomers -
more
-
Jobless Rates Fall in 43 States -
more
-
Feds Kocherlakota: A Little More Optimistic About Economy
-
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.11/lb
lower, with other
London traded base metals higher at the moment, but following nickel lower.
The Euro is presently trading nearly 1/10 of 1% lower against the US Dollar.
NYMEX crude futures are off more than 1/10 of 1% and trading at $97.10/barrel.
Gold is up more than 1/10 of 1% while silver is down by about the same. In
overnight trading, Asian markets ended higher, while China fell 1.6%. European
markets are trading slightly lower at the moment, while US futures is hesitating,
after a big bullish run yesterday. Nickel inventories fell on Tuesday.
-
Reuters morning - Copper rises to week-high on economy hopes, ECB lending
-
more
-
LME Morning - Base metals spike on large ECB fund take-up but effect short-lived
-
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals were boosted by a much more constructive tone in the equity and European
credit markets yesterday, with copper rising to a one-week high, while others
in the group also notched up sizable gains. Better-than-expected German business
sentiment numbers, referenced in yesterdays note, helped set the stage
for the early advance, while later in the day, the US Commerce Department
said that builders broke ground on 685,000 new homes last month, a 9.3% jump
from October and the highest level since April 2010. Building permits, a
gauge of future construction, increased 5.7%, led higher by a jump in apartment
permits. ..... Moving on to China, if things are slowing down in that
country, we are certainly not seeing it yet in the copper import demand numbers.
Figures released by Reuters overnight show solid growth in import demand,
with imports up a whopping 50% year-on-year and up 16.5% in November to just
under 344,000 tons, the second-highest level on record. (See our table in
our attachment). Reuters calculates that daily apparent consumption for refined
copper was up almost 30% from a year earlier, and was up 7% month on month
in November. There was a good month-over-month gain in aluminum as well.
These numbers do not necessarily sit well with the overall outlook
of a slowdown, so either things in China are not as bad as the macro numbers
suggest, or metal (in this case copper) is being imported as a means of getting
extra credit lines from the banks and is not necessarily being consumed.
Whatever the case, the copper market remains unimpressed with the figures,
as an earlier sprint in copper all the way to $7573 has now completely fizzled.
.... Very short-term, we have to favor the long side for the moment in most
markets, as central bank action to flood the market with liquidity heading
into tricky year-end period should keep credit markets calmer. However, easing
moves are not effective solutions per se, as lending money to crippled European
banks is not going to do much to solve underlying structural issues. We reckon
markets will revisit this stark reality once again, likely by early next
year when the holiday fog lifts and trading positions become more concentrated.
.... Nickel is at $18,600, down $265 and backing off resistance apparent
between $18,700-$18,900. (complete report
here)
Commodity/Economic Comments
-
(Yieh) According to data released by the US Department of Commerce, the US
stainless steel exports totaled 45,732 tons in October, increased by 7.8%
from 42,422 tons in September.
-
(Interfax) China's share of global crude steel output fell to 43.19 percent
in November from 44.1 percent the previous month in line with slowing growth
in the world's second largest economy, according to monthly figures released
by the World Steel Association (WSA) Dec. 21.
-
(Reuters) [Chinese] Imports of refined nickel and alloy fell 24.3 percent
to 18,629 tonnes in November after posting a rise of 25 percent in October.
Arrivals surged 54.7 percent from November 2010. In the first eleven months,
imports rose 18.7 percent on the year to 198,472 tonnes. Traders said high
imports in recent months had increased supply in the domestic market but
local demand had fallen due to reduced production at stainless steel mills,
the top users of nickel in China. -
more
-
(Merafe) Shareholders of the Company are advised that the European benchmark
ferrochrome price has been settled at $1.15 per pound for the first quarter
of 2012, a decrease of 4% from the $1.20 per pound price in the fourth quarter
of 2011.
-
(SKRIN) Russias nickel production up 0.2% over 11 months
-
(MBN) China's nickel ore imports surge 37% in November
-
(MBN) China's ferro-chrome imports up 41% in November
-
SSINA Selects New Leaders -
pdf
here
-
US court concludes tariffs on Chinese goods illegal -
more
-
Wen calls for confidence in economy -
more
-
Two cyclones expected to form off Australia this week -
more
-
(SM) According to the November 2011 Recovered Paper Monthly Report published
today by the American Forest & Paper Association (AF&PA), total U.S.
industry consumption of recovered paper was 2.4 million tons, 5% lower than
November of last year, and 5% lower than October 2011.
-
La Niña continues over the Pacific Basin -
more
November Growth Off
Slightly from October Rates - November service center shipments grew
at slightly slower rates for both steel and aluminum in the U.S. and Canada.
Steel inventory levels declined in the U.S. and Canada from last month. -
more
Stainless Imports
Up 30 Percent Through Three Quarters - Stainless steel imports into the United
States through the first nine months of the year were up 30.9 percent compared
to 2010, according to the latest data from the Specialty Steel Industry of
North America, Washington, D.C. Imports of stainless steel, including electrical
and alloy tool steel, totaled 606,917 tons through the first three quarters
of 2011. -
more
Chinese crude steel
production in reverse gear signals great danger - According to the latest
release of crude steel production, Chinese crude steel production in November
posted YoY slip, probably for the first time in last 10-12 years -
more
World Bank invests
in first I.Coast nickel project - The International Finance Corp, the World
Bank's private-sector lender, said on Tuesday it will invest in a nickel
and copper exploration project in Ivory Coast, its first mining investment
in the war-scarred West African country. -
more
Japan Imported
Ferroalloy Market Report; December 15, 2011 = Softened market in China affecting
exports prices; cheap sales for cash before year-end = Market outlook in
Japan of the imported ferroalloys as of December 15, 2011 is as follows:
-
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Tuesday, December 20 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 7 to 1,878.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Japan in Talks With China About Purchasing
Government Debt to Diversify // China Stocks Fall for 2nd Day as Profit Concerns
Outweigh Easing Prospects // North Korea Transition Risk May Hurt Souths
Confidence as Exports Falter // Australia Weathering European Debt Crisis
Recalls 2009 Resilience: Economy // India May Join U.S.-China Trade Dispute
to Prevent Solar Energy Disaster// German Business Confidence
Rises as Nation Set to Avoid Recession: Economy // France Reduces Planned
Debt Sales for 2012 to $233 Billion Amid Tightening // Euro Gains Versus
Dollar on German Sentiment Increase, Spains Bill Sale // European Stocks
Rise on German Business Confidence; UniCredit, BNP Advance // Keystone Pipeline
Deadline Leaves Too Little Time for Review, Carney Says // Hedge-Fund Refuge
Sought by Traders as Banks Cut 233,000 Jobs: Commodities // Payrolls Rose
in 29 States in November, Led by New York; Michigan Has Gain // Builders
in U.S. Start Construction on Most Houses in 19 Months: Economy // Stocks
Jump as Treasuries Fall on U.S. Housing Data, German Business Index
-
The Euro is trading nearly 7/10 of 1% higher against the US Dollar at the
moment. NYMEX crude is higher by nearly 3-1/2% and trading at $97.11/barrel.
Gold is up 1-1/3% while silver is 2-2/3% higher. Base metals ended the session
higher as economic good news caused world equity and commodity markets to
jump. Indicator chart show nickel trended higher for most of the session
before settling down toward the end of the day. For the day, Dow Jones reports
three month nickel closed at $8.56/lb
, its best close since
November 4th. Stockpiles of nickel stored in LME approved warehouses fell
again on Monday, and now total just under 88,100 tonnes. German investor
confidence rose, Spanish borrowing costs fell, and US housing starts rose
higher than expected, to concoct a trifacto of positive news that traders
jumped at. The Dow is up nearly 3% at the moment. Nickel, not to be left
behind, made a strong showing as well. What will tomorrow bring?
Reports
Commodity/Economic Articles and Comments
-
Vital Signs: Food-Price Inflation Slows Slightly -
more
-
Will China Break? -
more
-
China's epic hangover begins -
more
-
The Most Important Market Day of 2011 -
more
-
The Astonishing Collapse of MF Global (9 part series)
- more
Courtesy AISI - In
the week ending December 17, 2011, domestic raw steel production was 1,945,000
net tons while the capability utilization rate was 78.5 percent. Production
was 1,655,000 tons in the week ending December 17, 2010, while the capability
utilization then was 68.4 percent. The current week production represents
a 17.5 percent increase from the same period in the previous year. Production
for the week ending December 17, 2011 is up 5.7 percent from the previous
week ending December 10, 2011 when production was 1,840,000 tons and the
rate of capability utilization was 74.3 percent.
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.08/lb
higher, with all London
traded base metals higher this morning. The Euro is trading over 6/10 of
1% higher against the US Dollar. NYMEX crude futures are up over 1/7% and
trading at $95.49/barrel. Gold is up over 8/10 of 1% and silver is trading
over 1.6% higher. In overnight trading, Asian markets ended higher, with
China down 3/10 of 1%. European markets are trading higher this morning and
US futures show Wall Street wants to erase yesterday's fall. Nickel inventories
continues to fall on Monday.
-
LME Morning - Prices tick up but market slows towards year-end -
more
-
Reuters - Copper rises on upbeat German data, weak dollar -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Despite clawing their way back to unchanged levels at one point yesterday,
metals ultimately finished lower, unable to shake off weakness emanating
from the US equity markets. The negative tone in the US stock market did
not stem from the usual worries over European banks, but instead on concerns
over US institutions. In this regard, the Wall Street Journal reported that
an upcoming Fed proposal will call for higher capital levels at American
banks, a story that helped send the broader KBW Bank Index down almost 3%.
The stand-out decliner was Bank of America, whose shares fell below $5 for
the first time in nearly three years, bringing its capitalization down to
a paltry $50 billion in the process. ..... Right now, we are seeing decent
gains in metals, energy, and the Euro. European stocks are trading higher
as well, setting up a firmer opening for Wall Street. The Euro is now trading
at $1.3075 after briefly breaching $1,30 again today. The positive tone in
the markets is attributable to the release of the German Ifo institutes
business climate index, which increased to 107.2 from 106.6 in November.
(Economists had expected a drop to 106). Conditions are also thankfully quiet
in the European debt markets, with Italian and Spanish yields both lower
on the day. Spain also sold about 5.64 billion Euros of three-month and six-
month bills in an auction that was stronger than expected. We suspect that
the calmer conditions in the European credit markets we are seeing may be
partly attributable to the ECB offering banks unlimited three-year loans
starting today, not to mention the flood of year-end money that is also being
flushed into the system in order to prevent year-end liquidity squeezes.
.... In LME news, the exchange said it will create its own clearing service
called LMEClear designed to enhance the exchanges appeal ahead of a
possible sale in the coming year. In addition, the exchange will implement
a new user fee of 50 pence per lot from March for members in an effort to
boost profits. "The introduction of the Exchange User Fee will allow the
LME to operate commercially and to provide a commercial return to its
shareholders while still operating a low-cost service," The LMEs chief
executive said. We dont have much to add to what we have been writing
in previous commentary-- trading conditions both this week and next should
thin out, leading to rather sharp moves in the commodities we follow. However,
many off the issues that have weighed on the markets of late have not gone
away and will be back in 2012 when conditions turn more normal. If there
is a silver lining for the bulls in all this, it is the extraordinary degree
of pessimism surrounding the Euro and the prospects for stabilizing the European
debt crisis. Should the politicians indeed pull multiple rabbits out of their
hats, the markets could be in for a sizable relief rally, but a lot more
time needs to pass without further convulsions before investors begin to
come around to such a possibility. Of course, Euro-skeptics would rather
believe in Santa first....... Nickel is at $18,557, up $177, and approaching
resistance between $18,700-$18,900. (complete report
here)
Commodity/Economic Comments
-
(Yieh) According to statistics, the inventory of stainless steel totaled
132,834 tons in Chinese Foshan market in early December, up by 11.13% from
half month earlier.
-
(Reuters subscription) Easing credit may cut China copper, nickel imports
-
Chinese Steelmakers May Continue to Struggle with Waning Profits Next Year
-
more
-
(China) Economic growth seen slowing down in 2012 -
more
PNG's Ramu nickel
mine in full swing in 2013-Highlands - The $1.5 billion Ramu nickel project,
China's single-largest mining investment in Papua New Guinea, should be operating
close to maximum capacity by mid- to late-2013, Australian minority partner
Highlands Pacific said on Tuesday. -
more
Signs of Life in the
Metals World - After two years of clawing out from under the recession and
its aftermath, the metals industry began to show signs of its old self, with
service centers resuming M&A and other growth initiatives. -
more
Japan Crude SUS
Production By Mill Up; October 2011 = Year-on-year comparison during the
10 months shows increase by 2.2% = Crude stainless steel production in October
2011 by the 7 major Japanese stainless steel mills was 308,978 tons, up 6.3%
from 290,487 tons recorded in September 2011. The increase compensated the
lower output in September, down 8.8% from the preceding month, as a kind
of counteraction to it. -
more
Drilling for nickel
OKed inside town - Town council voted without debate Monday night to approve
a plan to drill for nickel inside St. Stephen's municipal limits. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Monday, December 19 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 3 to 1,885.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Chinas November Home Prices Post
Worst Performance This Year Amid Curbs // China Local Debts Dwarf Official
Data Prompting Too-Big-to-Complete Alarms // Currency Data Shows Unprecedented
Second Month of China Capital Outflows // China Stocks Fall, Extends Loss
to 7th Week on Home Price Slump, Kim Death // Kim Jong Il Death Sparks North
Korea Succession as South Braces for Impact // Washi Kills 652 in Worst
Philippine Storm of 2011 as Hundreds More Missing // India Inflation Persisting
as Deficient Roads Conspire With Power Shortage // Asian Stocks Decline on
Reports Kim Jong Il Has Died, Europe Debt Concerns // Italy Sells Debt at
Record Yields as Monti Rushes to Get Budget Approved // U.K. Unemployment
Rises as Officials See Global Outlook Darkening: Economy // Norway Cuts Rate
More-Than-Forecast Half Point as Euro Crisis Hurts Growth // European Stocks
Drop as Fed Refrains From Further Stimulus; Logica Plunges // S&P Downgrade
Proves Absurd as Global Investors Make U.S. Assets Preferred // Cash Punished
as S&P 500 Spenders Beat Savers by 21% Amid Rising Buybacks // Payroll-Tax
Cut in Limbo as U.S. Lawmakers Brace for Fiscal-Policy Fight // U.S. Homebuilder
Confidence Rises a Third Month to Highest Level This Year // Stocks Slide
as Treasuries, Dollar Gain After Draghis Remarks on Crisis
-
The Euro is presently trading nearly 1/4 of 1% lower against the US Dollar.
NYMEX crude futures are up over 1/10 of 1% and trading at $93.68/barrel.
Gold is down nearly 2/10 of 1% and silver is off 2.3%. Base metals ended
the session lower, but quietly. Indicator charts show nickel opened lower
and did little during the session. For the day, Dow Jones reports three month
nickel closed at $8.34/lb
. Stockpiles of nickel
stored in LME approved warehouses fell every day last week and now
total just under the 88,350 tonne level. Typhoon Washi devastated Mindanao
Island in the Philippines Islands, with recent reports showing over 650 dead
and many more missing.
(more). No reports yet on whether the storm has had any
effects on nickel mining on the island. Robry reports natural gas flows signal
the US economy is strengthening going into the last weeks of 2011. But US
markets are currently trading lower on European debt crisis concerns, and
the political impasse in Washington, that now seriously threatens to take
millions out of the U.S. economy in January.
Reports
Commodity/Economic Articles and Comments
-
Robry Monday Morning Economic Assessment -
more
-
Number of the Week: The Upside of Companies Sitting on Cash -
more
-
Politics Hang Like Sword Over 2012 Outlook -
more
-
Study Links Expiring Unemployment Benefits to Disability Applications -
more
-
The systemic risk revealed by MF Globals collapse -
more
London Metal Exchange
to introduce user fee - The London Metal Exchange is to introduce a new user
fee as it gears to make its business operate on a commercial model and prepares
to decide whether or not to sell the exchange. -
more
Steel markets
in developing nations continue to be weighed down by economic uncertainty
- The Brazilian steel industry outlook for production and consumption in
2012 is unchanged. Distributors contend that any price growth in January
is likely to be moderate. -
more
St. Stephen votes
on allowing new nickel tests - St. Stephen council will be voting on Monday
night on whether to allow Continental Nickel Ltd. to go forward with exploratory
drilling in the southwestern town. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.05/lb
lower, with all London
traded base metals lower at the moment. The Euro is trading nearly 2/10 of
1% lower against the US Dollar. NYMEX crude futures are up 3/10 of 1% and
trading at $93.82/barrel. Gold is down nearly 2/10 of 1% and silver is down
2-1/2%. In overnight trading, Asian markets ended lower, with China off 1/4
of 1%. European markets are trading higher this morning, and US futures show
Wall Street wants to start the week on a bullish note. Nickel stockpiles
continues to fall last Friday.
-
LME Morning - Base metals lower, volumes thin as holiday period nears -
more
-
Reuters - Copper slips on China housing data, dollar -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals rose on Friday (with the exception of lead) as did most other commodity
complexes. The firmer tone was attributable to both the Euro holding its
ground and to no new signs of stress emerging in the European bond markets,
as French and Spanish yields both fell slightly on the day. In addition,
the three-month cross-currency basis swap, (which is the rate banks pay to
convert Euros to dollars and is being watched closely as we head into year-end),
was at 122 basis points, unchanged from last weeks rate and well below
the three-year high of 162 level reached in late November. .... Right now,
base metals are lower in quiet trading, but off earlier lows. Oil prices
are slightly higher, and the Euro is roughly unchanged, still defending the
$1.30 mark. Gold is off by about $10/ounce, and should remain in the spotlight
over the short-term given that it broke its 200-day moving average last week
(at $1616) and is on track for its first losing quarter since 2008. News
that Korean leader Kim Jong Il has died of a heart attack overnight has not
generated much of a upside reaction. Another commodity breaking its 200-day
moving average last week is oil, and it will be interesting to see whether
we see further selling in energy in the weeks ahead given the deterioration
in the charts and a noticeable slowing in demand in key markets. Finally,
US stocks are expected to open higher ahead of a better tone coming out of
the European equity markets. ...... Out of the LME, initial bids from
potential buyers for the exchange are due before the end of February, an
LME spokeswoman said on Friday. In September, the LME revealed that at least
10 parties had expressed interest in buying the exchange in a deal that could
be worth around $1.55 billion. The London Stock Exchange, the CME Group and
the Singapore Exchange have all been named as potential bidders. As we head
into the year-end holiday season, trading conditions both this week and next
should thin out considerably, leading to rather exaggerated movements in
many of the commodities we follow. Most funds will be cleaning up positions
ahead of uninspiring quarterly and year-end performances, and although they
will start 2012 with a clean slate, they will not have any better visibility
when it comes to navigating their way through a thicket of formidable global
macro and political uncertainties that 2012 will have in store for the markets.
.... Nickel is at $18,400, down $150, and has been looking much stronger
than the rest of the metals over the last week, as it is now trading at the
higher end of its range. Nevertheless, we expect it run into more formidable
resistance between $18,700-$18,900 (red line in our chart). (complete report
here)
Commodity/Economic Comments
-
(Yieh) Taiyuan Iron & Steel Group (Tisco), the largest stainless steel
maker in China decided to cut the export prices of 304 grade stainless steel
offers for next February deliveries due to sluggish demand before the Christmas,
dipping for consecutive four months.
-
(JMD) Market price of cold-rolled Ni stainless steel sheet/ Drops by 10 thou
yen in Kanto
-
(Interfax) China's steel industry is at risk of slipping into the red, with
almost one-third of major steelmakers incurring losses in October and profit
margins among large and medium-sized players during the month averaging an
annual low of 0.47 percent, Zhang Changfu, vice chairman of the China Iron
and Steel Association (CISA), told an industry conference in Shanghai Dec.
17.
-
(CEN) Fixed asset investment into China's steel industry in the first 10
months grew 18.9 percent year-on-year, 17.3 percentage points higher than
growth in the same period of 2010, according to statistics released at an
industry conference in Shanghai Saturday.
-
Investors in 'Fetal Position' as Goldman Sees Rally: Commodities -
more
-
Interest Rates: 1831-2011 -
more
-
Selenium, Nickel may cut cancer -
more
-
Team develops technique for removing metals from water -
more
-
China Economy By the Numbers - November -
more
-
(SM) The American Forest & Paper Association released its November 2011
U. S. Containerboard Statistics Report today. Containerboard production was
down, decreasing 1.8% when compared to October 2011, however, the month over
month average daily production increased 1.4%. The containerboard operating
rate for November 2011 rose slightly from November 2010 to 96.5% from 96.0%.
Platts
weekly dealer molybdenum oxide assessed at $13.20-$13.50/lb - The Platts
weekly dealer molybdenum oxide price was assessed Thursday at $13.20-13.50/lb,
down from $13.30-$13.50/lb a week earlier. -
more
Western
World Mo Production; Jan.- Sep. 2011 = Production up by 18% in North America
and up by 8% in South America = Production details of molybdenum concentrates
in the western world during the nine months (January through September) of
2011 is as per the table attached hereto, which shows that, on molybdenum
content basis, North America produced 119.27 million pounds (up by 18.7%
from the same period of 2010), South America produced 84.94 million pounds
(up by 8.3%), making a total western world production 204.21 million pounds
(up by 14.2%). -
more
A smelter takes
shape: Vale's nickel refinery in Newfoundland - As a $3-billion smelter rises
on the shores of Placentia Bay, Vale SA scours the country for skilled workers
to finish the job. -
more
Ore unit exceeds
mining target - By yearend, the mining unit of publicly listed Oriental Peninsula
Resources Group Inc. (ORE) will have produced about twice its target ore
tonnage for 2011, chairperson and president Caroline Tanchay said. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Friday, December 16 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 1 to 1,888.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Chinas Yuan Strengthens Most
in Two Months on Signs Credit Curbs Easing // China Is Not Too
Optimistic About Exports Next Year, Chen Deming Says // Chinas
Stocks Snap Six-Day Slid on Policy Easing Outlook, New China Life // India
Leaves Benchmark Rate Unchanged as Record Increases Threaten Growth // Asian
Stocks Snap Three-Day Losing Streak on Stronger U.S. Economic Data // Gold
Market Rout Leaves Traders Least Bullish in Four Months: Commodities //
Switzerland Joins Global Suffering as Europe Debt Crisis Ripples: Economy
// Spain, Italy Notes Rise on ECB-Driven Demand // U.S. Consumer Prices
Stagnate as Fuel Costs Show Inflation Tamed: Economy // Congress Getting
Failing Marks on Economy in Year of Gridlock // Stocks in U.S. Erase Rally
as Treasuries Advance, Euros Gains Wiped Out
-
The Euro has given up its morning gains and is now trading nearly 1/10 of
1% lower against the US Dollar. NYMEX crude is down 1.2% and trading at
$92.75/barrel. Gold is up nearly 1-1/2% and silver is up 8/10 of 1%. Base
metals ended the session mostly high, with only lead losing ground today.
Indicator charts show nickel fell early, then began a charge that quieted
late in the session. For the day, Dow Jones reports three month nickel ended
the week at $8.41/lb
. That's $.10/lb higher
than it ended last week, but $.03/lb shy of last Thursday's high close.
Stockpiles of nickel stored in LME approved warehouses fell for the seventh
time in the last eight days and now totals just over 88,700 tonnes. Nickel
ended the week looking as strong as it ended last week, and the Euro falling
today did little more than put a halt to the rally nickel was in. The European
debt crisis is overhanging all trading markets, but nickel is faring much
better lately than equities.
-
Have a safe and restful weekend!
Commodity/Economic Articles and Comments
-
Fire Bernanke? Not So Fast, Mr. Gingrich -
more
-
Fragile and Unbalanced in 2012 -
more
-
Is 400,000 Still The Magic Number for Jobless Claims? -
more
-
Amid the Gloom, U.S. Economy Quietly Improves -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.09/lb
higher, with all London
traded base metals higher as well. The Euro is trading nearly 1/2 of 1% higher
against the US Dollar. NYMEX crude futures are up over 1/2 of 1% and trading
at $94.38/barrel. Gold and silver are both higher by over 1-1/2%. In overnight
trading, Asian markets ended higher, with China up over 2.1%. European markets
are trading higher this morning and US futures are higher as well. Nickel
stockpiles continued to fall on Thursday.
-
LME Morning - Metals firmer on relief rally, consolidate below highs -
more
-
Reuters - Copper rises after surprise U.S. data, dollar softens -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals finished flat on the day on Thursday, with copper closing almost
unchanged, as investors were presumably left drained after Wednesday's sharp
sell-off. The rest of the metals finished uneventfully as well, and there
were similarly restrained performances in energy, the Euro, and the US stock
market. One commodity that continues to fare poorly, however, is gold, which
was down again yesterday and is still reeling after being the commodity darling
for much of 2011. Some technicians are now calling for stunning downside
targets of $1,000-$1,200/ounce given the chart damage, but most analysts,
such as prominent investor Dennis Gartman who turned bearish on the precious
metal last week, have targets of between $1400-$1500. .... Right now,
markets are generally higher in quiet trading. Base metals are up slightly,
energy prices are mixed, and the Euro is holding steady at $1.3020. There
is no major news to speak of, but we suspect that the relative stability
in the European debt markets and the Euro is leading to some modest buying
setting in. In this regard, Spain saw solid demand for its bonds on Thursday,
and although yields were still near euro-era highs, the fact that a large
chunk of paper moved out was taken as a good sign. Attention remains on Italy,
where the premium investors are demanding over Spanish debt rose to a new
record on Thursday. There will be a confidence vote later today in Italys
parliament to speed approval of a 33-billion euro austerity package and that
could further improve sentiment going into early next week. In the meantime,
ECB head Mario Draghi said Thursday that euro zone governments are on the
right track to restore market confidence, but reminded them that an emergency
program to buy their bonds was "neither eternal nor infinite" and that
politicians had to "speak unambiguously" then "deliver". ...... Nickel
is at $17,917, up $22. .... complete report
here
Commodity/Economic Comments
-
(Yieh) Reportedly, the prices of ferro-chrome hiked in China for the first
time since this September, driven by the stainless steel mills higher
bids.
-
(Yieh) Its reported that Finnish Outokumpu is mulling raising the base
prices of stainless steel coils and plates by 5% in Europe, which will become
effective for all deliveries from January 1st, 2012.
-
False chemical alarms trigger fire response -
more
-
Mechel's CEO Discusses Q3 2011 Results - Earnings Call Transcript -
more
-
Top Exporters of Fasteners to US for Jan-Jun. 2011 -
more
China's
nickel demand to stay weak, supply abundant - trade - China's nickel demand
may stay weak for some months as stainless steel mills, the top users of
the metal, cut production, but supply will be abundant on greater imports
by investors and higher output of nickel pig iron, traders said on Friday.
-
more
Local view: Dangers
of sulfide mining being swept under the rug - According to Friends of the
Boundary Waters, sulfide mining has caused environmental and financial
problems all over the world. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Thursday, December 15 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 23 to 1,889.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Chinas Foreign Direct Investment
Falls With Manufacturing Set to Contract // Chinas Manufacturing May
Contract a Second Month, Preliminary PMI Shows // Asian Stocks Fall on Drop
in Japan Manufacturer Confidence, Europe Concern // Euro-Area Manufacturing,
Services Contract // Spain Sells 6B Euros of Bonds, Beats Target // Europe
to Face Run on Banks: Kyle Bass // IMFs Lagarde: Europe Crisis
Escalating // European Stocks Advance on Economic Data; Old Mutual,
Commerzbank Gain // Bernanke: Fed Has No Plans to Aid EU Banks // NJs
Richest County Leads Food Stamp Rise // Dollar Falls as Stronger Economic
Data, Spain Auction Crimp Haven Demand // Senate Leaders Say Deal Possible
on Payroll Tax // Jobless Claims in U.S. Drop to Three-Year Low in Sign of
Healing: Economy // Stocks Climb as U.S. Data Show Stronger Economy; Commodities
Erase Gains
-
The Euro is trading 1/5 of 1% higher against the US Dollar at the moment.
NYMEX crude is down nearly 1% and trading at $94.03/barrel. Gold is down
1/3 of 1% while silver is now up over 6/10 of 1%. Base metals ended the session
mostly higher, and for the most part, quietly. Indicator charts show nickel
gained early, gave up its gains later, but made another charge into the closing.
For the day, Dow Jones reports three month nickel closed at
$8.12/lb
. Stockpiles of nickel
stored in LME approved warehouses continue to fall and now total just over
89,500 tonnes. After gaining nearly 4400 tonnes last month, stockpiles are
down over 1,250 tonnes so far this month. While it struggled to do so, nickel
was able to hold onto Edward Meir's $17,800 tonne support line, and did not
fall below it a second consecutive day. But Ed has already lowered his support
line to $7.85/lb, and Sucden has major support at $7.62/lb. The headlines
out of Europe are a mixed bag of some signals from Germany of stronger than
expected economic news, tempered by remarks that make the debt crisis appear
much more dire and dangerous than the general media is reporting. Economic
news from the US remains positive, while a census report reveals that nearly
1 in 2 American's are living in poverty or could be classified as living
under the low income level.
Reports
Commodity/Economic Articles and Comments
-
Census shows 1 in 2 people are poor or low-income -
more
-
Economists Debate Financial Crisis Causes, Cures -
more
-
S&P: Sovereign Debt Issues Expected to Weigh on 2012 View -
more
-
Vital Signs: Four Unemployed People for Every Job Opening -
more
-
Americans: Undecided About God? -
more
-
Bernanke Joins Bargain Hunters Who Refinance -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.20/lb
higher, with other
London traded base metals also trading higher. The Euro is trading over 1/4
of 1% higher against the US Dollar. NYMEX crude futures are up 2/3 of 1%
and trading at $95.57/barrel. Gold is up over 9/10 of 1% while silver is
down slightly. In overnight trading, Asian markets ended lower, with China
down 2-1/3%. European markets are trading higher this morning and US futures
are higher as well. Nickel inventories continue to slide on Wednesday.
-
Bloomberg morning - more
-
LME Morning - Metals check back as corrective bounce hits buffers, wider
backdrop negative -
more
-
Reuters - Copper rebounds from 3-week trough; losses eyed -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
There were no signs of Christmas cheer in the markets yesterday -or any other
kind of cheer for that matter -- after a brutal sell-off set in, the likes
of which we have not seen in some time. Apart from strong gains in the dollar
and the US bond market, practically everything was down on Wednesday, with
base metals, precious metals, energy, and ags all getting hammered. US equities
also stumbled and have now given up about half the gains generated since
they rallied late last month on news that global central banks were expanding
their swap lines. .... Right now, markets are steadier, as they seem
to be coming up for air after yesterdays bloodbath. Base metals are
higher, as are gold and oil. The Euro has also recovered a bit, now trading
over the psychologically important $1.30 mark and firming the equity markets
in the process. Dow futures are pointing to a 70-point opening gain. ....
There is not much we see over the short-term that suggests the generally
downward bias in commodity prices will end anytime soon. With European leaders
addressing their debt crisis in their unique way and at a much less urgent
pace than what is being demanded by the markets, we think long-side portfolios
will continue to be buffeted by growing apprehension about the ability of
European sovereigns to roll over their debt at sustainable levels. Macro
numbers also seem to be getting worse, not better, with the US being an
exception, but even here, we wonder how long the spate of better-than-expected
numbers we have been seeing will hold out given the weakness seen globally.
As a result, we would not be surprised to see continued selloffs in commodities
that will wash away gains that have been painstakingly stitched together
over the course of days and weeks, very similar to what we saw take place
yesterday. ... Nickel is at $17,940, up $540, and recovering a good deal
of yesterdays decline, but the short-term chart picture still looks
negative. There is some support at $17,300 for now, but nothing below that
until the mid-$16,000 mark. .... The global nickel market was in supply surplus
by 5,600 tons in the first ten months of 2011, the latest bulletin from the
International Nickel Study Group showed. In January through to September
though, the market was in deficit by 6,400 tons. Latest figures show world
primary nickel consumption coming in at 1,307,000 tons in January to October
2011, with global primary nickel output at 1,312,600 tons in early October,
the INSG said it expected the nickel market to record a 30,000-tonne surplus
this year, compared with a deficit of 30,000 tonnes in 2010. It is forecasting
a 70,000-ton surplus for next year. (complete report
here)
Commodity/Economic Comments
-
(Dow Jones) China will cut tariffs on 730 imported products in 2012, as part
of efforts to boost imports and domestic consumption, the Ministry of Finance
said in a statement Thursday. .... According to the statement, the reduced
import tariffs take effect Jan. 1 and cover ....nickel, .....
-
(Reuters) Nickel market in 5,600 T surplus in Jan-Oct'11-INSG
-
(MB) Jinchuan cuts nickel prices by 3% as LME nickel prices drop
-
(Interfax) China's steel product output slipped 4.06 percent month-on-month
in November to 70.1 million tons on soft domestic demand and elevated iron
ore prices, reflecting an ongoing slowdown in the world's number two economy,
according to figures released by Shanghai-based Mysteel Information Dec 13.
-
(ATI) Effective with shipments beginning February 1, 2012, a surcharge of
$453 per ton ($22.65/cwt) is being added to grain-oriented electrical steel
invoices. This surcharge is subject to monthly adjustment.
-
Russia billionaire Prokhorov: I am ready to marry to become president -
more
-
CEOs of big companies foresee no pickup in hiring -
more
-
U.S. Industrial Outlook: Growth to Outperform Overall GDP Growth -
more
-
Freight Shipments Fell 0.2% in October from September -
more
-
(China) China's Nov FDI down 9.76% -
more
Nickel
Open Interest to Gain From Rebalancing, SocGen Says - Nickel and zinc traded
on the London Metal Exchange and wheat traded on the Chicago Board of Trade
should benefit the most from the rebalancing of benchmark commodity indexes
in January, Societe Generale said. -
more
China HCFeCr Market;
Demand Weakness Continues = Major mill's announced price for December dipped
below the market level = Market in December continued to weaken following
the two previous months, and is unlikely to recover lively atmosphere this
month either. -
more
Share of Stainless
Steel Imports to Russia Keep Growing - Russia actively increases imports
of stainless steel which for the first nine month of 2011, if compared to
the equal period of 2012, rose 20.7% to more than 276.3 th. tons. An appraisal
given by SpetsStal Association, indicates the share of STS imports has grown
up to 64.7%. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Wednesday, December 14 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 10 to 1,912.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) China Money-Supply Growth at Weakest
Pace in Decade Shows Slowdown Risks // China to Impose Dumping Duties on
Some U.S. Vehicles Made by GM, Chrysler // China-Based Hacking of 760 Companies
Reflects an Undeclared Cyber Cold War // China Affirms Property Curbs Amid
Grim Outlook // Singh Sees India Climbing to 9% Growth Rate With
Market-Opening Measures // India Inflation Slows to Lowest in One Year, Easing
Interest-Rate Pressure // Asian Stocks Fall For Second Day as Fed Refrains
From Additional Stimulus // Euro Tumult Shows Netherlands Converging With
Germany at Expense of France // German Government Bonds Advance on Concern
Europes Debt Crisis Worsening // Irish Referendum on EU Accord May
Become Vote on Keeping Euro, Noonan Says // Italy Sells Debt at Record Yields
as Monti Rushes to Get Budget Approved // European Stocks Drop as Fed Refrains
From Further Stimulus; Logica Plunges // Bernanke Signals Risks From Europe
Crisis Keep Fed Ready for More Easing // Commodities Drop Most in 11 Weeks
as Concern Over Debt Crisis Intensifies // Stocks, Euro, Commodities Fall
on Concern Europe Struggling to Stem Crisis
-
The Euro is currently trading 1/3 of 1% lower against the US Dollar, and
below $3. NYMEX crude is down over 4.2% and trading at $95.90/barrel. Gold
is down 2/9% and silver is lower by 5.7%. Base metals ended their session
much lower as well, as Euro debt fear spread thru world markets. Indicator
charts show nickel slumped early, and fought for much of the session to hold
onto the 17,800 tonne support line, but was unable to do so. For the day,
Dow Jones reports three month nickel ended the session
at
$7.89/lb
.
Stockpiles of nickel stored in LME approved warehouses fell again on Tuesday
and now total just over the 89,800 tonne level. Nickel showed some weakness
in today's trading, falling thru support early on.
-
We feel the media has the market's reaction to the Fed's 'non-movement' yesterday
wrong. They are blaming yesterday's late afternoon fall as a knee jerk reaction
to the Fed's unwillingness to hand the markets more financial presents, ie
economic stimulus. Maybe we missed something, but the news reports 'before'
the meeting that we ssw were talking about how the Fed might back off its
promise to keep interest rates down thru 2013 because the economy was picking
up better than expected. With that in mind, when Bernanke's bunch started
talking about the potential need for more stimulus to combat the possible
upcoming slowdown due to the European debt crisis, we feel the market panicked,
and once again, began to wonder what the government 'isn't' telling us. We
are probably wrong but that is our take on what happened yesterday afternoon.
Nickel finally showed some weakness in the face of a commodity sell off today.
It fell below support and if it does this again tomorrow, we could see technicals
drive the price even lower. Nickel ended down 5.2% on the day, and has seen
three consecutive days of price drop.
Reports
Commodity/Economic Articles and Comments
-
(Dow Jones) The global nickel market was in surplus by 13,000 metric tons
in the first ten months of the year, the World Bureau of Metal Statistics
said Wednesday.
-
Fed Statement Following December Meeting -
more
-
Retail Inventories Flat Ahead of Holiday Season -
more
-
Vital Signs: Gas Prices Move Lower -
more
-
Who Counts as Rich? Continued -
more
-
Mikhail Prokhorov, the President that will never be -
more
Nickel premiums eye
Chinese demand next year - Nickel premiums in Europe could see a recovery
early next year say some traders and producers who expect recently eased
bank reserve requirements in China to help spur demand for raw materials.
-
more
Ferrochrome
producer helps bring water to Jericho residents - Borehole equipment donated
last week brought Christmas early for the community in Jericho near Brits.
-
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:10 am CST show 3 month nickel trading around $.21/lb
lower, but recovering
at the moment, with other London traded base metals lower as well. The Euro
is trading over 1/3 of 1% lower against the US Dollar. NYMEX crude futures
are trading over 1-1/2% lower at the moment and at $98.57/barrel. Gold is
down over 1/10 of 1% while silver is over 2-1.4% lower. In overnight trading,
Asian markets ended lower, with China down 1%. European markets are trading
lower this morning, and US futures put the Dow opening slightly lower. Nickel
stockpiles fell on Tuesday.
-
LME Morning - Base metals slump further into negative territory as euro struggles
- Base metals took another beating during Wednesday morning LME trading,
when the market tracked a softening euro on doubts about the ability of the
eurozone to emerge from the debt crisis. -
more
-
Bloomberg morning - Copper Slumps to Two-Week Low as Fed Refrains From New
Stimulus -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Copper prices fell for a second straight session on Tuesday to a two-week
low, pressured by lingering unease over the European debt crisis, a stronger
dollar, and weaker than expected macro data coming out of the US. Sentiment
continued to deteriorate late in the US session following the Feds
policy statement highlighting repercussions from the debt crisis in Europe
and its potential impact on growth in the US. The Fed pointed out that "strains
in global financial markets continue to pose significant downside risks to
the economic outlook and given its guarded tone, some investors were
disappointed not to have seen a more aggressive statement come out, perhaps
one signaling that another "QE" program could be in the works. The Fed demurred
from providing any such hint, and rightfully so in our view...... Right now,
the markets are sharply lower across the board as we are seeing more of the
same macro malaise at work. Energy prices are down, but still
hanging on to most of yesterdays robust gains, as are gold prices,
which have just turned slightly lower. However, base metals have been very
weak since the inception of the Chinese session and now closing in on their
intraday lows. Most markets are taking their cue from the struggling Euro,
which just broke below $1.30 in the last hour after investors were left
unimpressed by the poor results of an Italian auction. Reuters reports that
3 billion Euros of five-year Italian debt was sold earlier in the day, and
although the offering drew decent demand, it was relatively small and managed
to move out at rates close to a Euro-era high of around 6.5%. Germany also
sold 4.18 billion Euros of two-year bonds, drawing stronger demand than a
previous sale, but here too, the offering was small. ..... Nickel is at $17,837,
down $468 and close to support at $17,800. ..... Full report
here
Commodity/Economic Comments
-
(Yieh) According to statistics released by the Specialty Steel Industry of
North America (SSINA), the USs imports of stainless steel totaled 606,917
tons in the first nine months of this year, surged by 30.9% in comparison
of that in the same period of last year.
-
(Interfax) China's crude steel output fell nine percent in November to touch
a 13-month low of 49.88 million tons, hinting at an ongoing slowdown in the
world's second largest economy, according to figures released by the National
Bureau of Statistics (NBS) Dec. 12.
-
(MBN) Acerinox starts production at Bahru Stainless in Malaysia
-
(PR) On 20 October 2011, Outokumpu announced plans to streamline its organization
in its transition towards sustainable profitability, improved cash flow and
building a solid platform for future growth. The employee negotiations initiated
in Finland in October have been concluded, resulting in some 200 job reductions.
Outokumpu plans additional cost efficiency improvement measures in support
functions during 2012 as part of the on-going cost cutting programme of EUR
100 million. Negotiations in other countries are on-going and are expected
to be finalised during the first quarter of 2012.
-
ENK is attracting some heavyweight interest -
more
-
China Iron Ore Import Prices Down 8% In Nov. -
more
-
Ceridian-UCLA Pulse of Commerce Index -
pdf here
-
Oryx Stainless Group Plea For Solidarity -
pdf here
Miner offers
to buy Areva's Eramet stake -report - Areva has received an offer from a
New Caledonian mining group for its 26 percent stake Eramet, according to
a French paper, setting up a competition with France's strategic investment
fund, which also wants the stake. -
more
(Part 2) South
African FeCr Producers To Polarize = Some difficult problems to be solved
about the planned ore export restrictions = (v) A report was given recently
by McKinsey, a consulting/research company worldwide, to the major South
African ferrochrome producers with regard to the possible restrictive measures
against chrome ore exports from South Africa. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Tuesday, December 13 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 8 to 1,922.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Fitch Sees China Home Slowdown as Officials
Hold Planning Session: Economy // China May Resume Approving Nuclear Projects
After New Draft Safety Rules // Chinas Stocks Drop for Fourth Day on
Housing Sales Slump, Europe Outlook // Asian Stocks Fall on Concern Europe
Solution Distant, Intel Forecast Cut // Finland Threatens Europe Debt Crisis
Rescue Fix as Cabinet Split on Policy // German Investor Confidence Unexpectedly
Rises // EU Banks Selling Crown Jewels for Cash // Euro Weakens
to 11-Month Low Versus Dollar // European Stocks Advance on German Investor
Confidence, Spanish Debt Sale // U.S. Retail Sales Probably Rose in November
// Fed May Revise Zero-Rate Vow as Bond-Buying Need Fades // Retail Sales
in U.S. Climbed Less Than Forecast // Fed Moves Toward Greater Transparency
as Congress Pushes, Bernanke Pulls // Stocks, Oil Gain Before Fed Policy
Statement; Euro Weakens to 11-Month Low
-
The Euro is trading 8/10 of 1% lower against the US Dollar, after German
Chancellor Angela Merkel rejected increasing the size of Europes permanent
bailout fund. NYMEX crude is up nearly 2.1% and trading at $99.81/barrel.
Gold and silver are both lower by just over 6/10 of 1%. Base metals ended
their session lower as the Euro traded at an eleven month low. Indicator
chart show nickel opened lower, but was trending into positive territory,
where it finally succumbed to the diving Euro. For the day, Dow Jones reports
three month nickel ended at $8.30/lb
. Stockpiles
of nickel stored in LME approved warehouses resumed their fall on Monday,
and now total just shy of the 90,000 tonne level. While the Global Dow is
lower at the moment, the US Dow is trading higher, as it rebounds from
yesterday's near sub 12,000 close. Nickel looked strong again today, as cancelled
warrants register over the 6% level for a second consecutive day, and nickel
trades where it did last Thursday, when the Euro was trading about 3% higher
than it is today.
Reports
Commodity/Economic Articles and Comments
-
U.S. IBD/TIPP economic optimism rises more-than-expected -
more
-
Realtors to Revise 2007-2011 Sales Data Lower -
more
-
CFOs Less Optimistic About 2012 Growth -
more
-
Congress's Phony Insider-Trading Reform -
more
-
Italy Works 20% More Hours Than Germany or France -
more
-
Our decade from hell will get worse in 2012 -
more (is it just us or does this guy 'ever' have anything
positive to say?)
Damstahl: Weak
and sluggish markets in Germany and the UK - Market for stainless steel flat
products commodities has weakened, whilst the order intake for long products
remains unchanged on a satisfactory level. -
more
London Metal Exchange
to launch non-ferrous swaps in January 2012 - The London Metal Exchange will
introduce financially settled swaps for all non-ferrous contracts January
23, 2012, the LME said Tuesday. -
more
Courtesy AISI - In
the week ending December 10, 2011, domestic raw steel production was 1,840,000
net tons while the capability utilization rate was 74.3 percent. Production
was 1,655,000 tons in the week ending December 10, 2010, while the capability
utilization then was 68.4 percent. The current week production represents
a 11.2 percent increase from the same period in the previous year. Production
for the week ending December 10, 2011 is down 0.9 percent from the previous
week ending December 3, 2011 when production was 1,857,000 tons and the rate
of capability utilization was 74.9 percent.
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:10 am CST show 3 month nickel trading around $.02/lb
lower, but trending
higher, with other London traded base metals mixed. The Euro is currently
trading over 1/10 of 1% higher against the US Dollar. NYMEX crude futures
are up 3/4 of 1% and trading at $98.49/barrel. Gold is trading up slightly
and silver is unchanged at the moment. In overnight trading, Asian markets
ended lower, with China off 2-1/4%. European markets are trading higher this
morning, while US futures show Wall Street could open higher as well. Nickel
stockpiles fell on Monday.
-
LME Morning - Metals attempt to stabilise after sell-off but remain mired
in uncertainty -
more
-
Reuters - Copper gains on weak dollar, euro zone fears persist -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Synchronized selling was again evident yesterday, as growing doubts about
Friday's Euro-plan, (whose many shortcomings we outlined in yesterday's note),
coupled with fears about an imminent slowdown in China, combined to hit the
markets hard. In individual sectors, metals were pummeled, with copper sinking
to a two-week low and triggering a sizable retreat in the rest of the group.
In addition, gold, energy, and the Euro all retreated, with the latter crashing
to an eight-week low of $1.3164 against the dollar. US stocks also fared
poorly-- the Dow Jones Industrial average was off by more than 220 points
at one stage before paring its losses slightly by the close. (Intel was the
Dow's biggest decliner, falling almost 5% after the company cut its
fourth-quarter revenue forecast due to supply shortages of hard disk drives).
.... Right now, metals are slightly firmer. Copper is up on the day despite
the fact that workers at Freeport-McMoRan Copper & Gold in Indonesia
say that they expect to sign an agreement with the company over the next
few days to end a three-month strike. Just as the strike had limited impact
in driving prices higher when it was on, its resolution is not exerting much
downside pressure either, as given the current state of affairs, copper supply
variables seem to have receded in importance vs. ongoing concern about demand.
Other markets are quietly mixed; gold is off again and now at 7-week lows,
with energy prices modestly higher. The Euro continues to struggle, now barely
changed on the day and trading at $1.3190. stocks are expected to open higher
following a slightly firmer session in , where equities rose on a
better-than-expected German expectations survey put out by ZEW..... In LME
news, LCH.Clearnet plans to start swap contracts for eight metals on Jan.
23, the clearing company said in a notice on its website. ..... Nickel is
at $18,390, down $60. We still seem to be in a fairly tight trading range;
support is around $17,800, with the top side of the range just below $19,000.
(FC is experiencing technical difficulties and is unable to send complete
report)
Commodity/Economic Comments
-
(Yieh) Its reported that Illinois based RathGibson announced to raise
the base prices of stainless steel pipes by 5%~8% average from next January
in response to higher raw material costs.
-
(MBN) Nickel ore price at 17-month low after demand shrinks
-
(CV) Shanxi Taigang Stainless Steel (000825) intends to inject 559 million
yuan into subsidiary, Tianjin Taigang Stainless Steel, raising its stake
in the Tianjin subsidiary from 50 percent to 65 percent, reports Shanghai
Securities News, citing a company filing
-
(Interfax) Baoshan Iron & Steel Co. Ltd. (Baosteel), the listed unit
of China's leading steelmaker Baosteel Group, has raised January ex-works
prices for certain steel products by between RMB 100 ($15.78) and RMB 200
($31.57) per ton, the firm announced Dec. 12.
-
(SO) According to the data provided by the Turkish Statistical Institute,
in October this year Turkey's stainless flat steel imports fell 28.8 percent
compared to the previous month, decreasing to 27,552 metric tons. The value
of these imports amounted to $79.7 million, decreasing by 32.4 percent as
compared to September this year.
-
Profile: Mikhail Prokhorov, Russian billionaire -
more
-
Small Business Confidence Rises for 3rd Consecutive Month Is Hope for the
Economy on the Horizon? -
more
-
(China) Slice of export pie may shrink -
more
-
(China) US bill proposes visas for realty -
more
French strategic
fund says wants Areva's Eramet stake - France's strategic investment fund
wants to buy the 26 percent stake in mining company Eramet held by state-owned
nuclear group Areva , a director of the fund told Reuters on Monday. -
more
Bindura Nickel
Corporation Heads for Liquidation - Bindura Nickel Corporation, still sweating
to restart production, says "uncertainty" over the country's indigenisation
laws have cast doubt over the group's capability to continue operations.
-
more
(Part 1) South
African FeCr Producers To Polarize = Operational rates will be far lower
in the winter-half (April - September) to avoid the quite high power costs
= Sustainability of world stainless steel production is undoubtedly based
on stable supplies of ferrochrome of the South African producers. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Monday, December 12 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - plus 8 to 1,930.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Chinas Weakest Export Growth
Since 2009 Raises Odds of More Easing by Wen // Russian Billionaire Prokhorov
to Challenge Putin in Presidential Election // European Banks Taking Cash
From Governments Seen Sparking Vicious Cycle // Indias
First Industrial Output Drop Since 2009 Sends Rupee Lower: Economy // Asian
Stocks Pare U.S. Data-Driven Advance as Moodys Plans Europe Reviews
// Euro Undermined as Draghi Undoes Trichet Rates // Luck May Be Key Ingredient
for EU Leaders Latest Blueprint to Save Euro // EU Failure on Unanimous
Agreement May Consign Top-Rated Bonds to History // Stocks in Europe Retreat
on Moodys Review of Region; ENRC, LSE Lead Drop // U.S. Growth Decouples
From Debt as JPMorgan Sees Lower Yield // Forecasters of U.S. Miss by Most
in 9 Months // No One Telling Who Took $586B in Fed Swaps // Stocks, Euro,
Commodities Fall as Rating Companies Assess European Summit
-
The Euro is getting pounded today, now trading 1-1/3% lower against the US
Dollar. NYMEX crude is down 1.3% and trading at $98.12/barrel. Gold is down
2-3/4% and silver is lower by 3-3/4%. Base metals ended the session lower
as well, unable to take the pressure of a lower Euro. Indicator charts show
nickel opened lower, but as the Euro sank further, nickel actually recovered
somewhat. For the day, Dow Jones reports three month nickel ended at
$8.37/lb
. Stockpiles of nickel
stored in LME warehouses rose for the first time in four session and only
the third time this month. Totals now exceed 90,300 tonnes. Nickel continues
to perform strongly. While copper ended down 2-3/4% today, nickel didn't
even drop a full point. The continuing saga of the Norilsk Nickel circus
took a new twist today, when a former disgraced owner, and billionaire bad
boy Mikhail Prokhorov, announced he would run for the presidency of Russia
against Vladimir Putin. Should be interesting.
Reports
Commodity/Economic Articles and Comments
-
Number of the Week: Finances Share of Economy Continues to Grow -
more
-
Difficulties in Defining Rich: Is It $150,000 a Year? -
more
-
Searching for Clues of European Woes in U.S. Trade Data -
more
-
Consumers in the mood to splurge, electronics leads gains -
more
Billionaire
Prokhorov to Challenge Putin for Russian Presidency - Billionaire Mikhail
Prokhorov said hell run for president against Prime Minister Vladimir
Putin in March elections after the biggest anti-government demonstrations
in a decade emboldened Russias opposition. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:05 am CST show 3 month nickel trading around $.10/lb
lower, with other
London traded base metals lower as well. The Euro is trading nearly 9/10
of 1% lower against the US Dollar. NYMEX crude futures are down 1% and trading
at $98.42/barrel. Gold is down over 1/8% and silver is off over 2.9%. In
overnight trading, Asian markets ended lower, with China down 1%. European
markets are trading lower this morning, and US futures are lower as well.
-
Bloomberg morning - Copper Drops on Rising China Stockpiles; Europe Crisis
Concern -
more
-
LME Morning - Metals retreat as eurozone jitters return to spook sentiment
-
more
Reports
-
Robry Monday Morning Economic Assessment -
more
-
SMM Nickel Price Forecast (Dec. 12-16) -
more
-
Weekly Scoreboard - pdf
here
-
US Imports of Stainless Steel Mill Products -
more
-
Reuters Inside Metals -
pdf here
-
Daily Market Report - pdf
here
-
Commodities Report - pdf
here
-
Commodities Daily - pdf
here
-
Metals Insight - pdf
here
Commodity/Economic Comments
-
(Reuters) China's production .... nickel dropped to 26,925 tonnes in November
after posting a monthly record of 30,248 tonnes in October. "The output fall
was mainly because of lower production of nickel pig iron," Fan Runze, analyst
at state-backed research firm Antaike, said. He added that about a half of
NPI producers in China had cut or shut production because of low prices and
startups had been delayed to next year.
-
Japans Fastener Industry Part of Great Relocation -
more
-
China Steel Output Drops as Property Sector Remains Weak -
more
-
(China) European gloom causes credit squeeze -
more
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Despite the lack of unanimity that characterized the European agreement out
Friday, markets held their ground or moved slightly higher mainly because
investors were relieved that something was agreed to, especially in light
of German misgivings expressed earlier in the week about whether a deal would
even be struck. However, although base metals moved higher on Friday, as
did energy markets, key response markets did not impress us --
European bonds ended the day mostly flat on Friday, while the Euro did not
do much of anything either, closing pretty much unchanged. ..... There
are wide-spread losses seen in a host of other commodity markets as well.
Energy markets are off about $1/brl, gold is down by about $19/ounce, while
base metals are faring the worst in light of soft trade numbers coming out
of China over the weekend. In this respect, we had reports that export growth
slowed to its weakest pace since 2009, rising by 13.8% in November from a
year earlier. Exports to the EU, Chinas biggest market, rose 5% from
a year earlier, down sharply from the 25% readings seen earlier over the
summer months. Import growth slowed to 22.1% year-over-year, bringing the
overall trade surplus to $14.5 billion from $17 billion recorded last month.
.... Nickel is at $18,255, down $345 and holding up fairly well for
the time being. There is good support at $18,900 on a two-day closing basis.
(pdf report not sent with original email)
Japan FeCr Consumption
Review; Jan. - Sep. 2011 = Fine until September; but overcast from Q4 due
to the curtailment, then? = Review of ferrochrome consumption in Japan during
the first nine months of 2011, details of which are as per the table attached
hereto shows that production of crude special steel during the period was
17.99 million tons, down 0.8% year-on-year, while production of stainless
steel in the same period was 2.274 million tons, down 1.5% year-on-year.
-
more
Nihaos
nickel smelting plant up in 2 years - Nihao Mineral Resources Corp. plans
to have a nickel smelting plant up and running in two years. -
more
-
The truth about mining - Mining in the province of Palawan is a divisive
issue. Each side both pro-mining and anti-mining is trying
to win over supporters from among the residents of the province. -
more
Baosteel raises
some main steel product prices for Jan - China's Baoshan Iron & Steel
said on Monday it would raise prices for some main steel products for January
bookings, signalling that steel demand may improve at the start of 2012.
-
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Friday, December 9 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - plus 40 to 1,922.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) China Passenger-Car Sales Rise at Slowest
Pace in 6 Months as Demand Wanes // China Inflation Cooling to 4.2% May Presage
More Monetary Easing: Economy // Chinas Politburo Affirms
Prudent Monetary Policy Next Year, Xinhua Says // IMF Says Crisis
May Force HK to Back Banks // Gold Traders Most Bullish in Month on Debt
Crisis: Commodities // Japans Economy Expands Less Than Initial Estimate
as Investment Declines // Euro Leaders Agree Budget Rigor, Leave Next Step
to ECB // EU Leaders Drop Demands for Investor Write-Offs // EU Loans to
IMF May Open Door to Funds From Brazil, China // Biggest French Banks
Ratings Cut by Moodys // Texas Instruments Sees Sales Below Estimates
// U.S. Consumer Sentiment Up, Beats Forecast // Stocks Rise on Euro Debt
Plan, U.S. Confidence
-
The Euro is currently trading over 2/10 of 1% higher against the US Dollar.
NYMEX crude is up over 1/10 of 1% and trading at $98.46/barrel. Gold is up
just shy of 1/2 of 1% and silver is higher by 1-2/3%. Base metals closed
higher. Indicator charts show nickel opened lower, rose on news of an EU
agreement, then stalled as if to wait and see how US markets would take the
news. When US markets opened broadly higher, nickel began another climb.
For the day, Dow Jones reports three month nickel ended the day and week
at $8.44/lb
. Stockpiles
of nickel stored in LME warehouse fell for a third consecutive session and
now total just over the 90,000 tonne level. So far this month nickel has
only recorded gains on two of the seven reporting days. European leaders
were unable to reach the treaty agreement they were seeking, but apparently
the agreement they hashed out has markets feeling somewhat better today.
European markets ended higher and the US Dow is up over 150 points at the
moment. Nickel looked strong for another trading session, and going into
next week.
-
Have a safe and restful weekend.
Commodity/Economic Articles and Comments
-
(Dow Jones) U.S. nickel exports fell 11.7% in October from the previous month,
but was up 1.6% from the previous year, the Commerce Department reported
Friday.
-
(Dow Jones) U.S. nickel imports rose 3.1% in October from last month, and/but
was up 4.1% from the previous year, the Commerce Department reported
Friday.
-
China data point to cooling, likely rate cuts -
more
-
Bernanke's Obfuscation continues: The Fed's $29 TRILLION Bail-out of Wall
Street -
more
-
Unrealized Assumptions Could Alter 2012 Forecasts -
more
-
Wholesale Inventories Rose 1.6% in October -
more
-
Draghi Statement: ECB Announces New Measures in Addition to Rate Cut -
more
-
Vital Signs: Student, Car Loans Lead Rise in Borrowing -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.03/lb
higher, with other
London traded base metals slightly higher as well. The Euro is helping commodity
trading this morning, up over 3/10 of 1% against the US Dollar. NYMEX crude
futures are up over 1/10 of 1% and trading at $98.48/barrel. Gold is up 6/10
of 1% and silver is up 3/4 of 1%. In overnight trading, Asian markets ended
lower, with China down over 8/10 of 1%. European markets are trading higher
this morning, and US futures are higher as well. Nickel stockpiles fell on
Thursday. The Europeans failed to get the trade agreement they were hoping
for but the changes they have made have given traders some confidence. ....
for now.
-
LME Morning - Base metals flat in light volumes, copper tracks euro -
more
-
Bloomberg - Copper Extends Weekly Fall as China Industrial Output Slows -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
Commodity/Economic Comments
-
(Interfax) Construction has started on China's third stainless steel exchange
in Sichuan Province's Leshan City, state media reported Dec. 8.
-
(SKRIN) Russia stainless steel imports rose 16.2% in October
-
(FAN) Slump in stainless steel industry is looming up, much closer. Major
mills are operating at less than 70% of their capacity.
-
CR Index: Cheery prospect for holiday sales -
more
-
2012 Economic Outlook: Risks Rising from European Crisis -
more
-
China's Nov CPI up 4.2%, PPI up 2.7% -
more
China Nov copper
output falls 4.5 pct on month - China's production of most base metals fell
in November due to reduced demand and low domestic prices, with refined copper
hitting its lowest level in six months. -
more
Metal production
rises 15%; sales of gold drop 76% in Q3 - The value of the countrys
metal production rose 15% in the nine months to September from the previous
year amid higher metal prices in the world market. -
more
Philippine
mining industry: Boon or bane? - On Thursday, mining industry leaders and
anti-mining groups including the Save Palawan Movement faced off as the Senate
Committees on Agriculture and Food, and Environment and Natural Resources
opened an inquiry to discuss legislation that will affect the mining industry.
-
more
Concerns raised
about Ring of Fire foreign ownership - At a Parliament study hearing on northern
resources Wednesday, Nickel Belt MP Claude Gravelle used the appearance of
a Northeastern Ontario group to raise the good and bad of foreign
ownership and takeovers of mining companies and the giant chromite Ring of
Fire project. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Thursday, December 8 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - plus 33 to 1,882.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Poll: Investors Predict China Bank
Crisis // Hong Kong to Loosen Grip on Property if Prices Extend Decline,
Tsang Says // Vale Negotiating Cuts in Iron-Ore Prices With China Steel,
ArcelorMittal // U.S. Citizen Jailed for 2 1/2 Years for Insulting
Thailands King Bhumibol // Euro Region Central Banks May Agree on $201
Billion of Loans Through IMF // BOE Maintains QE Amid Europes Debt
Crisis // Stocks in Europe Pare Gains After ECB Cuts Benchmark Interest Rate
to 1% // Euro Slides After Draghi Says Didnt Signal More Bond Purchases;
Yen Gains // Stocks, Euro, Italian Bonds Retreat as ECB Damps Debt-Buying
Speculation // Falling U.S. Mortgage Debt Erodes Consumer Spending as Wealth
Effect Fades // Costco First-Quarter Profit Trails Estimates // U.S. Mortgage
Debt Falls to Five-Year Low as Consumer Wealth Effect Fades // Household
Wealth in U.S. Falls for Second Straight Quarter // Jobless Claims in U.S.
at Lowest in Nine Months
-
The Euro is now trading nearly 6/10 of 1% lower against the US Dollar. NYMEX
crude is down 1.7% and trading at $98.79/barrel. Gold is down over 2% and
silver is off over 3.1%. If it weren't for one particular metal, precious
and base metals trading would have been solidly lower today. Except for nickel.
Indicator charts show nickel opened higher, climbed early, fell over $500/
tonne, then recovered some. For the day, Dow Jones reports three month nickel
closed at $8.30/lb
.
Stockpiles of nickel fell for a second consecutive day and now total just
under the 90,350 tonne level. After four days of losses and two off gains
so far this month, stockpiles have so far fallen over 500 tonnes this month.
They do however, remain about 7000 tonnes higher than their recent low point
in November. Nickel trading continues to look strong, even on days like
yesterday, when it falters. While the rest of the London traded base metals
fell back on a weaker Euro, nickel took a hit, but then regained itself and
finished higher. The European summit is upon us and the US market is sending
a strong signal that it wants to be impressed. The ECB started things off
today by cutting interest rates by a quarter of a percentage point and stating
it would back banks with unlimited cash for the next three years, but then
European Central Bank President Mario Draghi switched from Santa to the Grinch
when he advised reporters the ECB would not boost its purchases of the debt
of European nations. On this news the Euro fell, and world equity markets
took a dive. This caused metals, which had been for the most part, trading
quietly, to fall, which helped commodity markets to slump. Of the base metals,
only nickel, recovered. The Dow is currently down 175 points and showing
no signs of stopping its retreat yet. Nickel appears to be trading strictly
on technicals, and if it remains that way for the foreseeable future, then
the uptrend channel remains undamaged.
Reports
Commodity/Economic Articles and Comments
-
Dr. Copper Flashes a Warning -
more
-
U.S. Consumers Take on More Debt -
more
-
Vital Signs: Demand for Temp Help Cools -
more
-
Bloomberg News Responds to Bernanke Criticism of U.S. Bank-Rescue Coverage
-
more
-
Winning the European Confidence Game -
more
-
The Long Shadow of German Hyperinflation: Echoes -
more
Riozim faces
possible liquidation - RIOZIM faces the threat of liquidation after its
shareholders rejected the proposed rights issue and debt equity swap at an
extraordinary meeting on Monday. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.11/lb
higher, with other
London traded base metals mostly lower, but very quiet. The Euro is presently
trading just slightly lower against the US Dollar. NYMEX crude futures are
up nearly 4/10 of 1% and trading at $100.88/barrel. Gold is up only slightly,
while silver is higher by over 8/10 of 1%. In overnight trading, Asian
markets ended lower, with China off over 1/10 of 1%. European markets are
trading higher this morning and US futures are waiting for some news to give
ti a direction. Nickel inventories fell again yesterday.
-
LME Morning - Base metals mostly tick up, volumes light and prices capped
by impending ECB announcement -
more
-
Reuters - Copper edges higher; EU summit, ECB rate cut eyed -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Copper fell very slightly for a second straight day on Wednesday, leading
the rest of the group lower as investors continue to sift through the tea
leaves in order to try and get a handle on what European leaders could possibly
concoct as they start their meetings in Brussels today. At this stage, one
can make the case that the leaders themselves do not exactly know either;
on Wednesday, for example, the French were arguing that the summit would
generate a "powerful" program, a view echoed by US Treasury Geithner who
stated that he was very encouraged the Europeans were on the right track.
However, later in the day, the Germans expressed serious misgivings, with
one senior official saying that he was much less optimistic than was the
case a week ago. His remarks caused a modest rollback in some of the earlier
gains we saw in a number of markets, leaving investors unsure of exactly
what will unfold over the next 48 hours. .... Despite the cloudy picture,
we suspect that the Europeans will come together and provide the markets
with something in the days ahead. Failure is not an option at
this stage, as it could lead to a serious market sell-off and a possible
run on the Euro and in sovereign debt markets. We therefore continue to believe
that the markets will likely work higher over the next 48 hours in anticipation
of an agreement particularly if the ECB is drawn in as an interim
confidence-building partner at least until the stabilization fund is up and
running. However, the upside will likely lose momentum heading into the latter
part of next week as focus shifts to the implementation and possible backtracking
by some on key parts of the accord. ..... Right now, metals are modestly
higher in very quiet trading. Energy prices are up, and US equities are called
to open slightly higher as well following mixed showing's in Europe and Asia.
Chinese stocks continue to suffer, with the leading index there hitting a
one-year low on increased talk of a growing slowdown. Recent evidence of
this has come our way from manufacturing data showing the weakest performance
in more than two years, alongside fears of an impending slump in exports
when that data is released on Saturday. In fact, a wide-ranging Bloomberg
poll out today shows that a plurality of investors (some 46%) describe the
Chinese economy as deteriorating -- up from 38% in September.
Most are also looking at much lower growth rates going forward compared to
the projections coming out of Wall Street and key lending institutions like
the IMF. A majority is also expecting a major banking crisis over the next
five years as well, but we suspect investors will want to focus on one crisis
at a time, with Europe providing more than its fair share of heart burn for
now. .... Nickel is at $18,300, up $250; we look for the next upside target
to be around $18,900. (complete
report here)
Commodity/Economic Comments
-
(Yieh) According to statistics, Japan exported 100,295 tons of stainless
steel in October, down by 6.53% in comparison of 107,297 tons in September
and dropped by 3.96% from 104,435 tons in last October.
-
(Interfax) China's Ministry of Industry and Information Technology (MIIT)
on Dec. 7 released further details of the 12th Five-Year Plan (2011-2015)
for the iron and steel sector that focus on the downstream areas of the industry.
Steelmakers will be encouraged to establish mills abroad and conduct overseas
mergers and acquisitions (M&A) in another move intended to reduce the
country's dependence on iron ore imports.
-
Severstal sees improved Q1 after year-end slip -
more
-
(China) Difficult year ahead for export companies -
more
Nickel Surplus to
Soar - The global market for nickel may swing to a surplus this year and
see a greater glut next year as supply outpaces demand, according to Eramet
SA, operator of the world's largest ferronickel smelter. -
more
BHP job changes,
CEO comments, fan talk of asset sales - Management changes at BHP Billiton
and comments by CEO Marius Kloppers have fanned speculation the world's biggest
miner will try to sell less profitable assets to better exploit its crown
jewels -- iron ore, coal, copper, gas and potash. -
more
-
BHP to stick with aluminium and nickel
and the CEO - BHP BILLITON
has declared that its capital investment boom will not be extended to its
struggling aluminium and nickel operations in Western Australia, southern
Africa and Latin America. -
more
Norilsk Nickel
to spend $10.9 bln on resource base growth by 2025 - Russia's largest nickel
maker Norilsk Nickel plans to spend $10.9 billion on developing its mineral
resource base in the country under its long-term strategy to 2025, Norilsk
said on Thursday. -
more
Palawan tribes
go cyber to keep out nickel miner - When big global mining companies set
their sights on the Philippine island of Palawan, one of the world's remaining
ecological hotspots and home to many traditional tribes, little did they
suspect their China-backed, billion-dollar extraction plans would be met
by social media-fueled resistance. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Wednesday, December 7 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - plus 1 to 1,849.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) China Sees Growing Challenges as Declining
Demand Weakens Exports: Economy // Cesium in Baby Milk Powder Shows Lingering
Threat of Radiation in Japan // Chinas Stocks Climb From Six-Week Low
on Easing Europe Debt Speculation // New Zealand May Join Asia Rate Holdouts
as Europe Spurs Australian Easing // Chinas Flight-Canceling Smog Lifts
as Cold Front Clears Beijing Pollution // Australias Economy Expands
More Than Forecast on Consumers, Mining Growth // Germany Wont Agree
to Combine Euro Rescue Funds, Government Official Says // UniCredit to Reduce
European Offices by Half as Italian Bank Slashes Costs // India Suspends
Plan to Allow Foreign Retailers
-
India Halts Wal-Mart Entry Amid Protests // German Industrial Output Rose
in October // Libyan Leaders Impose Lockdown in Tripoli // ECB to Consider
More Measures to Stimulate Bank Lending // European Stocks Decline After
Germany Rejects Combining Euro Bailout Funds // Global Poll Predicts U.S.
Economy Rebounding // Citigroup to Cut 4,500 Jobs on Slumping Revenue //
Tyson to Gain as 15-Year Low Hen Flock Signals Costly Chicken: Commodities
// Tax Inflow Suggests U.S. Consumer Lift // U.S. Stocks Pare Losses as Banks
Offset Europe
-
The Euro reversed itself and is now trading over 1/10 of 1% higher against
the Euro. NYMEX crude is also trading slightly higher and at $101.34/barrel.
Gold is up 1/2 of 1% while silver is down 1/2 of 1%. Base metals ended the
session mostly lower and for the most part, quietly. Indicator charts show
nickel fell with the Euro early, but was unable to catch any positive momentum
when the Euro gained. For the day, Dow Jones reports three month nickel closed
at $8.19/lb
. Stockpiles
of nickel stored in LME approved warehouses fell nearly as much as they gained
the day prior and now total just over the 90,500 tonne level. Although down
for a second day, nickel appears to be holding its own. With very little
else to go on and the market in a n apparent holding pattern until the 'all
important' European meetings later this week (how many times have we heard
that), nickel seems to be doing little more than taking its cue from
the Euro. Couple of interesting tidbits out there for our industry today.
Xstrata said yesterday it hopes to double its nickel production by 2017,
and BHP hinted today it might be willing to get out of the nickel business
for the right price. Sends a rather confusing signal to the nickel market.
Reports
Commodity/Economic Articles and Comments
-
(TA) BHP Billiton CEO Marius Kloppers has flagged the potential sale of the
company's lacklustre aluminium and nickel business.
-
Risk of minerals, metals scarcity seen set to rise significantly: PwC -
more
-
Food Stamp Use on the Rise -
more
-
Fed Shoots Back in Defense of Crisis Lending -
more
-
Vital Signs: Slowing Service-Sector Growth -
more
BHP cuts into
metals - BHP Billiton says its capital investment boom will not be extended
to its struggling aluminium and nickel operations in Western Australia, southern
Africa and Latin America. -
more
EU Steel Price Rises
Expected in Q1/2012 - MEPS (International) Ltd predicts that prices for carbon
steel products will increase early next year. Customers stocks have
been dwindling in recent months as buyers have resisted purchasing significant
volumes in the current economic climate. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.03/lb
higher, with other
London traded base metals quietly higher as well. Nickel is currently trading
off earlier highs. The Euro is trading nearly 2/10 of 1% lower against the
US Dollar. NYMEX crude futures are down nearly 3/10 of 1% and trading at
$101.00/barrel. Gold is down over 4/10 of 1% while silver is down 1-2/3%.
In overnight trading, Asian markets ended higher, with China up nearly 1/2
of 1%. European markets are trading slightly lower at the moment, and US
futures are higher for now. Nickel stockpiles fell yesterday.
-
LME Morning - Base metals continue to drift, volatility expected towards
latter half of week -
more
-
Reuters - Copper up on EU summit, ECB interest rate cut hopes -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals retreated modestly on Tuesday in very quiet trading, as Mondays
Standard and Poor's warning of a likely debt downgrade for Eurozone countries
continued to weigh on the complex. Copper finished lower for the first time
in three days, shedding $105 on the day. Volume was on the light side, with
a little more than 40,000 lots trading on COMEX, about 30% less than the
usual average. Other markets finished modestly higher, with the dollar, energy,
and US equities all up for the day. The subdued tone is continuing today.
Metals are slightly lower as of this writing, with energy prices more or
less flat. The Euro is trading at $1.3380, down slightly, while US stocks
are expected to open higher on the back of a firmer tone seen out of Europe.
All in all, we are in a holding pattern ahead of the European leadership
summit meeting that will take place on Thursday and Friday. The ECB has its
policy meeting on Thursday as well, and is widely expected to cut interest
rates in the face of slowing growth; most economists expect the bank to cut
rates by 25 basis points, with a minority looking for a 50 basis point move.
.... Reports out of Brazil are also taking a turn for the worst,
proving that no country can shield itself from the growing global slow-down
no matter how impressive its prior track record has been. In this regard,
it was reported that Brazils GDP grew a scant 2.1% in the third quarter
compared with a year earlier, its lowest reading since the third quarter
of 2009. The countrys economy is expected to see annual growth in 2011
of just 3%, increasing to 3.2% next year. Things do not look that inspiring
politically either, with a sixth cabinet minister resigning this week amid
a growing corruption scandal. .... None of this makes a particularly
favorable case for commodities over the short-term. However, macro prospects
are clearly taking a back seat for the moment, as investors wait to see what
happens with the upcoming European meetings. We suspect that we could be
in for another substantial upside move after the leadership meeting wraps
up, as the usual "feel-good" reaction will likely set in following an ebullient
communiqué. However, the glow may fade going into the latter part
of next week, as investors focus on the implementation phase -- always the
sticky part for the Europeans, typified by the fact that we are almost 2
years into this crisis, with hardly much to show for it. ..... Nickel is
at $18,291, down $134, but looking better on the charts, as the downturn
that has been in place since mid-October seems to have been taken out, as
has $18,100 resistance. We look for the next upside target to be $18,900
. ..... The global market for nickel may swing to a surplus this year and
next, this according to Eramet. The company projects that supply may outstrip
demand by some 3,300 metric tons this year and by about 48,900 tons next
year on a real-consumption basis, compared with a deficit of 46,200 tons
last year. Real consumption of primary nickel in China should advance by
about 6.2% next year, with stainless-steel output expected to grow by 8%
to 14 million tons, down from 16% this year. Global stainless-steel production
should climb by 3.4% to 33.4 million tons in 2012. * Xstrata will double
its nickel production to almost 200,000 tons of nickel and ferro-nickel by
2017, Xstrata Nickel CEO Ian Pearce told an investor seminar this week. -
full report here
Commodity/Economic Comments
-
(Yieh) Its reported that the prices of 304 grade cold rolled (CR) stainless
steel sheet softened in Europe due to buyers cut in inventory. At present,
the transaction prices have dropped to 1,030~1,080/ton from
1,050~1,100/ton in November.
-
(Interfax) Baoshan Iron & Steel Co. Ltd. (Baosteel), the listed unit
of state-owned Baosteel Group, suspended its shares from trading on the Shanghai
Stock Exchange Dec. 6 in preparation for a major restructuring after a poor
performance this year from its stainless and special steel businesses.
-
(LGMI) Beijing Times quoted the China Iron and Steel Association said twenty
five out of a total of 77 large and medium-sized steelmakers incurred total
losses of CNY 2.13 billion in October while the average profit margin of
the steel industry fell to 0.47% on high iron ore prices and falling steel
prices.
-
Workers strike at ArcelorMittal European sites -
more
-
Smelter director in Sudbury one of Canada's most powerful women -
more
-
Anglo American names new Iron Ore Brazil boss -
more
-
China's trade growth shores up world economy -
more
-
La Niña continues across the Pacific Basin -
more
Metals Outlook 2012
- Iron ore is now one of Australias top earners, and despite global
economic uncertainty its good fortunes look set to continue. -
more
Shipping chromite
to China 'a non-starter,' MPP says - Less than a month ago, Nickel Belt MPP
France Gélinas attended an open house in Capreol hosted by Cliffs
Natural Resources. -
more
Key facts
and figures on Philippine mining - The Philippines wants to craft a new mining
policy as it seeks to address thorny issues facing an industry with a $1
trillion potential but is hampered by inconsistent investment and exploration
policies and delays in the review of mining permits. -
more
Nickel Study: Turnagain
mine to cost $1.3-B without refinery - Hard Creek Nickel of Vancouver has
updated the preliminary economic assessment for its Turnagain nickel project,
dropping the inclusion of a nickel refinery. -
more
Norilsk: repo averted
need for gov't OK on buyback- Russian polar miner OAO Norilsk Nickel said
Wednesday it has used the repurchase agreements with banks to avoid the need
to get the Russian government's approval for its $4.5-billion share buyback.
-
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Tuesday, December 6 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 8 to 1,848.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) GM Sales in China Accelerate as Demand
Shrinks for Ford, Honda // Chinese General Heads to India for Talks After
Border Setback in Kashmir // Economy Avoiding Death Spiral Increases
Bullish Fund Wagers: Commodities // China Stocks Slump to Lowest in 6 Weeks
on Slowing Growth, Europe Concerns // Bank of Japans Dollar-Loan Demand
Surges 25 Times as Borrowing Costs Cut // European Retreat Squeezes Asia
Trade Finance as ADB Sees Loan Demand Climb // Schaeuble Says S&P Warning
Best Encouragement for Euro Leaders // S&P Jumps Into Politics
Again With EU Outlook Warning // German Bonds Decline After S&P Warning
on Euro Ratings // European Stocks Drop as S&P Puts 15 Euro-Area Nations
on Review // Fed Said to Use Dollar Rolls in Mortgage-Bond Program
Shift // Birinyi Says Buy Iconic Brands to Beat Market // Drop in U.S.
Unemployment Rate Early Sign of Coming Labor Shift: Economy // New York Fed
Said to Employ Dollar Rolls in Mortgage-Bond Program Shift
-
The Euro continues to trade just slightly lower against the US Dollar. NYMEX
crude is trading slightly lower as well, and at $100.94/barrel. Gold is trading
slightly higher, while silver is up 1-1/3%. Base metals ended the session
mostly lower. INdicator charts show nickel opened lower on the S & P
ratings warning, and did very little all day until Germany announced factory
orders bounced 5.2% in October from the previous month, and nickel jumped.
For the day, Dow Jones reports three month nickel closed at
$8.35/lb
, down
$.04 from yesterday's close. Stockpiles of nickel store din LME approved
warehouses bounced higher yesterday, and now total just over 91,000 tonnes
for the first time since mid October. Markets are uneasy today after Standard
& Poors said it might cut the sovereign credit rating of 15 euro-zone
nations late yesterday. While down today, nickel still looks strong.
Reports
Commodity/Economic Articles and Comments
-
Gauging Holiday Sales Impact on GDP Is Tricky -
more
-
OECD Suggests Raising Taxes to Combat Inequality -
more
-
Flip This House: Investor Speculation and the Housing Bubble
-
more
-
Gasoline: The new big U.S. export -
more
-
Vermont, New Hampshire top list of healthiest states -
more
LME upgrades
electronic trading platform - The world's premier base metal market and one
of the most prominent commodity marketplaces, the London Metal Exchange (LME),
has gone live with a new version of the electronic trading platform LMESelect.
-
more
Nickel company
sees P1-B income - Marcventures Holdings Inc. whose operating unit Marcventures
Mining and Development Corporation signed a sales contract with Dunfeng
International (Philippines) Inc. for the supply of nickel laterite ore, expects
its net income to hit almost P1 billion in 2012, about 150 percent over its
forecast profit of P384 million this year, as it enters its first full year
of production. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:05 am CST show 3 month nickel trading around $.16/lb
lower, with other
London traded base metals lower as well. The Euro is trading slightly lower
against the US Dollar this morning. NYMEX crude futures are up over 1/10
of 1% and trading at $101.14/barrel. Gold is down 3/10 of 1% and silver is
off 8/10 of 1%. In overnight trading Asian markets ended lower, with China
down 1/5 of 1%. European markets are trading quietly lower this morning and
US futures are down just slightly at the moment. Nickel inventories jumped
on Monday.
-
LME Morning - Base metals drift lower, further consolidation expected in
PM sessions -
more
-
Reuters - Copper falls on firm dollar, S&P warning -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
Metals posted two days of solid gains both on Friday and on Monday, as sentiment
turned more positive ahead of the key December 9th European leadership summit.
The most dramatic gain came from copper, which managed to poke above the
$8,000 mark at one point on Friday. A number of other markets were also fairly
buoyant for much of last week in the aftermath of last weeks moves
made by six central banks to both increase multi-currency swap lines, while
decreasing their costs. Positive labor data from the US on Friday and signs
that China's monetary policy has shifted into an easier mode in the wake
of a 50 basis point reserve requirement cut, also helped the general advance.
We are seeing a wholly different tone to the markets right now after reports
surfaced late in the day on Monday that S&P may move to downgrade the
debt of several European countries. Shortly after 4pm yesterday, S&P
indeed did confirm that it placed 15 out of 17 Eurozone members on review.
The agency said that continuing disagreements among European policy
makers on how to tackle the regions debt crisis prompted it to
move and that The upcoming European summit provides an opportunity
for policy makers to break the pattern of what we consider to have been defensive
and piecemeal measures to date, overcome individual national interests and
preferences, and advance a credible response to the crisis that would go
far towards restoring investor confidence. Policy makers appear to have acted
only in response to mounting market pressures, S&P added, declining
to comment beyond the statement. .... Right now, metals are weaker across
the board, with copper giving up most of the gains of the last two days and
now trading around $7820. In other markets, energy prices are flat on continued
Iranian tensions after opening lower earlier in the day. The Euro has come
back after selling of to $1.3330 earlier in the day, and is now at $1.3410
on reports that German Chancellor Angela Merkel and French President Nicolas
Sarkozy said that they took note of the move by S&P, while
saying that they would reinforce their conviction for closer
fiscal union in the European Union. Sentiment is also being helped slightly
by news (out Monday) that Italy had unveiled a 30-billion-euro package of
austerity steps, while Ireland detailed 2.2 billion Euros of further cuts.
In the European debt market, bond yields rose for most paper, but top-rated
German and French bonds did somewhat better than the debt of peripheral
countries. US stocks are called to open slightly higher following uneventful
trading in Europe and Asia. ..... Nickel is at $18,145, down $360, with another
close above resistance at $18,100 today confirming a modest upside breakout
is in place. - complete
report here
Commodity/Economic Comments
-
(PR) Effective with shipments on Monday, January 2, 2012 North American Stainless
is increasing prices by 5 % for all wire rod grades. All applicable surcharges
will remain in effect as outlined on our company website. This increase is
necessary to support further investment in our business.
-
(WSJ) Market Focus: Beleaguered Nickel Loses Its Currency - subscription
to WSJ required -
more
-
(Interfax) Stated-owned Shougang Group has secured a 40 percent stake in
a steelmaking and iron ore joint venture (JV) in Malaysia with leading local
steel producer Hiap Teck Venture Berhad, a Shougang investor relations
representative confirmed Dec. 6.
-
China Steel, Vale agree 23 pct iron ore price cut-source -
more
-
Swiss town cuts taxes after Glencore CEO windfall -
more
-
(China) Govt looks to bring in more imports, keep exports stable -
more
Nickel Price
Bottoming Out ? /Inquiries Of Cold Stainless Upsurging - This week, the LME
nickel price reached $7.60 per pound which recorded the lowest price same
as the level on December 15, 2009 when the Lehman's shock happened in that
year. -
more
Nickel Market
in a State of Rapid Change - What a difference a quarter makes. Back in September
we wrote a piece entitled The Role of Nickel Pig Iron in Refined Nickel
Demand and Stainless Production Costs, exploring the role of nickel
pig iron (NPI) in the growth of Chinese stainless production. -
more
Japan Imported
Ferroalloys Market Report; November 30, 2011 = Hard days ahead for stainless
steel industry; currently in operation at below 70% of capacity = Market
outlook in Japan of the imported ferroalloys as of November 30, 2011 is as
follows: -
more
Courtesy AISI - In
the week ending December 3, 2011, domestic raw steel production was 1,857,000
net tons while the capability utilization rate was 74.9 percent. Production
was 1,651,000 tons in the week ending December 3, 2010, while the capability
utilization then was 68.3 percent. The current week production represents
a 12.5 percent increase from the same period in the previous year. Production
for the week ending December 3, 2011 is up 2.3 percent from the previous
week ending November 26, 2011 when production was 1,815,000 tons and the
rate of capability utilization was 73.3 percent.
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Monday, December 5 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - minus 10 to 1,856.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Emerging-Market Stocks Advance for
a Sixth Day as Italy Plans Budget Cuts // Chinas Stocks Decline, Extending
Fourth Weekly Loss, on Property Concerns // Putins Hold on Russian
Parliament Weakens as Opposition Parties Advance // Builders Shrink Great
Australian Dream as Priciest Home Market Falters // India Signals Readiness
to Defend Slumping Rupee as Growth Slows: Economy // Economy Avoiding
Death Spiral Boosting Bullish Fund Wagers: Commodities // U.K.
Growth Outlook Cut on Manufacturing // Merkel Heads to Paris as EU Seeks
Debt Strategy // Italian Bonds Gain Most in Four Months on Austerity Plan;
Bunds Decline // Italian Shoppers in Worst Christmas Since WWII // Euro Advances
as France, Germany Call for Updated Regional Policy Treaty // European Stocks
Climb as Italy Seeks to Cut Debt; UniCredit, Intesa Gain // Treasury Welcomes
Bond Losses With U.S. Seeking $1 Trillion // U.S. Exports Led by Caterpillar
May Rise in 2012 // ISM Services Expands at Slower Pace // U.S. Stocks Rise
as Banks Gain on Europes Moves to Fight Crisis
-
The Euro is now trading just shy of 1/2 of 1% higher against the US Dollar,
and off earlier highs. NYMEX crude is trading 1% higher and at $101.97/barrel.
Gold is down 2/3 of 1% and silver is off more than 1/2 of 1%. Base metals
ended the session mostly higher, with nickle the clear winner for a second
consecutive session. Indicator charts show that while most of the base metals
lagged early, nickel traded in a narrow climbing trend for most of the session.
For the day, Dow Jones reports three month nickle closed at
$8.38/lb
. That is its highest
close in nearly a month. Stockpiles of nickel stored in LME approved warehouses
slipped for a second consecutive day on Friday and now total just under 90,500
tonnes. Nothing changed in Europe over the weekend, but traders like to hear
those who have the ability to really change things, acknowledge that something
drastic needs to be done. And Germany and France have been doing just that
in recent days. While the long term prospects for nickel do not look exactly
encouraging, it has seen the biggest bounce over the last two LME trading
sessions, rebounding nearly $.80/lb. Only time will tell if this sudden reversal
is sustainable and something more than a dead cat bounce.
Reports
-
Robry Monday Morning Economic Assessment -
more
Commodity/Economic Articles and Comments
-
S&P500: Lots of Action, But No Progress -
more
-
Factory orders fall 0.4% in October -
more
-
Number of the Week: The Economics of Obesity -
more
-
Did Economy Create Nearly 500,000 Jobs in November? -
more
-
Why Did the Unemployment Rate Drop? -
more
-
American Citizens on U.S. Soil May be Indefinitely Detained, Sent to Guantanamo
or Assassinated -
more
-
Did Black Friday save the season? Beware the retail hype. -
more
-
Credit card use is on the rise -
more
Commodities at early
stage of "super cycle" - The global economy is only in the early stages of
the current super cycle and elevated commodity prices are likely to remain
as developing nations industrialize, new research suggests. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.09/lb
higher, with other
London traded base metals lower. The Euro is trading over 4/10 of 1% higher
against the US Dollar at the moment. NYMEX crude futures are up 3/4 of 1%
and trading at $101.74/barrel. Gold is down over 8/10 of 1% and silver is
lower by over 1/10 of 1%. In overnight futures, Asian markets ended higher,
with China off 1.4%. European markets are trading higher this morning, and
US futures are higher on hopes Europe will figure out a way to fix their
debt crisis. Nickel stockpiles fell for a second day.
-
LME Morning - Metals range amid steady undertone, eye EU debt developments
-
more
-
Reuters - Copper steady, market nervous but hopeful on Europe -
more
Reports
Ed Meir of INTL
FC Stone Daily Metals Commentary
-
There will be no Daily Commentary for Monday Dec 5 since Edward Meir is
travelling today.
Commodity/Economic Comments
-
(Yieh) According to statistics, Japans Q3 production of nickel metal
totaled 10,549 tons, up by 0.5%; that of ferro-nickel was 17,764 tons, down
by 0.4%, both compared to that in the same period of last year.
-
(Interfax) Difficulties will continue for China's steel industry in the coming
year as downstream demand weakens in line with the ongoing slowdown in the
wider economy, Luo Bingsheng, deputy chairman the China Iron and Steel
Association (CISA), told an industry conference in Beijing Dec. 3.
-
Non-manufacturing sector less active in Nov -
more
-
China's steel industry's profit down 82.6% in Oct -
more
-
UK's scrap metal firms oppose bill to ban cash buys -
more
-
Is a U.S. Mining Company Funding a Violent Crackdown in Indonesia? -
more
PH miner to
boost nickel exports to China - Marcventures Holdings Inc., a listed nickel
miner, on Monday said its subsidiary signed an agreement to sell 3 million
wet metric tons of nickel laterite ore to Dunfeng International Inc. for
export to China. -
more
Seabed Mining
Wont Benefit PNG People: Womens Rep - A representative of coastal
communities bordering a planned deep sea mining operation in Papua New Guinea
says local people stand to gain little from the gold thats extracted.
-
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Friday, December 2 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - plus 4 to 1,866.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Goldman Joins HSBC in Forecasting China
Rate Cut as Rivals Demur: Economy // China Central Bank Says Property Prices
About to Reach a Turning Point // China Hardest Hit
as Global Funds Report More Outflows, Citigroup Says // Most Stocks Decline
After Manufacturing Slows: China Overnight // Euro Central Banks May Provide
$270B Through IMF to Fight Debt Crisis // Italian, Spanish Bonds Advance
on Optimism Sarkozy, Merkel in Agreement // Sweden Is Safest as Crisis Upends
Bond Market // European Stocks Rise, Extending Biggest Weekly Jump Since
2008 // JPMorgan Follows UBS Cutting Carbon Jobs // U.S. Jobless Rate
Unexpectedly Declines to 8.6% // Treasuries Advance Amid Concern Europes
Debt Crisis Is Unresolved
-
The Euro is now trading 1/2 of 1% lower against the US Dollar. NYMEX crude
is trading at $100.25/barrel and up only slightly. Gold is also up slightly,
while silver is down 1/4 of 1%. Base metals ended the day mixed and mostly
higher, with only nickle breaking out. Indicator charts show nickel opened
higher on a stronger Euro, and remained rangebound for nearly the entire
session, until late when it suddenly spiked around $600/tonne. For the day
and week, Dow Jones reports three month nickel closed at
$8.05/lb
, its first
close above $8/lb since the 22nd of last month. For only the second time
in the last two weeks, stockpiles of nickel stored in LME approved warehouses
fell and now total just over the 90,800 tonne level. US markets got a jump
this morning when the Labor Department reported the jobless rate for November
fell to 8.6% from 9%. The Dow initially jumped on the news, but as traders
went thru the report, the news wasn't as good as hoped. Around 315,000 people
simply gave up looking for work in November, thus falling off the official
jobless roles, and the Dow has since fallen off early morning highs. Still
the jobless rate is at its lowest in 2-1/2 years so the psychological boost
to business will hopefully inspire more to hire. We are unable to find any
news that could explain the $600/tonne jump nickel took late in today's session.
There was a glitch in the system earlier in the day, and erratic trades recorded
during that 15 minute or so period were later nullified. It could be that
computer buys at the end of the day were triggered off highs made during
that period. And it could be that we are looking for a reason when it was
no more than a buy made on a bullish bet. Either way, we will find out next
week if it pays off.
-
Have a safe and restful weekend!
Reports
Commodity/Economic Articles and Comments
-
(NAS) North American Stainless will increase the fuel surcharge to 34% for
stainless flat and long products shipping in the month of December 2011.
The surcharge rate is considered a maximum level for December; and will be
reviewed monthly.
-
Withholding-Tax Collections Look Solid -
more
-
Vital Signs: Easing Inflation Expectations -
more
-
Soros: World Financial System on Brink of Collapse -
more
-
World-Wide Factory Activity, by Country -
more
-
Consumer Moods Improve a Bit, RBC Survey Finds -
more
ThyssenKrupp reports
huge loss on stainless steel - German industrial giant ThyssenKrupp said
on Friday it booked heavy losses in its business year just ended owing to
massive 2.9 billion euros ($3.9 billion) in writedowns on its US and stainless
steel businesses. -
more
-
Brazil steel mill losses push ThyssenKrupp into red - ThyssenKrupp AG , Germany's
biggest steelmaker, swung to a 1.8 billion euro ($2.4 billion) net loss this
year due to cost overruns at its Brazil plant and parted company with the
head of its Americas unit. -
more
Nunavik Nickel
mine sticks to 2012 start-up - Nunaviks second nickel mine says its
plans to be in operation by 2012 remain unchanged. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.20/lb
higher, with other
London traded base metals mixed and quieter. The Euro is trading nearly 1/2
of 1% higher against the US Dollar. NYMEX crude futures are up 1.1% and trading
at $101.30/barrel. Gold is up 2/3 of 1% and silver is up 2-1/3%. In overnight
trading Asian markets ended lower, with China off 1%. European markets are
trading higher this morning, and US futures are showing a very bullish open
is possible - unless the jobs report come out in a half an hour worse than
expected. Nickel inventories slipped for only the second time in the last
eleven sessions.
-
LME Morning - Metals consolidate run-up, mood perks up ahead of US jobs data
-
more
-
Reuters - Copper on track for first weekly gain in five weeks -
more
Reports
Commodity/Economic Comments
-
Metals retreated slightly yesterday, while most other markets finished quietly
mixed not particularly surprising given Wednesdays super-charged
gains. Weaker-than-expected Chinese factory data (referenced in Wednesday's
note) contributed to the easier tone early on, as did softer manufacturing
readings coming out elsewhere from Asia. In this regard, PMI readings showed
signs of slowing in South Korea and Australia, while growth in India is also
decelerating. Manufacturing data out of the US and Europe were mixed. The
US index was perhaps the strongest of the lot, increasing to 52.7 in November
from 50.8 in October and coming in ahead of consensus. A few sub-components
of the index were notably strong; production increased by a healthy 6.5 points
from 50.1 in October to 56.6, while the new orders index increased from 52.4
in October to 56.7. However, unfilled orders contracted for the sixth consecutive
month. Global manufacturing readings from Europe were particularly grim,
with the November reading coming in at 46.4, its weakest level in more than
two years. UK manufacturing slumped to 47.6, its lowest level since June
of 2009, while British manufacturing-related job cuts were the steepest since
October of 2009. All in all, this is not a pretty picture in global
manufacturing, causing even the normally upbeat Chinese to sound worried.
In this regard, Zhu Guangyao, China's coordinator to the G-20 talks and also
a vice finance minister, was quoted as saying that indebted countries in
Europe had limited scope to act, making it all the more difficult to jumpstart
global growth. "The current crisis, to some extent, is more serious and
challenging than the international financial crisis following the fall of
Lehman Brothers," Zhu said. He is likely right in this regard; in 2008-09,
it was companies that were on the brink of failing (and many did), but now,
it is countries and even currency systems that are imperiled.
Right now, metals are mostly higher, with copper off earlier lows and back
over $7900; there are modest advances in the rest of the group. Energy prices
are up by about $1/brl as tensions with Iran continue to escalate. In this
regard, and in what potentially could be a major escalation of the standoff,
the US Under Secretary of Treasury is proposing to freeze all assets held
by the Iranian Central Bank and is encouraging US allies to follow suit.
The Euro is helping the firmer tone in both metals and energy, as it has
strengthened to back over $1.35. .... Nickel is at $17,200, up $450, and
managing to hold $16,800 support on a two-day closing basis
-
Timmins mine on hiring spree as it reopens -
more
-
(Interfax) The Ministry of Industry and Information Technology (MIIT) has
recommended that the country stop building stockpiles of nonferrous metals
now that the markets for such materials have returned to relative stability,
the state-controlled Securities Times reported Dec. 1.
-
Copper Traders Turn Bullish For the First Time Since October: Commodities
-
more
Japan Q3 Nickel
Production = Ferronickel production recovers pre-earthquake level = Details
of Japan's nickel production during the third quarter (July - September)
of 2011 are as per the tables attached hereto. -
more
Rusal Seeks Norilsk
Shareholder Vote on Paying Board Directors - United Co. Rusal, holder of
25 percent of OAO GMK Norilsk Nickel, asked the nickel producers board
to call a shareholder meeting to approve compensation for independent directors.
-
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
Thursday, December 1 |
|
|
Daily
Nickel/Stainless Steel Wrap-up
-
Sucden's day old nickel chart -
(here).
-
Baltic Dry Index - plus 16 to 1,862.
(chart)
-
Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
-
Headlines & leaders - (Bloomberg) Chinas Manufacturing at Weakest
Since 2009 Augurs Further Easing: Economy // China Home Prices Drop for Third
Month in November Amid Curbs, SouFun Says // China Stocks Rally, Rate Swaps
Slide on Reserve Requirement Cut // China PMI Falls for First Time Since
2009 // Australias Top Four Banks Downgraded by S&P on New Criteria
// Spain, France Take on Crisis With EU8.1B Debt Sale // Merkel Shuns ECB
Role in Favor of Budget Limits // EU Bank Writedown Plan Is Said to Exclude
Forcing Losses on Pre-2013 Debt // European Stocks Snap Four-Day Rally as
China Slowdown Adds to Debt Concern // Feds Discount Rate Among Tools
to Offset European Sovereign-Debt Crisis // Majority of Economists Still
See Deflation Gloom // ISM Index of U.S. Manufacturing Increases // U.S.
Stocks Fall as Massachusetts Sues Lenders
-
The Euro, which was trading much higher against the US Dollar this morning,
is now trading slightly lower. NYMEX crude is down over 1.1% and trading
at $99.21/barrel. Gold is down 8/10 of 1% while silver is off 1/4 of 1%.
Base metals, except for aluminum, ended lower. Indicator charts show nickel
spent its entire session in a decline, and closed at its lowest this year.
For the day, Dow Jones reports three month nickel closed at
$7.60/lb
. Stockpiles of nickel
stored in LME licensed warehouses continue to grow, and now total just over
91,000 tonnes. This now puts nickel in the plus column for nine of the last
ten business days. Before that, you would have to count back to the end of
September to find the nine prior days that recorded gains. Nickel trading
was hurt by the Euro gradually giving up early morning gains, but more
importantly, the China PMI going negative for November sent a shudder thru
the market. The euphoria from yesterday's surprise Fed move has waned as
investors realize the actions taken only addressed one symptom of the European
flu, and the disease was far from being cured. French President Nicolas Sarkozy
just warned that using austerity measures alone to solve the economic crisis
afflicting Europe would lead to recession and possibly even a depression.
European markets closed lower today, and the US Dow is currently trading
in negative territory.
Reports
Commodity/Economic Articles and Comments
-
Ed Meir of FC Stone - Spectacular advances washed over most markets on Wednesday,
breaking the monotony of rather quiet conditions and tight trading ranges.
Two hours after an unexpected Chinese reserve requirement decrease of 50
basis points, six central banks -- led by the Federal Reserve -- announced
coordinated global moves to increase liquidity in what they perceived to
be an increasingly clogged financial system. The swaps put in place were
also discounted and lines were extended to February 2013 from August 2012.
Why did the banks move? For some time now, there has been an acute scarcity
of dollars in Europe given the strong preference by banks and investors to
seek safety of the greenback. Wednesdays liquidity injections were
designed to cut through the knot, by basically increasing the volume of
dollar offers and Euro bids on a massive scale. In
fact, the Fed projects that the premium banks will pay to borrow dollars
overnight from central banks will fall by half a percentage point to 50 basis
points. The central banks also said they would be prepared to enter similar
swap arrangements in other currencies where pockets of tightness were also
developing. ... With respect to the latter, the Chinese reported overnight
that the countrys manufacturing sector contracted for the first time
since February 2009. In this regard, the purchasing managers index
fell to 49.0 in November from 50.4 in October, and came in below the 49.8
expected. A gauge of new orders contracted for the first time since January
2009, while new export orders fell below 50 for a second straight month.
(The index is based on a survey of purchasing managers in more than 820 companies
in 20 industries). ..... We will have to see what happens on December 9 at
the next European leadership meeting, but the gravity of the situation
temporarily relieved by Wednesdays central bank bailout demands
urgent measures. In the meantime, we view Wednesday's massive liquidity injection
as a one-shot event whose staying power will increasingly fade over time.
In fact, markets seem to be in the midst of a modest pullback, with mild
losses seen in base metals, energy, and the Euro. US stocks are also called
to open lower as well. Conditions in the European debt markets are stable;
Spain and France sold almost $11 billion of bonds today. Yields were slightly
higher than previous auctions in the Spanish case and lower in the French
one, but both issues were in strong demand. ..... Nickel is at $17,150, down
$350, but apart from yesterdays spike, the down channel is still very
much entrenched.
-
Commodities on the Edge of Gory -
more
-
Ten Years Later, Enron Pales in Comparison -
more
-
Congress Wrestles With 2012 Unemployment Benefits Extension -
more
-
Economists on ADP Report: Wont Get Fooled Again -
more
-
Seniors Have Fastest-Growing Population -
more
-
Outlook Appears a Bit Better Emphasis on a Bit -
more
-
What Are Fed Swap Lines and What Do They Do? -
more
-
The Sovereign Debt Train Wreck -
more
Nickel prices
still scarred by Ravensthorpe - While some sectors of the Australian mining
industry are booming, a key commodity responsible for more than 8000 West
Australian jobs edges closer to the price-low it hit during the GFC when
a spate of mines folded. -
more
U.S. mining giant
looks to Asia to process Ring of Fire chromite - A U.S. international mining
firm may seek permission from the Ontario government to process some of the
precious ore it hauls out of the Ring of Fire to Asia. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
-
Indicators at 7:00 am CST show 3 month nickel trading around $.16/lb
lower, with most
London traded base metals lower as well. The Euro is trading 1/3 of 1% higher
against the US Dollar at the moment. NYMEX crude futures are down slightly
and trading at $100.29/barrel. Gold is down slightly as well, while silver
is up 1%. In overnight trading, Asian markets ended higher, with China up
nearly 2-1/2% on China's after market close announcement yesterday to drop
interest rates. European markets are up slightly, while US futures have yet
to give signal on market opening direction. Nickel stockpiles continue to
increase.
-
LME Morning - Base metals drift lower, further consolidation expected in
PM sessions -
more
-
Reuters - Copper falls after China, euro zone factory data -
more
Reports
Commodity/Economic Comments
-
Goldman Says Commodities to Rally in 2012 in Challenge to JPMorgan Chase
-
more
-
(SSY) According to the latest SteelBenchmarker produced by World Steel Dynamics,
the world export price for Hot Rolled Band (HRB) has fallen to a new year-to-date
low of $612/t, down by $23/t from two weeks ago.
-
China's official PMI falls to 49% in Nov -
more
DJ Vale:
Goro Nickel Plant Set To Produce 22,000 Tons/Year Nickel Products - Brazilian
mining company Vale SA's New Caledonia Goro nickel plant is now "100% ready"
to produce after suffering technical problems, Vale Chief Financial Officer
Tito Martins said Monday. -
more
Construction
Of East Halmahera Ferronickel Project Begins - PT ANTAM Tbk is pleased to
announce it has started the construction of its US$1.6 billion East Halmahera
Ferronickel Project (FeNi Haltim). -
more
BHP May Review
Nickel, Aluminum Operations, Deutsche Bank Says - BHP Billiton Ltd., the
worlds biggest mining company, may study its nickel, aluminum and alumina
businesses after announcing a review of diamond operations, Deutsche Bank
AG analysts said. -
more
China May Halt Metals
Stockpiling, Start Sales, Securities Says - China may suspend stockpiling
nonferrous metals and may start to sell existing inventories to tame prices,
the Chinese-language Securities Times reported without saying where it got
the information. -
more
Nunavik Nickel
mine hits another stumbling block - The strained relationship between Goldbrook
Ventures and Jilin Jien Nickel Industry Co., Ltd., majority owner of the
Canadian Royalties Nunavik Nickel mine project in Nunavik, took another
turn Nov. 30 when Goldbrook advised its shareholders not to accept a buy-out
from the Chinese company. -
more
Morning Nickel
Inventory and Price Statistics & Figures
-
Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
-
Shanghai Jinchuan nickel price - available
here
-
Please let us know if any of these links stop working, stop carrying
info, or become available to subscriber's only. We encourage our readers
to use the services of those companies who supply reports and information
free of charge.
Contact
us
|
|
|
|
|
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