Nickel prices on the London Metal Exchange have once again failed to hold on to recent gains, with the three-month price retreating nearly $200 per tonne during morning trading on Friday February 2.

In January 2018, Shanghai-bonded nickel stocks declined due to limited arrivals and new tax concerns implemented at the start of the year, while copper stocks were down on arbitrage purchases after the yuan strengthened and deliveries reached the exchange.

Base metals prices on the London Metal Exchange are at first sight looking quite mixed this morning, Friday February 2, with copper and lead in positive territory, tin unchanged and aluminium, zinc and nickel in negative territory.

Glencore is targeting a 42% increase in cobalt production this year, despite the fact that full-year production for 2017 was down by 3% on an annual basis, according to the trader and mining company’s quarterly production report released on Thursday February 1.

Good morning from Metal Bulletin’s offices in Shanghai as we bring you the latest news and pricing stories on Friday February 2.

As China’s copper smelters are looking to import more blister copper, an intermediate product of refined copper production, to fill the supply gap arising from the drastic drop in the scrap import quota this year, Metal Bulletin is looking to provide regular trackers on the refining charges (RCs) of the increasingly popular product.

Nickel prices on the Shanghai Futures Exchange were weaker during Asian morning trading on Thursday February 1, with underwhelming data releases from China as well as soft demand from the country’s stainless steel sector weighing on the metal’s prices.

Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Thursday February 1.

Commodities fund Tiberius is seeking to underpin a new world of digital currency transactions with a bullish future for industrial and precious metals, by launching a physical metals-backed cryptocurrency called Tiberius Coin.

The German metals sector is being hit with a number of day-long strikes this week while negotiations over pay between employers and trade union IG Metall continue, Metal Bulletin heard on Wednesday January 31.