Editorial

Zinc import losses remain large

Date Dec 06 2018 15:20:26Source:SHMET

SHANGHAI, Dec 6 (SHMET) – Zinc ingots import losses remained large. Bonded trades for zinc ingots remained thin. Premiums for B/L Shanghai stood at $140-160/mt cif and those for warrants in Shanghai bonded warehouse quoted at $160-180/mt, unchanged from December 6.

LME cash zinc had a backwardation of 125/mt against LME 3M zinc. For brands not exempted from customs tariff, the SHFE/LME cash price ratio came in at 7.96, and at 8.0 for duty-free Australia, South Korea brand zinc ingots. For brands not exempted from customs tariff, spot import losses stood at 1,500 yuan/mt, and 1,258 yuan/mt in forward import. For duty-free Australia, South Korea brand products, spot import losses registered at 1,332 yuan/mt, and 1,200 yuan/mt in forward import. 

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Falling SHFE/LME ratio stimulates China’s exports of aluminum products

Date Dec 06 2018 15:03:15Source:SHMET

SHANGHAI, Dec 6 (SHMET) – SHFE/LME aluminum ratio inched down to 6.91, stimulating exports of domestic aluminum products. Cash aluminum import losses enlarged to 2,989 yuan/mt and import losses in forward market also increased to 2,869 yuan/mt.

SHFE aluminum dropped all the way on December 6, giving up previous gains earlier this week. LME aluminum inventories continued to decline and LME aluminum’s price basis turned to backwardation.

In the aluminum market, premiums for goods under bill of lading in Shanghai held at $90-$110/mt cif, and those for goods under warrants in Shanghai bonded warehouse stood at $90-$110/mt cif. LME cash aluminum was at contango of $1.25/mt against LME 3M aluminum.

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MMG releases mineral resources and ore reserves statement

Date Dec 06 2018 11:14:45Source:SHMET

SHANGHAI, Dec 6 (SHMET) – MMG updated mineral resources and ore reserves statement as at June 30, 2018.
The Group’s mineral resources (contained metal) have decreased 8% for copper, zinc 8%, lead 19%, silver 8%, gold 5% and molybdenum 9%, and its ore reserves (contained metal) have declined 8% for copper, zinc 14%, lead 18%, silver down 13%, gold 11%, and molybdenum 9%, according to its statement.
Ore depletion and higher costs at Las Bambas mine explained the decline for copper metal, and depletion and re-modelling of some areas of Dugald River deposit following additional drilling, the Group said.
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Copper market to look for direction

Date Dec 06 2018 10:00:08Source:SHMET

SHANGHAI, Dec 6 (SHMET) – Copper investors would continue to stand on sidelines, as no significant news came out and fundamentals acted as normal.

On the SHFE market, the 1902 copper contract moved in range bound in yesterday’s night trading session after opening at 49,260 yuan/mt, with high and low-end price at 49,370 yuan/mt and 49,170 yuan/mt, respectively.

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Nickel trades to stay thin

Date Dec 06 2018 09:48:52Source:SHMET

SHANGHAI, Dec 6 (SHMET) – Nickel market would continue to be quiet on December 6, as people are reluctant to make deals. SHFE nickel closed up yesterday night, which may support spot nickel price today.

President Trump’s remarks on resuming raising tariffs if China and the US couldn’t resolve their trade frictions triggered market concerns on the two countries’ relations, which dragged down most base metals markets. However, LME nickel closed up, as LME nickel inventories dropped significantly.

SHFE 3M nickel closed at 91,250 yuan/mt, up 210 yuan/mt or 0.23%, and it had a strong support at 90,000 yuan/mt as of 8:38 today.

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