LONDON, Aug 27 (Reuters) – Copper and other base metals
jumped on Thursday after comments by U.S. Federal Reserve
officials helped calm global markets, including hard-hit stocks
in top metals consumer China.
Speculators on the London Metal Exchange scrambled to buy
back short positions after the recent downswing, and oil prices
also rallied, traders said.
LONDON/SINGAPORE (Reuters) – Commodity markets lurched lower on Monday after Chinese equities resumed their slide, fuelling worries of a hard landing in the world’s biggest consumer of raw materials.
Crude oil tumbled to its weakest levels in 6-1/2 years while industrial metals prices also hit multi-year lows amid a broad sell-off of risky assets.
LONDON, Aug 13 (Reuters) – Copper steadied on Thursday above
the previous session’s six-year low after China’s central bank
said there was no basis for further yuan depreciation, dampening
concerns that the country’s appetite for metals imports could
Weighing on base metals, however, was a stronger dollar,
which makes dollar-priced metals costlier for non-U.S.
LONDON, Aug 11 (Reuters) – Aluminium hit a six-year low and
other base metals also slumped on Tuesday after China devalued
its currency, fuelling worries about a glut of aluminium and
boosting the cost of commodities for the world’s top metals
Industrial metals on the London Metal Exchange,
which have shed 16 percent so far this year, reversed a rally in
the previous session as bears got the upper hand again.
LONDON (Reuters) – Demand for commodities is healthy on the ground in top consumer China despite worries about an economic slowdown that has weighed on prices, the head of mining group Rio Tinto said on Thursday.
It was unclear, however, when China will cut back excess output in aluminum that has led to heavy exports and a glut on world markets, Chief Executive Sam Walsh said.
LONDON, Aug 5 (Reuters) – Copper and other base metals
slipped on Wednesday as the dollar strengthened on expectations
that U.S. authorities were close to hiking interest rates.
Losses were modest, however, after data showed activity in
the services sector of China, the world’s top metals consumer,
expanded in July at its fastest pace in 11 months.
LONDON, Aug 4 (Reuters) – Tata Steel has spun out
its long products unit making items such as plates, sections and
wire rods into a standalone business to better pursue strategic
options, after the reported withdrawal of Klesch Group from
talks to buy the division.
India-based Tata Steel, Europe’s second-largest steelmaker,
had said in October it was in talks to sell its loss-making long
products operation, which employs 6,500 people mostly in
Scunthorpe in the English midlands, to Klesch.
LONDON, July 30 (Reuters) – Rising volumes in U.S.-based
iron ore contracts are starting to create a credible alternative
to trading in Asia for the raw material to make steel, industry
While iron ore prices rallied and then tumbled to record
lows in recent years, trading volumes on Asian exchanges have
soared, while those in Europe and the United States struggled.
LONDON, July 29 (Reuters) – Copper dipped on Wednesday ahead
of a U.S. central bank statement expected to set the stage for
an interest rate hike in September and a potentially firmer
Copper rallied earlier in the session, sparked by a rebound
on the Chinese stock market and hopes of more stimulus in the
world’s top consumer of industrial metals.
LONDON (Reuters) – The combined impact of stronger output and a sharper-than-expected slowdown in China has sent market surpluses in copper and aluminum ballooning this year, a quarterly Reuters poll showed.
Prices of the two most-traded industrial metals, however, may have limited downside, according to the poll results.