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Metals

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  #131 (permalink)
 SMCJB 
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Reuters: U.S. metals buyers pay the price of broken supply chains

https://www.reuters.com/article/idUSKBN2EX229

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  #132 (permalink)
 SMCJB 
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Reuters: Europe's power crunch sparks aluminium smelter meltdown: Andy Home

https://www.reuters.com/markets/commodities/europes-power-crunch-sparks-aluminium-smelter-meltdown-andy-home-2022-01-06/

European aluminium consumers are already paying the price. Physical premiums have surged, the CME's duty-paid spot contract jumping from $290 per tonne at the start of December to a current $423.

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  #133 (permalink)
 SMCJB 
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Reuters :- LME nickel trading halted as big short hits big trouble

https://www.reuters.com/business/energy/lme-nickel-trading-halted-big-short-hits-big-trouble-andy-home-2022-03-08/

LME three-month nickel , the primary pricing reference for the global physical supply chain, hit $101,365 a tonne early on Tuesday, up from just $30,000 on Friday.

The contract was suspended at $80,000 as the exchange stepped in to halt trading at 0815 GMT. All Tuesday's trades up until then will be cancelled until further notice, the LME said.


Reuters :- China's Tsingshan fires nickel rally as it cuts costly exposure-sources

https://www.reuters.com/business/chinas-tsingshan-fires-nickel-rally-it-cuts-costly-exposure-sources-2022-03-08/

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  #134 (permalink)
 SMCJB 
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I think what's happening with the LME and Nickel should concern people. They are basically changing market rules & adjusting trades on the fly to protect one counterparty.

Conspiracy Theory Anyone? ... It just happens that the LME is now owned by the Hong Kong Exchange, which is now a Chinese territory, and maybe not surprisingly the counterparty they are protecting is the largest Nickel producer in China!

Reuters :- Nickel, the devil's metal with a history of bad behaviour

https://www.reuters.com/markets/commodities/nickel-devils-metal-with-history-bad-behaviour-2022-03-10/

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The drama continues in nickel:

Reuters: Nickel market in disarray after chaotic London return

https://www.reuters.com/world/china/caution-reigns-nickel-trading-resumes-london-2022-03-16/

I would have zero confidence trading on the LME, especially after they protect bad actors at their discretion. Incredible, but not unbelievable.

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In my opinion, the issue with nickel is that the contract is poorly designed with regards to eligible deliverability criteria. As a physical settlement contract the current deliverability criteria choke off most of the liquidity around rolls and expirations. I wonder if simply allowing for a cash settlement option would alleviate the issue. Either way, until its resolved, you'd have to be a special kind of stupid to trade nickel on the LME right now.

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  #137 (permalink)
 SMCJB 
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Launching May 2*, Micro Copper futures (Globex code: MHG) will offer a new, cost-effective way to access the Copper futures market.

Micro Copper futures are conveniently sized and tailored to the individual trader at 1/10 of the full-size Copper contract.

https://www.cmegroup.com/education/courses/understanding-micro-futures-contracts-at-cme-group/micro-gold-and-silver-futures/micro-copper-futures-product-overview.html

https://www.cmegroup.com/media-room/press-releases/2022/4/05/cme_group_to_launchmicrocopperfuturesonmay2.html

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  #138 (permalink)
 vmodus 
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SMCJB View Post
Launching May 2*, Micro Copper futures (Globex code: MHG) will offer a new, cost-effective way to access the Copper futures market.

Micro Copper futures are conveniently sized and tailored to the individual trader at 1/10 of the full-size Copper contract.

https://www.cmegroup.com/education/courses/understanding-micro-futures-contracts-at-cme-group/micro-gold-and-silver-futures/micro-copper-futures-product-overview.html

https://www.cmegroup.com/media-room/press-releases/2022/4/05/cme_group_to_launchmicrocopperfuturesonmay2.html

I have mixed feeling about this one. On one hand, this offers the copper product to a lot more traders. It provides the ability for traders to test the waters in a market they may not consider regardless of approach (discretionary, systematic). It also allows diversification for those with smaller accounts.

On the other hand, I feel these micros are a money grab for the CME, especially given the transaction fees compared to the minis. I think they are targeting speculators rather than hedgers or those taking physical delivery.

My uneasiness aside, though I cannot trade copper, this is an interesting product that I would trade if I could, as I have a couple copper systems that perform well.

~vmodus

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