EUROPE MINOR METALS-Volumes rise after summer lull, antimony up

Thu Sep 2, 2010 3:49pm GMT
 

 * Summer slowdown over, as prices and volumes climb
 * Chinese supply issues push antimony to record high
 
 By Michael Taylor
 LONDON, Sept 2 (Reuters) - Many minor metals rose over the
past week as volumes increased post-summer slowdown, and
antimony hit a fresh record high on renewed supply tightness.
 Since late June, traders have bemoaned the lack of business
as many factories and consumers were closed for the summer
holiday season. But there are now signs of improving conditions.
 "Looks like the summer lull is over," said one trader.
"Definitely more enquiries this week and prices firming."
 Antimony ANT-LON grade 99.65, used in fabrics to cover
furniture and PVC window frames, rose to about $10,050 a tonne
from around $9,350 a tonne on Aug. 19. 
 The silvery-white metal has soared almost 70 percent this
year after an environmental and health and safety crackdown in
Hunan province in top producer China. [ID:nTOE67T05C]
[ID:nLDE63B19O]
"Supply tightness," said another trader. "People just can't
get hold of material."
 Selenium SELE-LON, used to produce electrolytic manganese,
traded at its highest level since July 2007 at about $39.38 a
lb, from around $38.75 a lb in late August.
 "The selenium market is getting more active," said a third
trader. "Inquiries are coming in -- increasing numbers from
China and India, and we are expecting firm prices with a
tendency to go up within the next few weeks."
 Also on the upside, titanium sponge 99.6 TIT-SPONGE-LON
traded at about $9.10 a kg, its highest level since March 2009,
versus around $8.50 a kg on Aug. 19. 
 Traders said rising production costs in top producer China,
were behind the recent price rise.
 The metal, used largely in the aerospace industry, touched
an all-time high above $31 a kg in mid-2005.
 Three-month futures in molybdenum MOD3=LX, used to make
steel, were quoted at $32,500/$36,000 a tonne, versus a last
trade at $33,000 a tonne on July 28.
 Three-month cobalt CBD3=LX, used as a battery material,
was quoted at $37,000/$44,000 a tonne, unchanged from a last
trade at $41,000 on August 31.
 Low grade cobalt 99.3 COB-ING-LON, used to make aero
engines and batteries for hybrid cars, traded at three month
highs at about $18.50 a lb on the European spot market, from
$17.13 a lb on Aug. 19.
 "European business mostly, and some decent enquiries from
the United Sates," said a fourth trader. "A lot of traders are
suggesting we are set for the $20 range soon."
 
 For the latest minor metals prices click on [MINMTL]
 
 (Reporting by Michael Taylor; editing by Jane Baird)

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