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Copper sets fresh high; broader markets mostly upbeat, while gold suffers

The base metals on the London Metal Exchange were firmer across the board this morning, Tuesday November 24, although those on the Shanghai Futures Exchange were mixed following the weakness seen on the LME on Monday.

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The base metals on the London Metal Exchange were firmer across the board this morning, Tuesday November 24, although those on the Shanghai Futures Exchange were mixed following the weakness seen on the LME on Monday.

* US president-elect Joe Biden plans to nominate former Federal Reserve chair Janet Yellen to become Treasury Secretary…
* …the market seems to see Yellen as a safe pair of hands
* Copper sets fresh high at $7,310 per tonne basis three-months

Base metals
The three-month base metals prices on the LME were up by an average of 0.4% this morning, led by a 0.9% rise in copper that was recently trading at $7,256.60 per tonne. The rest were ranged between nickel ($16,072 per tonne) that was little changed and zinc ($2,748 per tonne) that was up by 0.6%.

The most-traded base metals contracts on the SHFE were mixed with January copper and February nickel up by 0.6% and 0.5% respectively with the former at 54,410 yuan ($8,275) per tonne, while the rest were down between 0.1% for January tin and 0.9% for January zinc.

Precious metals
Spot gold prices took a tumble on Monday, with a decline of 1.9%, and were down a further 0.4% this morning at $1,827.74 per oz. Silver ($23.43 per oz) and palladium ($2,343.40 per oz) were down by 0.4% and 0.3% respectively, while platinum was up by 0.8% at $936.50 per oz.

Wider markets
The yield on US 10-year treasuries has rebounded, suggesting risk-on, it was recently quoted at 0.86% – this after 0.82% at a similar time on Monday.

Asia-Pacific equities were mainly stronger this morning: the ASX 200 (+1.26%), the Nikkei (+2.5%), the Kospi (+0.58% and the Hang Seng (+0.02%), while the CSI (-0.81%) bucked the trend.

Currencies
The US dollar index had a volatile day’s trading on Monday, first dropping to 92.01, then bouncing to 92.81, and was recently at 92.39. Support at 92.13 was breached yesterday, meaning support is now at 91.73.

The other major currencies were mixed with the euro (1.1854) and the Australian dollar (0.7320) treading water in relatively high ground, while the yen (104.43) was weaker and sterling (1.3337) firmer.

Key data
Tuesday’s key data includes a final reading on German gross domestic product, German Ifo business climate, UK realized sales from the Confederation of British Industry as well as US data on house prices, consumer confidence and the Richmond manufacturing index.
In addition, UK Monetary Policy Committee member Andy Haldane is scheduled to speak.

Today’s key themes and views
Sentiment remains bullish with LME copper setting fresh highs for the year this morning, but while the trend is your friend and all the metals are in uptrends, some of the metals are starting to look tired. While we are bullish over the medium and long term, our concern remains that prices may have run ahead of the fundamentals and are vulnerable to a correction.

We have been saying for a while that gold remains vulnerable and Monday’s sell-off showed it was. With the markets seeing a Covid-19 exit light at the end of the tunnel, demand for havens has weakened.

William Adams

Fastmarkets

Source: http://feedproxy.google.com/~r/BaseMetalsMonthly/~3/sCgrPa_4z_8/Copper-sets-fresh-high-broader-markets-mostly-upbeat-while-gold-suffers.html

Metal

NBS: New house prices in first-tier cities in China up 0.4% in Mar

In March this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities rose by 0.4 percent month on month.

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In March this year, of 70 major Chinese cities surveyed, new house prices in first-tier cities rose by 0.4 percent month on month, 0.1 percentage point slower than the growth recorded in February this year, as announced by China’s National Bureau of Statistics (NBS).

Meanwhile, in second-tier cities the month-on-month growth rate of new house prices in the given month was 0.5 percent, 0.1 percentage point faster than that recorded in February, while in third-tier cities the month-on-month growth rate of new house prices in March was 0.3 percent, maintaining the same growth rate compared to that recorded in February.

In China’s second-tier cities, prices of second-hand houses in March saw a year-on-year rise of 3.3 percent, 0.4 percentage points higher compared to the increase recorded in February. In third-tier cities, the year-on-year growth rate of second-hand house prices in March was 2.3 percent, 0.4 percentage points higher compared to the year-on-year growth rate in February.

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Source: https://www.steelorbis.com/steel-news/latest-news/nbs-new-house-prices-in-first_tier-cities-in-china-up-04-in-mar-1195934.htm

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Metal

Demand for scrap in Bangladesh slackens, expectations more bearish

Prices for import scrap in Bangladesh have posted just small changes over the past two weeks.

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Information Provided By:

SteelOrbis Elektronik Pazaryeri A.Ş. (“SteelOrbis”)
19 Mayıs Mahallesi, Atatürk Caddesi
Şeref Yazgan İş Merkezi, No: 72, Kat: 7, D: 18
Kozyatağı – 34736
Istanbul, Turkey

Trade Registration Number : 541892
MERSİS Number : 0470048178400014
Customer Relations Officer : Sinem Alpkaya
Tel : +90 216 468 10 50
Fax : +90 216 386 41 08

This Information Form has been drawn up in order to provide information to the customer (“Customer”) who seeks a free trial on an electronic environment for the purpose of benefiting from the services offered by the SteelOrbis website at “www.steelorbis.com” prior to acceptance of the Membership Contract, and it allows the Customer to gain clear information on the terms and conditions of the membership to be established as well as to review the text of the Contract in question.

The following successive steps shall be taken in order to establish a free trial:

– The Customer selects the “Free Trial” option on the home page at https://www.steelorbis.com.
– The Customer provides all information requested in the “Free Trial Application” form displayed on the screen and confirms it.
– SteelOrbis sends an account activation e-mail to the e-mail address of the Customer provided in the application form.
– The Customer clicks on the activation link sent to his/her e-mail address and activates his/her account. The website Membership Contract is presented to the Customer during the account activation process.

Storage of the Membership Contract:

You can either save the Membership Contract on your computer or make print-outs of it for storage. The Membership Contract accepted and confirmed by the Customer is not kept by SteelOrbis. You can always get access to the standard Membership Contract displayed on the website. However, as amendments may be made to the standard Contract, it may include some variations in comparison with the text approved by you. Accordingly, it may not be possible for you to access on the website the text you originally approved.

Data entry errors:

The information you should provide for membership application and the fields you should fill in are indicated during each step of the operation. You are obliged to provide such information. If you leave the required fields blank, the system will issue a warning. Please fill in all necessary fields. Prior to the completion of the operation, all data entered by you in the previous step will be displayed once more. Please make sure that the information provided by you is accurate and complete before finally confirming the operation; any missing or incorrect information should be completed or corrected. Any amendment or correction on the information provided by you after the confirmation may be performed by means of website logins after the establishment of the membership.

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Source: https://www.steelorbis.com/steel-prices/steel-prices-market-analyses/scrap-and-raw-materials/demand-for-scrap-in-bangladesh-slackens-expectations-more-bearish-1195930.htm

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Metal

New deals for import scrap signed in South Korea

Republished by Plato

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Information Provided By:

SteelOrbis Elektronik Pazaryeri A.Ş. (“SteelOrbis”)
19 Mayıs Mahallesi, Atatürk Caddesi
Şeref Yazgan İş Merkezi, No: 72, Kat: 7, D: 18
Kozyatağı – 34736
Istanbul, Turkey

Trade Registration Number : 541892
MERSİS Number : 0470048178400014
Customer Relations Officer : Sinem Alpkaya
Tel : +90 216 468 10 50
Fax : +90 216 386 41 08

This Information Form has been drawn up in order to provide information to the customer (“Customer”) who seeks a free trial on an electronic environment for the purpose of benefiting from the services offered by the SteelOrbis website at “www.steelorbis.com” prior to acceptance of the Membership Contract, and it allows the Customer to gain clear information on the terms and conditions of the membership to be established as well as to review the text of the Contract in question.

The following successive steps shall be taken in order to establish a free trial:

– The Customer selects the “Free Trial” option on the home page at https://www.steelorbis.com.
– The Customer provides all information requested in the “Free Trial Application” form displayed on the screen and confirms it.
– SteelOrbis sends an account activation e-mail to the e-mail address of the Customer provided in the application form.
– The Customer clicks on the activation link sent to his/her e-mail address and activates his/her account. The website Membership Contract is presented to the Customer during the account activation process.

Storage of the Membership Contract:

You can either save the Membership Contract on your computer or make print-outs of it for storage. The Membership Contract accepted and confirmed by the Customer is not kept by SteelOrbis. You can always get access to the standard Membership Contract displayed on the website. However, as amendments may be made to the standard Contract, it may include some variations in comparison with the text approved by you. Accordingly, it may not be possible for you to access on the website the text you originally approved.

Data entry errors:

The information you should provide for membership application and the fields you should fill in are indicated during each step of the operation. You are obliged to provide such information. If you leave the required fields blank, the system will issue a warning. Please fill in all necessary fields. Prior to the completion of the operation, all data entered by you in the previous step will be displayed once more. Please make sure that the information provided by you is accurate and complete before finally confirming the operation; any missing or incorrect information should be completed or corrected. Any amendment or correction on the information provided by you after the confirmation may be performed by means of website logins after the establishment of the membership.

Our confidentiality policy:

Please click here to review our confidentiality policy.

Invest w Mintos
Source: https://www.steelorbis.com/steel-prices/steel-prices-market-analyses/scrap-and-raw-materials/new-deals-for-import-scrap-signed-in-south-korea-1195929.htm

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