SHANGHAI, Jan. 30 (SMM) – China Power Investment Corporation (CPI) produced 2.67 million tonnes of aluminum in 2014, its General Manager Chen Qizhou said in a recent report.
SANTIAGO, Jan 29 (Reuters) - Chilean state copper commission Cochilco cut its forecast on Thursday for 2015 average copper prices to $2.85 per pound, from a prior $3.00 estimate, amid a collapse in commodities prices, a strengthening U.S. dollar, and worries about top consumer China.
Tags: nickel prices
SHANGHAI, Jan. 30 (SMM) – SMM #1 nickel prices were between RMB 107,900-108,100/mt. Jinchuan Group increased supply as spot nickel prices rose in the morning, but downstream buying interest weakened, with overall transactions muted, and traded prices between RMB 107,500-108,100/mt. LME nickel prices fluctuated widely in the afternoon, with spot nickel prices in Shanghai following suit, and trading muted at the high-end of the price range. Traded prices were between RMB 107,500-108,100/mt. Jinchuan raised nickel prices by RMB 1,000/mt to RMB 108,000/mt.
SHANGHAI, Jan. 29 (SMM) – The price of zinc will perform strongly during Q1 2015 due to favorable market fundamentals, to outshine other metals, Futures Daily said in a research note.
"Despite the broad sell-off in nonferrous metals market, zinc has held up quite well recently, and zinc will lurch higher once the dollar softens," it foresees.
China is expected to see a lower growth of zinc output due to tightening ore supply worldwide and acceleration of inefficient capacity elimination in China. Zinc demand in China, reflected by high output of galvanized plate/sheet, is strong.
Production of galvanized plate/sheet hit a new record high of 4.82 million tonnes in December 2014, thanks to growing consumption in the automobile sector and robust exports.
Moreover, exchange inventories, both in SHFE and LME, have been falling, which will also give a boost to zinc prices.
Tags: SHFE copper prices
SHANGHAI, Jan. 29 (SMM) – Copper for April delivery on the Shanghai Futures Exchange, the most active contract, started at RMB 40,050/mt and dipped to RMB 39,300/mt at the tail of the trading before ending down RMB 860/mt at RMB 39,350/mt. Trading volumes totaled some 350,000 lots, while positions surged by 18,284.
On Wednesday, SHFE copper hovered largely around RMB 39,500/mt and finished down RMB 520/mt, or 1.29% at RMB 39,690/mt. Trading volumes for the most active contract added by 82,772 lots, while positions increased by 19,384.
Spot copper was offered between a RMB 40/mt discount and a RMB 20/mt premium to the SHFE 1502 copper contract. Standard- and high-quality copper sold for RMB 39,960-40,160/mt and RMB 39,980-40,200/mt, respectively.
Cargo holders rushed to sell against the month-end liquidity crunch. However, overall copper supply decreased due to a fall in arrivals of imported copper at Chinese port. Standard-quality copper prices were firm, while high-quality copper was quoted at par with the SHFE front-month copper contract. Transactions were done mostly by middlemen. Downstream producers bought only as needed on Wednesday. Spot copper was offered between a RMB 20/mt discount and a RMB 30/mt premium and traded at RMB 40,080-40,280/mt in the afternoon trading.