Showing posts with label Zinc Prices. Show all posts
Showing posts with label Zinc 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.
Monday, August 16, 2010
Freeport (NYSE:FCX) Up as Goldman (NYSE:GS) Reiterates "Overweight" on Commodities
Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) are up today as Goldman Sachs (NYSE:GS) reiterated its "Overweight" rating on commodities.
Freeport rose to $71.08, gaining $1.01, or 1.44 percent as of 2:28 PM EDT.
The dollar also fell today, helping the price of copper push up. Orders which will draw metal from stockpiles also rose to a two-month high.
Dropping almost 1 percent today was the U.S. Dollar Index, which tracks a basket of six currencies against the strength of the greenback.
Besides copper, other metals Goldman Sachs likes are gold, oil, platinum and zinc.
Freeport rose to $71.08, gaining $1.01, or 1.44 percent as of 2:28 PM EDT.
The dollar also fell today, helping the price of copper push up. Orders which will draw metal from stockpiles also rose to a two-month high.
Dropping almost 1 percent today was the U.S. Dollar Index, which tracks a basket of six currencies against the strength of the greenback.
Besides copper, other metals Goldman Sachs likes are gold, oil, platinum and zinc.
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.
Thursday, July 1, 2010
Industrial Metals Lead Commodities Down for Quarter
Commodities experienced their worst quarter in over a year, as industrial metals plummeted in price on an extremely weak U.S. economy, China urban property inflation concerns, and the sovereign debt crisis in Europe.
The worst of the industrial metals was zinc, which fell 25 percent for the quarter, its worst performance since the latter part of 2008. Nickel was much better, dropping 22 percent for the quarter, followed by lead, which was down 19 percent, copper declining 17 percent, and aluminum falling 15 percent.
Heading into the fourth quarter doesn't look much better for commodities, as estimates from Barclays Capital have prices dropping even more, according to a recent report, especially copper and aluminum, which are used heavily in building homes.
With the bottom falling out from the U.S. housing market after the tax break was ended, along with the Chinese battling property inflation in their urban areas, the demand for industrial commodities are under extreme pressure until those situations turn around, which they don't look likely to any time soon.
Gold will continue to be a strong performer, and silver will probably shine when measured against other industrial metals.
The worst of the industrial metals was zinc, which fell 25 percent for the quarter, its worst performance since the latter part of 2008. Nickel was much better, dropping 22 percent for the quarter, followed by lead, which was down 19 percent, copper declining 17 percent, and aluminum falling 15 percent.
Heading into the fourth quarter doesn't look much better for commodities, as estimates from Barclays Capital have prices dropping even more, according to a recent report, especially copper and aluminum, which are used heavily in building homes.
With the bottom falling out from the U.S. housing market after the tax break was ended, along with the Chinese battling property inflation in their urban areas, the demand for industrial commodities are under extreme pressure until those situations turn around, which they don't look likely to any time soon.
Gold will continue to be a strong performer, and silver will probably shine when measured against other industrial metals.
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.
Monday, May 17, 2010
Commodity Prices Plunge Today
Commodity prices today are down significantly, as industrial metals led the plunge, as concerns over demand from Europe and China hinder the market.
Fighting the debt in Europe and inflation in China has optimism in commodities shake for the first time in awhile, and some companies and countries are concerned over how much the possible drop in demand will have an effect upon them.
Metals like copper, tin, zinc, lead and aluminum are all down, as traders and investors look at the near-term for the metals, and whether or not the recently expected commodity demand is sustainable over the mid-term.
This also seems to have affected the price of oil and gas, as the question now is whether or not consumers will travel and spend as much with this weighing on their minds.
Fighting the debt in Europe and inflation in China has optimism in commodities shake for the first time in awhile, and some companies and countries are concerned over how much the possible drop in demand will have an effect upon them.
Metals like copper, tin, zinc, lead and aluminum are all down, as traders and investors look at the near-term for the metals, and whether or not the recently expected commodity demand is sustainable over the mid-term.
This also seems to have affected the price of oil and gas, as the question now is whether or not consumers will travel and spend as much with this weighing on their minds.
Friday, February 26, 2010
Teck Resources (NYSE:TCK) Red Dog Mine
Teck Resources Red Dog Mine
Teck Resources (NYSE:TCK) is on the verge of having to shut down its Red Dog mine, the largest zinc mine in the world based on dubious charges it is discharging toxins into a local stream used for drinking water.
The Red Dog mine provides close to 80 percent of the zinc that is mined in the United States.
If this is what happens, even after being issued a permit by the U.S. Environmental Protection Agency (EPA), it could cause zinc prices to rise more than they did in 2009, which had increased by 100 percent. Supply in 2009 was also down by about 500,000 tons.
What this probably will do will give the smaller zinc producers a chance to get into the game, assuming the whether the appeal is allowed to go forward or not. If it is, it could take about two years to go through the process for Tech Resources.
There is no doubt zinc mining for the smaller companies will get a big push if the Red Dog mine is shut down.
Teck Resources Red Dog Mine
Teck Resources (NYSE:TCK) is on the verge of having to shut down its Red Dog mine, the largest zinc mine in the world based on dubious charges it is discharging toxins into a local stream used for drinking water.
The Red Dog mine provides close to 80 percent of the zinc that is mined in the United States.
If this is what happens, even after being issued a permit by the U.S. Environmental Protection Agency (EPA), it could cause zinc prices to rise more than they did in 2009, which had increased by 100 percent. Supply in 2009 was also down by about 500,000 tons.
What this probably will do will give the smaller zinc producers a chance to get into the game, assuming the whether the appeal is allowed to go forward or not. If it is, it could take about two years to go through the process for Tech Resources.
There is no doubt zinc mining for the smaller companies will get a big push if the Red Dog mine is shut down.
Teck Resources Red Dog Mine
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