This morning in metals news: Events in China are affecting the copper market; the London Metals Exchange may get a new member to its ring, the influential trading group that may be facing more changes itself; and look for our MMO today.
Are you under pressure to generate steel cost savings? Make sure you are following these five best practices.
London copper price falls on China worries
London copper prices are being buffeted by widespread power restrictions in China and a looming debt crisis by Chinese property giant Evergrande Group, Reuters reports, seeing a weekly price decline for three-month copper of 3.7% as investors reduced risk exposure.
“China’s power shortage has prompted analysts to cut growth outlook in the world’s biggest metals consumer, and its factory activity unexpectedly shrank in September, partially due to the curbs,” Reuters said.
Chinese markets were closed Friday for a weeklong public holiday.
Changes for LME ring
For the first time in 14 years, a new firm will join the London Metal Exchange’s trading ring, a source tells Reuters. Sigma Broking Ltd, which trades equity, fixed income and commodities, did not comment. And other developments indicate that the ring — eight other banks and brokers that trade in the ring or open outcry — may be losing its influence anyway.
Monthly Metal Outlook comes out today
MetalMiner’s October edition of the Monthly Metal Outlook (MMO) comes out today. Subscribers get it in their inbox on the first of every month. Get a sample report here. The MMO includes:
- Current prices and forecast price ranges for aluminum, nickel, copper, lead, zinc, tin, HRC, CRC, HDG and steel plate
- Independent trend analysis (price drivers, macro and microeconomic influences and more)
- Metal-specific buying strategies
- Ongoing price alerts if markets change quickly
Each month, MetalMiner hosts a webinar on a specific metals topic. On Oct. 28, the topic is “How Artificial Intelligence and Technical Analysis Provide Actionable Metals Buying Insights.” Sign up on the MetalMiner Events page.