REMINDER
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MATERIAL
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LOCATION
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PREMIUMS IN USD/TONNE
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NOTES
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Copper A
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Singapore
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5-15
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18% of stocks; LME stocks up 700t. Prices on either side of $5,000/t; cash-3s backwardation narrowed further to $11.50
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South Korea
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5-15
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6% of stocks; LME stocks down 2,100t. Stocks rise after Chinese traders, producers ship metal to LME, non-LME warehouses, consumers asked for flat
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CIF Korea
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50-60
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Last PPS tender at 78-89 (Zambian and Chilean); Local consumers more into off-grade or unregistered brands; various off-grade prices depending on purities
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Malaysia
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5-15
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16% of stocks; stocks down 1,300t, mainly Zambian/Indian origin; shipments from China
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Rotterdam
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15-25
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8% of stocks; LME stocks down 525t, less material available; buying interest seen for non-LME brands + off-grade copper
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CIF Rotterdam
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50-55
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Enough supply of off-warrants and stable demand in Europe; various off-grade prices depending on brands
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Vlissingen
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10-20
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LME stocks flat, Just 175t left
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Antwerp
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10-20
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1% of stocks, stocks flat
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Germany
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95-105 delivered
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No LME stocks; strong demand seen, consumers more into unregistered material
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Bilbao
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10-20
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LME stocks flat (only 25t); Spain CIF heard around 40-50
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Italy
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15-25
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No more LME stocks
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CIF Italy
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55-60
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Spot business quiet, little movement in premiums, off-warrant stocks ample
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US warrants
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0-15
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41% of stocks, stocks up 2,825t
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US Midwest
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5.5-6.0 cents/lb dlvd
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Premiums hold firm on scrap tightness but high Comex prices could push more secondary metal into the market
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Shanghai
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45-55 CIF (SX-EW 45-50, ER 50-55)
50-60 bonded (SX-EW 50-55, ER 55-60)
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Premiums steady at low levels on firmly closed arbitrage, gloomy sentiment after the start of 2Q failed to bring the usual pick-up in demand
Total stocks expected to drop but still at high level, with bonded stocks up 17pct to 530-550kt by end-March
Smelters export to LME-registered warehouses in SE Asia with incentives heard at $50-65
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CIF Japan
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55-65 (ER only)
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No LME stocks, no imports. Quiet market
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CIF Taiwan
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55-65
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2% of LME stocks, stocks up 1,875t, market stable, decent buying interest, shipments from mainland China
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2016 contracts
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Aurubis and Codelco cut premium in Europe to 92, deals heard done either side of benchmark. Codelco cut premiums to 98 in China, 92 in Taiwan/Korea/Japan. PPC at 105 in China/Taiwan, talk of deals below 90.Traders offer discounts of 10-20 to benchmarks in China/Taiwan. US Midwest booked at 5-5.5 c/lb; Codelco set to agree to 2.5-3 c/lb CIF Panama City.
2015 recap - Europe: Aurubis at 110, Codelco at 112. Asia: PPC 115; Codelco 133 in China, 115 in Korea/Taiwan/Japan, 127-135 in Vietnam/Malaysia. US Codelco 4 cents/lb CIF Panama. Less LTC booked despite discounts to benchmark offered.
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Aluminium
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Singapore
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70-80 ingots; 60-70 sows
Some warrants at 40-70
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17% of stocks; stocks down 1,125t; prices hit July 2015 highs at $1,667/t; supply overhang remains despite cuts. Spreads swing back into marginal contango on nearbys, cash-3s last at $9 contango.
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CIF Singapore
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100-110 ingots
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Market stable but demand unimpressive
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South Korea
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70-80 ingots on-warrant
80-90 off-warrant
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10% of stocks, LME stocks flat. High off-warrant stocks around 500,000t
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CIF Korea
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100-110 ingots
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High stocks; last PPS tender at 114.40/t for 700t
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Malaysia
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70-80 ingots
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10% of stocks, LME stocks down 1,000t
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CIF Malaysia
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100-110 ingots
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Quiet market
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Rotterdam
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75-90 DUP, 130-145 DP ingots
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31% of stocks; LME stocks down 5,700t; Demand weak,consumers buying hand-to-mouth
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Vlissingen
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Clearing with queue
70-80 DUP, 125-135 DP noQ
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15% of stocks; stocks flat.
Queues lengthen to 183 calendar days or 6 months due to cancellations in March, due to looming QBRC which starts May 1 and rush to obtain free rent.
Minimum load-out rate increased to 4,000tpd after Mar 1
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Antwerp
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75-90 DUP, 130-145 DP ingots
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1% of stocks; LME stocks flat
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Italy
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165-175 DP FCA
165-170 in the North and 170-175 in the South
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4% of stocks; stocks flat; South-North premium differential maintained as supply to South remains tighter
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Spain
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170-180 DP FCA
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1% of stocks; LME stocks flat
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Turkey
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120-130 DUP FCA
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Demand from Turkish market stable, consumers still resisting payment of import duties imposed last year
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Baltimore
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135-145 INW noQ
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3% of stocks; LME stocks flat; in strong hands
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Detroit
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Clearing with queue
135-145 INW noQ
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3% of stocks; LME stocks flat; queues shorten to 84 calendar days - will disappear by June 22 if there is no more cancellations
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Chicago
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135-145
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Stocks depleted
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New Orleans
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135-145, locked up
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LME stocks flat (only 500t)
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Mobile
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135-145 INW noQ
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No LME stocks
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US Midwest
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7.75-8.0 cents/lb dlvd DUP
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6% of stocks; LME stocks flat; Premium dips due to atypical lack of spot demand. Heavy-duty truck and tractor-trailer markets particularly weak.
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CIF Brazil
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145-155 Santos DUP
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Poor demand, high stocks in Santos port
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Shanghai
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80-90 CIF
90-100 bonded
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Trading volume extremely thin; Arbitrage still negative but domestic demand improving; Bonded stocks rise to 45,000-50,000t at end-Mar
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CIF Taiwan
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100-110 CIF
100-110 bonded
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1% of stocks; LME stocks flat; Plenty of off-warrant stocks available
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CIF Japan
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MJP Q2 settles at $115-117
Spot market lower at 100-110
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Q2 benchmark settles at $115-117 per tonne
Spot buying dips as LME prices improve and yen weakens against the dollar, MJP port stocks drop by over 20,000 tonnes 17-mth low of 345,600t in March. No LME stocks
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2016 contracts
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Premium curve flattens for 2016; some see upside risks in H2; some fixed contracts heard above 10 c/lb in US. Europe: buyers prefer floating premiums.
2015 recap - Europe: Rotterdam DP at 480-490 inw, Italy 520-540 DP FCA. US Midwest mainly on floating basis, some fix contract talks at 10-12 cents/lb. Asia - partly booked on floating MJP basis, partly left for spot.
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Zinc SHG
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Singapore
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55-65 high lead
70-80 low lead
95-110 FCA high lead
120-130 FCA low lead
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1% of stocks, LME stocks flat. Prices stable around $1,900/t. Cash-3s narrows to $8 contango.
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Malaysia
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50-60 high lead; 75-85 low lead
95-110 FCA high lead; 120-130 FCA low lead
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2% of stocks; LME stocks up 3,975t. No more queue at Pacorini Johor. High off-warrant stocks of around 50,000t
Last PPS tender at 130 for Indian brands; premiums in India last at $150-165/t
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Rotterdam
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FCA 85-100 DUP, 130-145 DP, 70-80 inw
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2% of stocks, LME stocks flat, no more queue in Rott, Vliss. Only hand-to-mouth demand seen, market quiet
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Antwerp
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FCA 85-100 DUP, 130-145 DP, 60-70 high lead inw
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13% of stocks, LME stocks flat
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Italy
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160-170 DP FCA; 195-205 dlvd
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No LME stocks, thin buying interest, ample supply, some competitive offers heard below market
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US warrants
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0-5
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81% of stocks, LME stocks up 800t
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US Midwest
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6.5-7.0 cents/lb dlvd
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Premiums climb off of historically low levels, Spot demand pick up in Q2; metal leaving New Orleans for Asia
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Shanghai
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95-110 CIF
95-110 bonded
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Thin trading volumes due to negative physical arbitrage and a glut of domestic supply, premiums stable at 8-mth/Aug 2015 low. Bonded stocks in end-Mar rose to 95-110kt from 65-80kt in prior month due to closed arb.
Taiwan at 115-130 CIF, no LME stocks
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Jebel Ali - Dubai
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120-140 FCA high lead
170-180 FCA low lead
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No LME stocks. Off-warrant stocks reported around 20,000t, more enquiries for spot tonnages
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2016 contracts
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US deals at 7-7.75 c/lb dlvd; Europe deals done at 125-145 DP FCA Rotterdam. Lower trend seen in Asia - China deals done at 100-120 CIF; Taiwan deals done at 130-145 CIF; SE Asia offers at 145-160 CIF, bids at 125-150.
2015 recap: very few LTC deals in China due to bids-offers $30-60 apart (offers 130-160); Southeast Asia: 170-185 CIF; Taiwan: 160-180 CIF with producers, traders lower at 155-160; US at 9-9.5 cents/lb. Europe: Italy 230-240 dlvd, Rotterdam at 140-160 DP FCA. Middle East at 190-210 FCA
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Nickel
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Singapore
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50-65 FP; 0-10 briq; 60-70 cut (no offers)
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13% of stocks; LME stocks up 558t. Price stable around $9,200/t; cash-3s contango largely stable at $34. FP premiums in SE Asia stable, SHFE deliverable cathodes hard to source and held in tight hands but well sought after.
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South Korea
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50-65 FP, 5-15 briq
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2% of stocks; stocks down 48t; last PPS tender for 200t at 400 CIF premium
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Malaysia
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50-65 FP / 0-10 briq no queue
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36% of stocks; stocks down 6,030t, no queue in Pacorini Johor
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Rotterdam
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55-65 FP; 30-60 briq; 200-210 cut
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23% of stocks; stocks down 3,696t, more enquiries for spot tonnages and lack of off-grade availability; stainless demand seen recovery in the Q2.
Most producers sold out for ferro-nickel/ lower grade briq in Q2
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Vlissingen
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50-60
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LME stocks flat (only 276t), no queue
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Antwerp
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50-60
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LME stocks down 72t (only 624t), no queue
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Sweden
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50-60
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LME stocks flat at zero, no queue
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UK
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50-60
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2% of stocks; LME stocks flat
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US Midwest
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12-16 cents/lb melting
60-65 cents/lb plating
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2% of stocks; LME stocks down 228t. Tightness in cut cathodes eases. Discounted briquettes still in the market
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Shanghai
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150-170 FP bonded
150-170 FP CIF
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Demand for SHFE deliverable brands continues, demand also strong for Japanese material. Steel prices at high levels.
FeNi with 20-40 percent nickel content heard between $100-$200 CIF Shanghai; Australian briquettes (tax-free) at $70-90 CIF Shanghai, other brands briqs below $50
Bonded stocks increase by 10,000 tonnes in March to 80,000-90,000; LME stocks in Taiwan down 492t, 18% of stocks
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Dubai
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30-40
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4% of stocks (mostly briq), LME stocks flat
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Japan
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12-13 cents/lb GSP duty free
130-140 FP CIF
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No LME stocks; very quiet market as Japan has enough local/duty-free supply
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2016 contracts
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Deals in Europe reached with premiums of $40-65 per tonne on in-warehouse Rotterdam basis, down from a wider range of $50-90 in 2015.; offers seen at 120-130 FP CIF Shanghai; some buyers would rather play spot market in 2016 than agree to full-year fixed contracts
2015 recap - China: some contracts booked at 120-130 CIF FP, fewer LTC deals. Europe: 50-90 FP inw. US melting FP at 15-25 c/lb
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Lead
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Singapore
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15-25 for 99.97%
60-80 for 99.99%
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No LME stocks; prices drop further below $1,800; cash/3s shifted to $5.25 contango. Battery scrap still tight, spot buying interest thin.
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Malaysia
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15-25 for 99.97%
60-70 for 99.99%
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33% of stocks; LME stocks down 9,975t.
South-East Asia at 100-110 CIF for 99.97% primary, 80-90 for secondary and 140-150 CIF for 99.99%
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South Korea
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0-15 for 99.97%
100-110 CIF for 99.97% primary
90-100 for secondary
135-150 CIF for 99.99%
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30% of stocks; LME stocks down 8,850t. Last Korean PPS tender at 110 CIF duty free for 99.99% Indian origin.
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Taiwan
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10-20 for 99.97%
CIF 100-110 for 99.97%, 120-130 for 99.99%; secondary 99.97% at 75-90
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LME stocks flat at 25t; battery producers well-supplied on the LTC, no need to buy on spot as most covered by annual contracts, quiet market
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India
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80-95 CIF for 99.97% (primary and secondary)
120-140 CIF for 99.99%
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Shortage of lead reported due to strong demand in April and less scrap supply; Local buyers prefer cheaper Iranian material to cover the shortage. Non-Iranian offered higher.
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Rotterdam
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10-20 for 99.97%; 60-70 DP FCA
165-175 DP FCA for 99.99%
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6% of stocks, LME stocks up 1,700t, warrants in strong hands
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Vlissingen
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0-15
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25% of stocks; LME stocks up 200t; no queue
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Antwerp
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10-20 DP 99.97%
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6% of stocks; LME stocks flat, no queue
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Spain
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15-20
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3% of stocks; LME stocks down 2,250t
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Italy
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15-20 for 99.97%; 80-90 FCA DP
140-150 dlvd North Italy
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LME stocks down 325t, 300t left,, slower demand, tight battery scrap
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US warrants
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20-30
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No LME stocks
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US Midwest
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7-8 cents/lb dlvd for 99.97%; 11-12 cents for 99.99%
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Premiums fall amid competitively prices imports from South America and Asia
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2016 contracts
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US: early 2016 99.99% deals at 12.5-14 cents. Asia: offers at CIF $90-100 for 99.97%; 99.99% deals at 125-135 CIF Taiwan, 130-150 elsewhere on KZ expansion. Deals at $130 dlvd for 99.97% in Eastern Europe, $150-160 dlvd for 99.97% in Italy.
2015 recap: Asia: 99.97% at 90-110 CIF Asia, 99.99% at 140-170; India: 99.97% at 75-95 CIF; Europe: 99.97% at 140-155 dlvd; US 13-14 cents dlvd Midwest for 99.99%, 99.97% around 10 cents.
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Tin
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Singapore
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0-20 for 99.85%; 80-110 for 99.9%, 210-260 low lead (<100ppm)
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31% of stocks; LME stocks flat in Singapore. Price continues to rise, now above $17,400/t as cash-3s backwardation widens to $52; March refined Indonesian tin exports drop nearly 40% on February to 2,719 tonnes, large volumes for April currently being traded on the ICDX.
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Malaysia
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0-20 for 99.85%
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68% of stocks; stocks up 90t, no queue. Some 99.9% offered at 125-150
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South Korea
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75-125 for 99.85% DUP, 200-250 for 99.9%
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LME stocks flat only 30t, quiet market, high off-warrant stocks. Last PPS for 200t of 99.85% at 494 (duty free) in March
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Rotterdam
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325-375 for 99.85%; 350-400 for 99.9%; 450-500 low lead (<100ppm)
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0% of stocks; LME stocks depleted (down 180t). Slim spot demand as high prices deter consumers; market expects higher premiums if supply continues to tighten into Q3-Q4.
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CIF Rotterdam
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300-350 for 99.85%, 320-370 for 99.9%; 440-490 low lead (<100ppm)
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End-users well covered by existing stocks.
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CIF Shanghai
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125-175 for 99.85%; 200-250 for 99.9%; 310-360 low lead
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Chinese smelters claim to cut 17,000t refined production but actual cuts will be less.
Several leading Chinese producers to carry out commercial stockpiling of 20,000-30,000 tonnes.
Premiums vary on quality and tonnage; CIF Taiwan 180-220 for 99.9%, 375-425 low lead, no LME stocks
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US Baltimore
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390-420 for 99.85%, 425-475 for 99.9%; 450-600 low lead (<100ppm) in-warehouse
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No LME stocks, still reasonable off-warrant inventories, buying interest stable; wide premium range for low lead: <50 ppm valued around 600s
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US Midwest
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450-550 for 99.85%; 525-575 for 99.9%; 625-675 low lead
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Lower producer offers
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2016 contracts
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2016 99.9-percent premiums decline in Europe: some annual deals heard at $340-420 CIF Rotterdam; for low-lead, some annual deals at $490-520 CIF Rotterdam
2015 recap - Rotterdam booked above 550 inw for low lead (550-600 in 2014) and 360-400 for standard 99.9% (425-450 in 2014). No numbers for MSC (380-400 in 2014), Asia: some deals at 260-300 for 99.9%, some suppliers shun LTCs.
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Premiums are paid on top of London Metal Exchange cash prices to acquire ownership or secure delivery of physical metal at an agreed location and date. Rates vary according to brand, specification, purity, tonnage, payment terms and warehouse operator.
FastMarkets assess premiums for LME warrants based on in-warehouse delivery excluding FOT removal charges and for physical material based on CIF or FCA delivery. They are nominal indications only, based on contributions from market sources, and should not be construed as actual bids and offers.
Our stocks data represent weekly variations for warranted volumes. Clearing material can be obtained at level by brokers only through the LME clearing system.
(Table compiled by FastMarkets’ Physical reporting team, physicals@fastmarkets.com )
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