WEEK IN REVIEW: Esoteric metals make gains

Volatility in US and European currencies, destabilised by renewed US military action in Syria and the start of Brexit talks in Europe, have sent investors looking for alternatives.
Precious metals are attracting fund buying and this is now spreading to more esoteric metals such as rhodium and iridium.
Rhodium, also underpinned by industrial demand particularly in catalysts, led the precious metals complex, siring in price to $1,025-1,035/troy oz level, its highest since June 2015, from $920-935/tr oz a month ago and less than $800/tr oz at the start of this year. Iridium rose to $825-850tr oz, highest since July 2013 and up more than $145 since the start of the year, primarily on investor interest.
In wider commodity markets, after a subdued start to the trading week because of holidays in China, business picked up towards the end of the week, with the seasonal second quarter ramp up in activity beginning.

After a correction on profit-taking and squaring of books at the end of March, cobalt firmed again in the last few days. But export price increases from China for commodities, including antimony and tungsten and manganese, are taking time to translate into higher prices in the western markets. Antimony and tungsten producers in Hunan are eyeing environmental inspections, but the main issue for smelters has been the short supply of domestic concentrate and the rising cost of imports.

Rising ore prices and a pick up in production rates in aircraft engines are also expected to buoy markets for high temperature metals including tantalum, chromium and titanium.

Aircraft manufacturers are moving from amassing large orders for new generations commercial jets to ramping up production rates to deliver more of their new model aircraft. However, with single-aisle jets dominating order books, increasing build rates are offsetting airframe metal demand per plane. Both Boeing and Airbus are cutting production rates for their superjumbo aircraft, the current generation 777 and the A380.

In the first quarter, Boeing netted 198 …
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Source: Metal Pages