Metals &Mining Alert-Daily prices and news:Gold close to $1,300/oz ahead of key events

类别:行业研究 机构:德意志银行 研究员:Jorge Beristain,Chris Terry 日期:2017-06-16

Industrials (/lb): aluminum $0.86 (-0.1%), copper $2.55 (-0.2%), lead $0.94 (-1.5%), molybdenum $7.82 (+0.0%); nickel $4.02 (-0.5%); zinc $1.12 (-1.0%);Precious (/oz): gold $1,294 (+1.1%), silver $17.71 (+0.7%); Steel (/mt): ChinaHRC $473 (-2.3%), SHFE Rebar $433 (-1.5%), MB Scrap Index $266 (+0.0%);Bulks: iron ore (/dmt) $56 (+0.1%), coking coal (/mt) $151 (-0.7%), freight (BCI)1,366 (+1.0%); Energy: Brent (/bbl) $50.12 (+1.3%), WTI (/bbl) $48.19 (+1.7%),natural gas (/mmBtu) $3.04 (+2.0%), thermal coal (/t) $77 (+1.4%).

    Gold at 7-month high of $1,295/oz ahead of key political and economic events.

    UK’s national election, European Central Bank policy meet and FBI DirectorJames Comey’s testimony expected on Thursday. Also, Indian demand mayrise in medium-term, as new regulations sets tax rate at 3% (vs. expected 5%).

    However, a Fed rate hike in mid-June could bring prices lower. (Reuters)US manufacturing PMI rises to 54.9 in May (vs. 54.8 in April). NonmanufacturingPMI fell to 56.9 (vs. 57.5 in April). Export orders decreasedwhereas employment rose across all sectors. (Bloomberg Finance LP)US flat-rolled steel re-rolling mills (NLMK USA, CSI) request US Commerce toexclude semi-finished steel from Section 232 probe. NLMK USA imports 1.6mt/pa of slabs and claims there are no domestic merchant suppliers of slabs.

    Import restrictions would impair the downstream manufacturer’s ability tocompete in the market. (SBB)Iron ore supply increases as low-cost miners add production from newprojects. Shipments from Australia’s Port Hedland rose to 44mt in May (+13%YoY). Output in Brazil, where Vale is ramping up its biggest project, S11D roseto record high of 35mt in May. Stockpiles in Chinese ports rose 20% YoY to137mt, even as Chinese mill output reached record highs and a manufacturinggauge indicated bumper production in May. (Bloomberg Finance LP)Zambia’s copper output expected to rise 4% in 2017 to ~800kt, per Chamberof Mines. Power tariff negotiations are progressing well, with a resolutionexpected in a few weeks. Government to set tariffs as per costs incurred, withan aim to recoup costs and ensure profitability of copper producers. Within ourcoverage, Barrick and First Quantum have operations in Zambia. (Mining.com)US steel import permits totaled 3.6m st in May (+7% vs April imports, +25%YoY), including finished products of 2.6m st (+3%, +24%). Permits for semis(+182kt, +22%), rebars (+53kt, +67%) and wire rods (+44kt, +29%) rose themost MoM, whereas, oil country tubular goods (-69kt, -20%) and coatedsheets (-43kt, -9%) decreased. (US import administration)Indian major Adani announces positive investment decision on $16.5bnthermal coal and rail project in Queensland despite facing opposition fromactivists. The project is expected to produce 60mt/pa over a 90-year mine life.

    (Mining Weekly)

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