MARKET ROUNDUP
Industrial metals fell for a third straight session on Saturday, with Zinc sliding to its lowest in nearly two weeks, as debt contagion fears in Europe and worries over the sustainability of robust demand from China slammed sentiment.
IN FOCUS
- The United States on Friday set final duties ranging up to more than 437 percent on a steel wire product from China used in storage rack systems, the Commerce Department said.
- Zinc smelters in China, the world's largest producer, have idled as much as 8.8 percent of capacity as prices decline and the nation bids to cool the property market, curbing demand, according to Shanghai Metals Market.
- China's Jinchuan Group Co. has cut its refined nickel price by CNY12,000 ($1,757) to CNY156,000 a metric ton effective Monday, the company said on its website.
- Two Brazilian steelmakers this week notified customers of plans to increase steel prices by as much as 10%, an action that could lead Brazil's government to ax steel import tariffs.
- Strikes that have crippled production at Vale's Canadian mining operations appear to be finally edging towards a resolution, although lingering disputes over pensions and a prized nickel bonus mean the already 10 month long dispute could stretch into summer.
- The United States on Friday set final duties ranging up to more than 437 percent on a steel wire product from China used in storage rack systems, the Commerce Department said.
- Platts quoted Japanese trader as saying that BHP Billiton is expected to ship its first aluminium shipments from its South African smelters to Japan with the 2 1/2 week transport strike ending on May 27.
FUNDAMENTAL OUTLOOK
Industrial metals fell again for a fourth day early in the session today, Copper hitting its lowest price since October, 2009 and Zinc hitting the low of last 10 months on LME. We expect base Metals to trade down today; selling on rise is recommended.
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