Showing posts with label Nickel Prices. Show all posts
Showing posts with label Nickel Prices. Show all posts
Friday, October 12, 2012
Copper, Zinc, Nickel, Tin all Drop
Many commodities took a big hit Friday, as copper, zinc, nickel, tin, gold, silver, platinum and palladium were all trending down, with copper, platinum and palladium taking the biggest hits as measured by percentages, and with platinum and palladium, also falling by the most in U.S. dollars.
Copper has been the major story this month regarding commodities, as it plunged to its lowest levels this week in three months, with falling demand for scrap-metal weighed on the base metal. Most of that is from the slowing demand in China, which has been working on slowing down its heated up economy.
For the last three months, discounts for scrap copper plunged by 25 percent. This is a dramatic turn around from September where copper prices got a boost from the implementation of further stimulus in the United States and Europe.
One of the best leading indicators for copper prices is scrap, and demand has been weakening for the last quarter, even with the bump in copper prices for September.
Copper futures fell to about $3.70 a pound on the Comex in New York for December delivery, at just before 1:30 PM EDT. For the week it is down two percent. Copper futures are trading about 40 cents above No. 2 scrap. That's ten cents above the 30 cents discount it traded at against copper in the 3rd quarter.
Credit Suisse (CS) estimates copper production in 2013 to be at 293,000 metric tons, in contrast to the 102,000 ton shortfall in 2012.
On the London Metal Exchange, copper for December delivery was down to $8,130 a ton ($3.69 a pound), a decline of 1.3 percent.
Friday, July 23, 2010
Teck (NYSE:TCK), Freeport (NYSE:FCX), Southern Copper (NYSE:SCCO) Soar on Higher Metals Prices
Teck resources (NYSE:TCK), Southern Copper (NYSE:SCCO) and Freeport-McMoRan Copper & Gold (NYSE:FCX) all performed strong on Thursday, as copper surged to its highest level in 10 weeks, and lead, aluminum, tin, nickel and zinc were all up on the LME.
On the Comex in New York, copper futures for September delivery increased by 7.15 cents to $3.1645 a pound, while on the London Metal Exchange, copper for three months delivery rose $150, to $7,010 a metric ton, or $3.18 a pound.
The U.S. dollar also plunged Thursday, helping metals prices increase.
Teck Resources ended the trading session Thursday at $35.07, gaining $1.56, or 4.66 percent. Volume was at 6,203,424, below the 3-month average.
Freeport finished the day at 68.78, gaining $2.72, or 4.12 percent. Trading volume came in at 18,854,144, a little above the 3-month average.
Southern Copper Corporation closed at $32.05 Thursday, increasing by $0.97, or 3.12 percent. volume was at 4,062,354, higher than the 3-month average of 3,219,460.
On the Comex in New York, copper futures for September delivery increased by 7.15 cents to $3.1645 a pound, while on the London Metal Exchange, copper for three months delivery rose $150, to $7,010 a metric ton, or $3.18 a pound.
The U.S. dollar also plunged Thursday, helping metals prices increase.
Teck Resources ended the trading session Thursday at $35.07, gaining $1.56, or 4.66 percent. Volume was at 6,203,424, below the 3-month average.
Freeport finished the day at 68.78, gaining $2.72, or 4.12 percent. Trading volume came in at 18,854,144, a little above the 3-month average.
Southern Copper Corporation closed at $32.05 Thursday, increasing by $0.97, or 3.12 percent. volume was at 4,062,354, higher than the 3-month average of 3,219,460.
Thursday, July 15, 2010
Goldman (NYSE:GS) Raises Base Metal Forecasts for All Except Zinc
Goldman Sachs (NYSE:GS) increased its 12-month estimates for all base metals except zinc.
Zinc was dropped to $2,225 a metric ton, a plunge of 18 percent, because of demand falling in China and Europe. China especially has a robust domestic zinc industry, and that will keep them supplied longer than originally expected by Goldman.
Goldman maintained their preference for copper, continuing to say it's their favorite metal for the long term, based on declining inventory and what they believe will be a lower supply deficit throughout the next couple of years. They see copper prices rising to $8,050 a ton, a gain of 1.4 percent.
Nickel looks really good to the financial giant, as they see it surging to about $20,00 a ton, an amazing 167 percent gain if it happens. Nickel is primarily used in stainless steel to stop corrosion, and demand largely comes from property construction, so that will be a challenge in my mind to even come close to the gains they're talking about.
Aluminum price estimates were modest, with expectations they could rise to $2,225 a ton, a 2.5 percent increase.
Silver estimates for the next twelve months were to grow by 1.3 percent, to $22.60 an ounce, mostly on their belief gold will continue to rise, looking at $1,355 an ounce there.
Zinc was dropped to $2,225 a metric ton, a plunge of 18 percent, because of demand falling in China and Europe. China especially has a robust domestic zinc industry, and that will keep them supplied longer than originally expected by Goldman.
Goldman maintained their preference for copper, continuing to say it's their favorite metal for the long term, based on declining inventory and what they believe will be a lower supply deficit throughout the next couple of years. They see copper prices rising to $8,050 a ton, a gain of 1.4 percent.
Nickel looks really good to the financial giant, as they see it surging to about $20,00 a ton, an amazing 167 percent gain if it happens. Nickel is primarily used in stainless steel to stop corrosion, and demand largely comes from property construction, so that will be a challenge in my mind to even come close to the gains they're talking about.
Aluminum price estimates were modest, with expectations they could rise to $2,225 a ton, a 2.5 percent increase.
Silver estimates for the next twelve months were to grow by 1.3 percent, to $22.60 an ounce, mostly on their belief gold will continue to rise, looking at $1,355 an ounce there.
Wednesday, July 14, 2010
Nickel Prices Could Soar on Strong Demand, Low Supply
Prices for nickel could explode this year as demand may exceed supply by up to 40,000 metric tons in 2010, according to Sumitomo Metal Mining Co. of Japan.
Sumitomo's estimate is based, as with most other raw materials, on the demand from China, which is anything but certain at this time, especially with their efforts to cool their hot, urban property markets, which would have an impact on nickel demand.
Nickel is important in housing because about two-thirds of it is used as an anti-corrosion element in making stainless steel, which is used heavily in buildings and homes.
The question is how much demand from China falls, and how that differs in relationship to supply issues. Sumitomo believes the supply won't be able to keep up with demand, and that could raise the price of nickel substantially.
Supply disruptions in Canada have been another factor, but strike by workers in Canada is over against Vale SA, and that should ramp up supply, but it's questionable as to how much for the remainder of the year.
Toru Higo, general manager of the company’s nickel sales, noted China demand could surge by as much as 18.6 percent to about 510,000 tons.
Sumitomo's estimate is based, as with most other raw materials, on the demand from China, which is anything but certain at this time, especially with their efforts to cool their hot, urban property markets, which would have an impact on nickel demand.
Nickel is important in housing because about two-thirds of it is used as an anti-corrosion element in making stainless steel, which is used heavily in buildings and homes.
The question is how much demand from China falls, and how that differs in relationship to supply issues. Sumitomo believes the supply won't be able to keep up with demand, and that could raise the price of nickel substantially.
Supply disruptions in Canada have been another factor, but strike by workers in Canada is over against Vale SA, and that should ramp up supply, but it's questionable as to how much for the remainder of the year.
Toru Higo, general manager of the company’s nickel sales, noted China demand could surge by as much as 18.6 percent to about 510,000 tons.
Thursday, May 27, 2010
Teck Resources (TSE:TCK-B) Rises with Metal Prices
Teck Resources (TSE:TCK-B) (NYSE:TCK) was up in Toronto and New York today as copper and other industrial metals all rose on news the U.S. economy may possibly continue growing, based on industrial demand.
Along with copper surging, other base metals increasing in price were aluminum, tin, lead, zinc and nickel.
All of this if fine, but I am still sceptical on the sustainability of all of this, and whether or not some temporary data comes out positive, like it just has, to massage those numbers of confirmation of a sustainable recovery is suspect at best.
Anyone announcing a sustainable recovery at this early stage is either incompetent or dishonest.
We have a long way to go with the European sovereign debt crisis and potential fallout from China fighting inflation before we can announce there is a recovery at all, let alone a sustainable one.
Along with copper surging, other base metals increasing in price were aluminum, tin, lead, zinc and nickel.
All of this if fine, but I am still sceptical on the sustainability of all of this, and whether or not some temporary data comes out positive, like it just has, to massage those numbers of confirmation of a sustainable recovery is suspect at best.
Anyone announcing a sustainable recovery at this early stage is either incompetent or dishonest.
We have a long way to go with the European sovereign debt crisis and potential fallout from China fighting inflation before we can announce there is a recovery at all, let alone a sustainable one.
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