NEW YORK/LONDON Britain's financial services regulator is examining allegations of precious metals market manipulation by JPMorgan Chase & Co traders following criminal charges by U.S. authorities, according to two people familiar with the matter.
LONDON Palladium is likely to rise still higher after growing demand from automakers and a gaping supply shortfall pushed prices to record levels above $1,700 an ounce this week, analysts said.
LONDON, Oct 3 Copper prices slipped for a fourth
day on Thursday after the United States announced tariffs on
some European goods, adding to fears that a global economic
slowdown will deepen, weakening demand for metal.
LONDON, Sept 27 Aluminium prices were set for
their biggest weekly decline since last October as falling
alumina prices and a weak demand outlook dragged the metal used
in transport and packaging to its lowest level since January
LONDON/NEW YORK Two JPMorgan Chase & Co employees, including a top metals trading executive, have been placed on leave in response to a U.S. criminal investigation into the bank’s metals trading practices, according to a source familiar with the matter.
LONDON/NEW YORK, Sept 12 Two JPMorgan Chase & Co
employees, including a top metals trading executive,
have been placed on leave in response to a U.S. criminal
investigation into the bank’s metals trading practices,
according to a source familiar with the matter.
(Updates with closing prices)
By Peter Hobson
LONDON, Sept 11 Copper prices dipped on
Wednesday after a sharp fall in Chinese auto sales underlined
fears of weaker demand from the world's largest consumer of
Concerns over China's economic outlook outweighed any
optimism from a decision by Beijing to exempt some U.S. goods
from additional tariffs, potentially easing tensions in a
damaging trade dispute.
Benchmark copper on the London Metal Exchange (LME)
did not trade in closing rings but was bid down 0.9% at $5,772 a
tonne, moving toward a two-year low of $5,518 hit earlier this
Unless a U.S.-China trade deal is reached, prices will
likely remain around current levels as weaker demand is offset
by constraints on supply, said Saxo Bank analyst Ole Hansen.
"We've seen the bottom for copper for this year," he said.
CHINA CARS: China's total auto sales fell 6.9% from the same
month a year earlier to 1.96 million, the China Association of
Automobile Manufacturers said, warning of weak sales ahead.
The figures follow a string of weak Chinese manufacturing
data. China has made some moves to stimulate activity, including
a cut to bank reserve requirements announced last week.
CHINA OUTPUT: Refined copper cathode production by major
Chinese smelters fell by 0.5% in August from a month earlier, a
survey by research house Antaike showed.
PERU: An indefinite strike by mining unions in Peru that
started on Tuesday has failed to draw large numbers of workers
and has not affected output at mines in the world's No.2 copper,
zinc, and silver producer, an industry association said.
NICKEL: LME nickel closed down 0.8% at $17,900 a
tonne even as the premium for cash metal over the three-month
contract surged to a 10-year high of $107, pointing to tighter
Benchmark nickel leaped to a five-year high of $18,850 this
month after top supplier Indonesia said it would ban ore exports
STOCKS: On-warrant stocks of nickel available to the market
in LME-registered warehouses fell to 83,346 tonnes, down from
around 250,000 tonnes at the start of 2018 and the lowest since
One entity holds between 80% and 89% of warrants.
PHILIPPINES: Nickel miners in the Philippines are likely to
ramp up ore output by next year, but their production capacity
is limited, a local industry lobby group said.
The Philippines' mining watchdog meanwhile recommended
lifting the suspension of a small-sized nickel miner.
LEAD: China's primary lead output rose 3.6% year-on-year to
242,000 tonnes in August, while recycled lead production was up
9.1% year-on-year at 196,000 tonnes, Antaike said.
Benchmark lead finished down 0.4% at $2,093 a tonne.
OTHER METALS: LME aluminium closed up 0.3% at $1,825
a tonne, zinc gained 1.1% to $2,363 and tin rose
2.2% to $17,775.
(Reporting by Peter Hobson; additional reporting by Tom Daly;
editing by Alexander Smith and Lisa Shumaker)
By Peter Hobson
LONDON, Sept 6 Resurgent investor demand for
platinum will drive overall consumption of the metal up 9% this
year and lead to a lower surplus, the World Platinum Investment
Council (WPIC) said on Friday.
The WPIC in its latest quarterly report cut its estimate of
oversupply in the roughly 8 million ounce a year platinum market
to 345,000 ounces from 375,000 ounces three months
Clamour for the metal from investors in exchange-traded
funds (ETFs) will offset declines in consumption by jewellers
and auto makers, the WPIC said.
"Unprecedented investment demand in H1'19 of 855,000 ounces
(720,000 ounces from increased ETF holdings and 135,000 ounces
from bar and coin purchases) supports a conservative investment
demand forecast for 2019 of 905,000 ounces," it said.
The WPIC is a platinum industry-funded body and uses data
from an independent consultancy.
Platinum prices plunged from around $1,800 an ounce
in 2011 to a low of $751.25 last year as declining demand pushed
the market into surplus in 2017 and 2018, according to the WPIC.
But prices have since crept higher, with rapid gains since
late August taking the metal to near $1,000.
The biggest consumer of platinum is the auto industry, which
uses it and sister metals palladium and rhodium in vehicle
exhausts to reduce harmful emissions.
Demand is likely to improve as a decline in sales of diesel
cars, which use the most platinum, begins to reverse as more of
them meet tougher environmental rules and lower interest rates
lift precious metals in general, said the WPIC's head of
research, Trevor Raymond.
He also said a sharp rise in palladium prices, currently
around $1,600 an ounce, would encourage auto makers to use more
platinum, though there is so far no evidence of this happening.
"Demand growth potential over the next two years certainly
looks like the market is heading to deficit," Raymond said.
Platinum supply will rise 4% this year, the WPIC said,
mainly due to the release of stocks accumulated by miners in
South Africa, the largest producer, during smelter repairs and
maintenance in 2018.
But this is a one-off boost, Raymond said, predicting South
African output would be around 200,000 ounces lower next year.
PLATINUM SUPPLY/DEMAND ('000 oz)*
2019(f) 2018 % change
Mine supply 6,405 6,125 5%
Recycling 1,985 1,935 3%
TOTAL SUPPLY 8,390 8,060 4%
Automotive 3,015 3,125 -4%
Jewellery 2,215 2,325 -5%
Industrial 1,910 1,920 -1%
Investment 905 15
TOTAL DEMAND 8,045 7,385 9%
Balance 345 675 -49%
Above-ground 3,335 2,990 12%
Q2 2019 Q2 2018 % change
Mine supply 1,615 1,650 -2%
Recycling 495 485 2%
TOTAL SUPPLY 2,110 2,135 -1%
Automotive 765 815 -6%
Jewellery 555 585 -5%
Industrial 480 475 1%
Investment 90 -55
TOTAL DEMAND 1,890 1,820 4%
Balance 220 315 -30%
* Source: World Platinum Investment Council, Platinum
Quarterly Q2 2019
(Reporting by Peter Hobson; editing by David Evans)
LONDON, Sept 5 Copper prices rose on Thursday to
the highest since Aug. 19 after China and the United States
agreed to hold high level trade talks, reviving hopes for an end
to a dispute that has weakened global economic growth and
consumption of metals.
LONDON The London Metal Exchange's gold and silver futures are being thrown into doubt, with the imminent resignation of Societe Generale as a market maker threatening to deepen a decline in trading activity, three sources said.