Base metals
Overview
From vehicle lightweighting to increased demand for copper to wire our connected world, base metals are used widely in manufacturing industrial and consumer products, and demand is only going to increase. Base metals are the most connected to the futures market already so what does even more demand mean for commodity investments?
Argus provides base metals premiums in the most active trading regions around the world, in addition to data from the world’s metals exchanges on a real-time (additional fees apply) or 30-minute delay basis.
Base metals coverage
Argus delivers price data on over 300 base metals through the LME, CME and COMEX, as well as proprietary assessments. Our market news and analysis spans copper, aluminium, nickel, lead, tin, zinc and other base metals crucial to commercial and industrial enterprises.
Track premiums in the most active trade regions and use our daily analysis to better understand the link between the physical and paper markets to better navigate futures, options and exchange-traded funds (ETFs).
Investors that do take positions on the financial markets can use Argus tools to highlight arbitrage opportunities and receive alerts when prices reach upper and lower threshold limits on their contracts of interest.
Highlights of Argus global base metals coverage
- Value-added exchange data tools offer a deeper level of insight to the standard exchange feed windows (calculated derived cash, global view of all exchanges on a single screen, threshold alerts).
- Full suite of non-ferrous scrap prices can be analysed to detect correlations or leading indicators for base metals prices.
- Currency and unit of measure conversions allow easy comparison of exchange data in different regions of the world to identify arbitrage opportunities.
- Base metals workspaces facilitate an holistic view of each individual market’s performance.
Latest base metals news
Browse the latest market moving news on the global base metals industry.
Boeing workers reject labor deal, extend strike
Boeing workers reject labor deal, extend strike
Houston, 24 October (Argus) — Striking Boeing employees spurned a tentative labor deal struck between the aircraft maker and union leadership, continuing a costly work stoppage that has halted production of the company's flagship 737 MAX aircraft, along with its 767 and 777 widebody programs. Up to 64pc of factory workers backed by the International Association of Machinists and Aerospace Workers (IAMAW) on Wednesday voted to reject the company's offer, which promised a 35pc general wage increase spread over four years and increased company retirement account contributions. That pay raise, while an improvement over Boeing's first offer of 25pc, ultimately fell short of the 40pc increase sought by workers. Another sticking point centered around the return of employees' pension plans, which was not included in the latest proposal. Boeing had no comment on the vote's outcome. Ending the strike has been the priority of new Boeing chief executive Kelly Ortberg, who assumed the leadership position in August. The five-week work stoppage likely has cost the company $4.5bn based on the latest estimates from Anderson Economic Group and has forced Boeing to delay its goal of increasing 737 MAX build rates to 38/month by the end of the year. The company reported a third quarter loss of $6.2bn on revenues of $17.8bn. The strike's continuance also will exacerbate slowdowns within Boeing's supply chain, which "it turned off in many cases" because of the labor action. The company confirmed it had stopped shipments from certain suppliers, effectively shutting them down and forcing some to announce furloughs — including at its shipset supplier Spirit Aerosystems . Boeing is keeping other suppliers running "hot," either because the company felt some were behind on shipments or because risks were too great to shut them down. That latter group likely includes titanium melters, whom Boeing wants to keep operating at high levels to meet demand requirements for when the aerospace manufacturer increases ramp rates starting in 2025. Still, several market participants within the titanium value chain have expressed concerns to Argus that an extended strike could disrupt future scrap generation in the US, saying there remains enough inventoried material in the pipeline to cover near-term demand. It remains to be seen when negotiations between Boeing and union leadership will resume. The most recent round of talks were mediated by Julie Su, the acting secretary of the US Labor Department. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Al: UBCs rise with gain in LME
US Al: UBCs rise with gain in LME
Houston, 23 October (Argus) — Used beverage can (UBC) scrap prices continued their rise from yesterday on a higher cash settlement on the London Metal Exchange (LME). Argus ' daily UBC scrap assessment rose to 107-109¢/lb from 105.5-108¢/lb on Tuesday. This represented a spread of approximately 77-78.5pc of Argus ' internal Midwest transaction price. The cash LME settlement ended today's trading session at 119.07¢/lb, up from 118.34¢/lb. This ended the eight-trading day streak of moves greater than 1pc. The weekly P1020 differential to the Midwest transaction price moved up to 19.25-19.75¢/lb. 6061/6063 billet premiums remained at 8-10¢/lb, where they have been assessed since 11 September. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Cu: Demand and premiums flat
US Cu: Demand and premiums flat
Houston, 23 October (Argus) — US grade A copper cathode premiums were unchanged on tepid demand and increased inventory. Argus assessed Grade A copper cathode premiums at 8-12¢/lb delivered Midwest on Wednesday, holding at its lowest adder since mid-July. Spot copper cathode demand continued its lackluster performance, with consumers filling demand with contracted material. Copper cathodes in registered exchange warehouses were up for the week as combined cathode stockpiles for the three major copper exchanges rose by 1.2pc to a total of 522,150 metric tonnes (t) in the past week. The total was 93pc higher when compared to a year earlier. The London Metal Exchange (LME) copper cathode stock total fell for a fifth consecutive day and to its lowest total since 6 August when it was down by 0.2pc to 279,625t on Wednesday. The LME was down just over 3pc when compared to a week earlier but remained 47pc higher than the prior year. The Shanghai Futures Exchange (SHFE) weekly copper inventory was up by 7.6pc at 168,425t on Friday. The total was at a six-week high after rising for a third week and was 189pc higher year-over-year. The Chicago Mercantile Exchange (CME) stockpile total grew for a fourth consecutive day and 26 of the past 27 days. The total rose by 1.4pc to 74,100t on Tuesday. CME stockpiles were up over 4.8pc when compared to a week earlier and at its highest since the middle of May 2022. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Grupo Mexico’s 3Q boosted by Cu output, sales
Grupo Mexico’s 3Q boosted by Cu output, sales
Sao Paulo, 23 October (Argus) — Conglomerate Grupo Mexico boosted its earnings in the third quarter, led by increased copper output and strong sales prices. The company produced 280,900 metric tonnes (t) of copper in the third quarter, up by 10.6pc from the year earlier period. Copper sales in the quarter increased by 8.2pc to 275,070t. The average copper price of $4.23/lb in the third quarter was 12.2pc higher than the prior-year period, according to Comex figures cited Tuesday by Grupo Mexico. The group's mining division sales, represented by subsidiary Americas Mining, rose by 17.8pc to $3.2bn in the third quarter from a year prior, the group said. Profit surged by 55pc to $864mn, while cost of sales rose by 5.4pc to $1.4bn. Total profits for Grupo Mexico, which has operations in mining, rail and infrastructure, rose by 44pc to $1bn in the third quarter on the year, with revenues increasing by 13.4pc to $4.13bn in the same period. The increase in copper output reflects gains at the Peruvian mines of Toquepala, Buenavista, Cuajone and Mexico's Caridad mine, the company said. "Grupo Mexico was able to benefit from a favorable copper price environment which, together with excellent production levels and strict cost control, translated into excellent financial results led by the mining division," the company said. The company nearly doubled its zinc output to reach 31,080t in the third quarter, driven by the Buenavista Zinc concentrator. Zinc sales rose by 50pc to 37,355t. Molybdenum production in the third quarter rose by 6pc to 7,270t from the prior-year period, while sales increased by 5.6pc to 7,326t. Average zinc prices of $1.26/lb in the third quarter were up by 14.5pc from the same three-month span in 2023, based on London Metal Exchange numbers. Grupo Mexico's Americas Mining subsidiary comprises main subsidiaries Southern Copper in México and Peru, and Asarco in the US. Capital investments rose by 30pc in the quarter, totaling $536mn . By Carolina Pulice Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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