Building on last year’s record attendance with over 500 delegates from around the world, the 2009 LME Metals Seminar will be held on Monday 12 October 2009 at the Queen Elizabeth II Conference Centre, Westminster, London.

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Turnover since the contracts’ launch in February 2008 now totals 1.3 million tonnes, or $679 million, with volumes increasing progressively since December.

Of significant importance is the decision by leading price providers Platts and SteelOrbis to use the LME Mediterranean billet contract as the central reference point for their scrap and rebar market assessments.

Both organisations will publish rebar prices as a premium to the LME billet price and scrap prices as a discount to the LME price.

This reflects growing acceptance in the steel market for the LME billet price and its adoption by Platts and SteelOrbis will further consolidate its use in industry.

“The LME steel price is fast becoming the industry reference price,” said Liz Milan, commercial director of the exchange. “Industry can be confident that our prices reflect the market and that they can use our contracts to manage their risk.”

The committee is chaired by Standard Bank’s Jim Coupland. LME chief executive Martin Abbott is vice chairman.

Other members of the committee are: Ugur Dalbeler (Colakoglu); Butch Zeederberg (MacSteel); Ray Key (Deutsche Bank); Tim Wilson (JP Morgan); Mark Lyons (Cargill International Trading Pte Ltd); Jean-Luc Fiorenzoni (Stemcor); Liz Milan (LME); Michael Hutchinson (RBS Sempra Metals Ltd); Mel Wilde (Metalloyd Ltd); Jeff Kabel (Koch); Shon Loth (ICS Ltd) and Stephen Branton-Speak (Goldman Sachs)

About The LME:

The LME is the world’s premier non-ferrous metals market and achieved volumes of more than $10,000 billion in 2008.

On 25 February 2008 the Exchange launched Mediterranean and Far East steel billet futures contracts on LME Select and the telephone market. Ring trading commenced on 28 April 2008.

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Base metals fell sharply in the last week as the financial market mood continues to remain weak on concerns that the world economies are sinking into an intensifying recession. The current crisis is expected to continue well into 2009 as much the developed world is expected to remain in recession.

Since the developed countries are facing a crunch, the developing nations that depend on exports to these countries will also be hurt. Hence, all these concerns are leading to fears of lower demand in times of weakening global economic situation.

Since trade takes place on a global level, the crisis is into a two way street where no one can escape the effects of a massive pile up. Copper inventories continue to rise steadily and this situation indicates that the demand is weak. The metal has breached its important support of $3370 on LME and presently trades around the $3200 mark. Aluminum prices continue to face the pressure of falling crude oil prices ($45 levels) as a decline in oil prices means lower cost of producing primary aluminum as energy costs are approx 40% of total cost of production. This reduces concern over supply of aluminum in the market.

Courtesy: www.commodityonline.com

Tin price dropped by 3.3 percent to US$13,000/ton, and had decreased by 38 percent since June. Copper price increased by 3 percent to US$4,810/ton. Lead price saw an increase of US$80/ton due to the stock reduce.

Nickel price raised by US$20/ton to US$10,800/ton and zinc price raised by US$50/ton to US$1230/ton. Aluminum price increased to US$2,205/ton, up by US$20/ton.

LME nickel price hit low –
Last Friday, LME nickel price plunged to US$10,585/ton.

Since October 7, the nickel price has sharply plunged by US$1,250/ton and continues to show a downward trend, hitting the lowest price within the last two years.

Steel traders may observe nickel price dropping down to US$10,000/ton this week. Some steel traders are even expecting the price to bottom out, after which they can look forward to a fresh new rebound, leading to better dealings in the stainless steel market.

Source www.yieh.com

LME Copper, LME Warehouse Stocks, LME Aluminum LME Lead, LME Zinc, LME Tin,  and LME Nickel can be found at this website on the LME Price Page or http://www.scrapmetalpricesandauctions.com/lme .  The webpage provides updated price charts for all the metals listed above.

Commenting on the announcement LME Commercial Director, Liz Milan said: “Today our steel contracts have reached a notable double milestone. These are still early days for our steel contracts, but the fact that 260,000 tonnes of billet has traded on the LME shows that there is growing interest in our contracts and that the industry is beginning to understand the value of using futures.”

Notes to editors:

On 25 February 2008 the Exchange launched steel billet futures contracts for the Mediterranean and Far East regions;
Cash trading for the LME steel billet contracts commenced on the 24 July 2008.
The LME steel billet contracts are traded in lots of 65 metric tonnes;
The LME is the world’s premier non-ferrous metals market and achieved volumes of almost 93 million lots in 2007, an increase of 7% on 2006 figures and equivalent to $9,500 billion in monetary terms;
Trading at the LME in non-ferrous metals, steel and plastics takes place across three platforms: through open-outcry trading on the “Ring”; through an inter-office telephone market and through LME Select electronic trading platform.

Source www.LME.com

Lack of liquidity in the markets was already troubling the investors. The other factor to eye on is that Dollar has seen the rum against the EURO which was exorbitant and quick. This has affected the hedge appeal for metals thick and fast.

In Base metals market, Copper for delivery in three months slid as much as $ 210, to $ 6720 a metric ton on the London Metal Exchange. That is the lowest intraday price since Jan. 22. Among other metals traded on the exchange, aluminum traded as low as $ 2525 a ton in London, the lowest compared with intraday prices since Jan. 29. Tin slumped $700, to $ 18200 a ton while lead dropped $60, to $ 1790 and Nickel fell $ 454, or to $ 17651.

MCX Copper for November expiry closed the day at Rs 317.65 per kg. Resistances for the contract are at 321 while Supports are at 315 levels. MCX Nickel September expiry contract closed the session at Rs 824 per kg down Rs 20. Resistances for the contract are at 844 while Supports for the contract are at 819.

Article courtesy of www.commodityonline.com

Monday 13 October 2008

The LME Metals Seminar brings together key members of the metal industries in London each October for an update on the latest developments and a view of the year ahead. The seminar is an excellent opportunity to meet and network with key decision makers from around the world.

Check LME.com for full details and to purchase tickets. CLICK HERE

LME Training Courses during LME Week

Maximise your time while in London for LME Week

LME Education will be conducting a range of training courses throughout LME week. More details of all training courses are available from the LME website.

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The stocks of aluminum on the LME increased to some 1.12 million tons due to the weak demand from US automobile industry. The stock level is the highest level since May, 2004. Therefore, the three month price of aluminum decreased significantly by 8 percent to US$3,033/ton last week.

The three month price of lead remained stable at US$23,425/ton last week. The three month price of nickel reduced to US$20,400/ton. Due to the weak demand in China, the three month price of copper dropped by 2.3 percent to US$8,085/ton.

Source: www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=31023&division=A5