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United States

Peter Hobson

METALS-Copper steadies as traders eye U.S.-China trade talks

Jan 07 2019

LONDON, Jan 7 Copper prices steadied on Monday after the biggest rise in three months in the previous session on investor hopes that Chinese measures to boost lending would be followed by progress in trade talks with the United States.

METALS-Copper rebounds as China and U.S. prepare for trade talks

Jan 04 2019

LONDON, Jan 4 Copper prices rallied on Friday from the previous day's 18-month low after China cut bank reserve requirements and announced new trade talks with the United States.

METALS-Copper ekes out first weekly gain in 5 weeks

Dec 28 2018

LONDON, Dec 28 Copper inched up on Friday for its first weekly rise in five weeks as gains on global equity markets rekindled interest in riskier assets and a weaker dollar made metal cheaper for buyers with other currencies.

METALS-Gloomy economic outlook pushes copper to 3-month low

Dec 18 2018

LONDON, Dec 18 Copper prices fell to a three-month low on Tuesday as fears that weak global growth will reduce demand combined with news that a large smelter in India could restart, lifting supply.

Gloomy economic outlook pushes copper to five-week low

Dec 18 2018

LONDON Copper prices fell to a five-week low on Tuesday as fears that weak global growth will reduce demand combined with news that a large smelter in India could restart, lifting supply.

METALS-Weak Chinese industrial data drives copper prices lower

Dec 14 2018

LONDON, Dec 14 Copper clocked a third consecutive weekly fall on Friday after weaker than expected Chinese industrial data dampened expectations of demand from the largest metals consumer.

METALS- Metals tumble as arrest of Huawei executive revives trade fears

Dec 06 2018

LONDON, Dec 6 Most industrial metals prices fell on Thursday and copper hit a three-week low after the arrest of a top Chinese executive in Canada dampened hopes for a resolution to the U.S.-China trade conflict.

METALS-Zinc regains ground after plunging to 10-week low

Nov 28 2018

LONDON, Nov 28 Zinc prices rose on Wednesday as falling stockpiles and rising premiums for nearby metal highlighted a short-term supply squeeze, halting a slide to 10-week lows.

Platinum market set for big surpluses in 2018 and 2019: WPIC

Nov 28 2018

LONDON The global platinum market will be oversupplied by around half a million ounces both this year and next, an industry report said on Wednesday, suggesting little respite for producers facing prices languishing near 10-year lows.

METALS-Zinc falls as weaker Chinese demand outweighs supply fears

Nov 26 2018

(Updates with closing prices) By Peter Hobson LONDON, Nov 26 Zinc prices fell for a second session on Monday as expectations of weaker demand from Chinese steel mills overpowered signs that the market is short of metal. Most other industrial metals also fell on caution over the outcome of trade talks between U.S. President Donald Trump and Chinese President Xi Jinping later this week that could influence demand for commodities. Benchmark three-month zinc on the London Metal Exchange (LME) closed down 1.3 percent at $2,487 a tonne after falling 2.4 percent on Friday. The metal used to galvanise steel was under pressure after demand concerns drove Chinese steel prices down more than 5 percent to a five-month low. Zinc fell 2.5 percent on the Shanghai Futures Exchange (ShFE) , its biggest one-day drop since August. China is the biggest consumer of zinc and other industrial metals. But prices are supported by stockpiles at 10-year lows and shortages of immediately available metal, said ING analyst Warren Patterson. "Fundamentals (for zinc) are constructive, at least in the short term," he said. ZINC SPREAD: The premium of cash zinc to the three-month contract fell to $63 from last week's two-decade high of $97 but remains unusually high, suggesting a shortage of nearby supply. STOCKS: Stocks of zinc in LME-registered warehouses have halved to 121,550 tonnes since August, a 10-year low, while inventories in ShFE warehouses at around 35,000 tonnes are down from almost 160,000 tonnes in March. TECHNICALS: Zinc has fallen below its 50- and 100-day moving averages, worsening its technical picture. SPECULATORS: Speculative investors are neutral on zinc, with brokers Marex Spectron estimating their net short position at 1.4 percent of active contracts. DEFICIT: The roughly 13.5 million-tonne-a-year zinc market had a 305,000 tonne deficit over January-August, according to the International Lead and Zinc Study Group. SUPPLY: Zinc prices have fallen 30 percent from a February high as investors anticipated a surge in refined zinc output after a clutch of new mine openings. But delays in that new supply due to bottlenecks at smelters across Asia have put a floor under prices, helping them recover from an August low of $2,283 a tonne. CHINA GROWTH: Economic growth in China is expected to hit 6.6 percent this year and slow to 6.3 percent in 2019, economists from Beijing's Renmin University said. PRICES: LME Copper ended down 0.3 percent at $6,189 a tonne, aluminium finished up 0.1 percent at $1,951.50, nickel lost 0.4 percent to $10,875, lead slipped 1.3 percent to $1,943 and tin closed up 0.5 percent at $18,900. (Additional reporting by Mai Nguyen in Singapore and Melanie Burton in Melbourne; Editing by Mark Potter, Jan Harvey and Adrian Croft)

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