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Metals & Mining Commodity News from Commodities Now
US/European ferroalloys traders see no change from Xstrata/Glencore merger
New York, 3 February 2012
Platts: US and European ferroalloys traders said Thursday they did not think a merger between commodity trading group Glencore and diversified miner Xstrata would make any difference to the way Xstrata's materials were marketed.
Read more: US/European ferroalloys traders see no change from Xstrata/Glencore merger
SMX to launch spread contracts on copper
Singapore, 1 February 2012
Singapore Mercantile Exchange ( SMX), the first pan-Asian multi-product commodity and currency derivatives exchange, today announced the introduction of the Spread Contracts based on copper. The initial set of Spread Contracts shall be based on SMCOPPERCH - the most liquid commodities contract on the SMX platform, and will be available for trading from February 13, 2012 onwards.
Gold up 10% YTD - Speculators yet to join the party
London, 31 January 2012
Sharps Pixley: One of the hallmarks of the decline in gold prices from an all time high of $1920 in Sept 2011 (as the market collapsed by 26%) was the significant long liquidation of speculative positions by gold futures traders on the CME in New York.
Read more: Gold up 10% YTD - Speculators yet to join the party
Gold Surges to $1715 - More Upside Seen
London, 26 January 2012
Sharps Pixley: Famed economist and investor Benjamin Graham once said that "in the short term the market is a voting machine, but in the long term it is a weighing machine". Last nights move in gold was a classic knee jerk 'vote' against economic recovery with investors and speculators alike piling in. The weighing machine analogy suggest that in the longer term things revert to their true worth - in gold's case this is not a problem given its compelling fundamentals.
US shines as global steel outlook darkens
London, 25 January 2012: Reuters
If you were to take the World Steel Association's (WSA) summary of global production last year at face value, you would be forgiven for thinking that all is just fine in the ferrous sector. Global output hit an all-time record of 1,527 million tonnes in 2011. Growth was an impressive-sounding 6.8 percent and widely distributed.
Chinese gold sales in the year of the Water Dragon
London, 24 January 2012
Sharps Pixley: Gold sales into China for 2012 look auspicious in the year of the Water Dragon. According to Chinese mythology Dragon years are the luckiest and ones that bring powerful changes and optimism. It is most closely associated with high energy and prosperity. In contrast, last year - the year of the rabbit - by tradition brings instability while the Dragon confers stability - in short, expect a bounce in markets as we saw in 1988 when this pattern was repeated.
Read more: Chinese gold sales in the year of the Water Dragon
London Metal Exchange launches LMEswaps
London, 23 January 2012
The London Metal Exchange ( LME) today launched LMEswaps for all of its non-ferrous metals. The financially settled contracts based on the average monthly price are the first of their type to be traded on-exchange in the world. They are designed for participants of the physical industry who need to hedge the monthly average price.
A Shanghai warning for the LME
London, 20 January 2012: Reuters
The London Metal Exchange ( LME) had an excellent 2011. Trading volumes rose 21.9 percent to a record 146.6 million lots, equivalent to an eyewatering 3.5 billion tonnes of material. The notional value of all that activity surged 32.8 percent to $15.4 trillion, enhancing the Exchange's status as the Western world's leading arena for trading industrial metals.
CME Group and Mysteel to develop OTC ferrous risk management products for China
Shanghai, 20 January 2012
CME Group, the world's leading and most diverse derivatives marketplace, and Mysteel, China's leading provider of ferrous price and indexing services, today announced they have signed an agreement to develop risk management products for the ferrous industry based on Mysteel's market-leading price data services. The products will be listed by NYMEX and cleared by CME Clearing.
Read more: CME Group and Mysteel to develop OTC ferrous risk management products for China
Stainless Steel prices to rise 25% 2012: MEPS
London, 17 January 2012
MEPS forecasts that its benchmark, type 304, cold rolled Stainless Steel World Price will increase by $US850 per tonne over the next six months. The gain is expected to be driven by a combination of rising input costs and inventory building in the supply chains around the world.
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