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PrintMinor metals traded mixed over the past week, with demand steady but business levels limited due to holidays in China, the world's top metals consumer.
China's financial markets are closed for a week from Oct. 1to 7 for the National Day holiday.
"Very quiet due to Chinese holiday period," said one trader.
Mainly produced in China, bismuth BIS-LON was at about $9.70 a lb -- a level last seen in late May -- from $9.25 a lb the week before.
"A few reasons -- the Renminbi keeps re-valuing into the U.S. dollar," said on trader on bismuth, which is used in pharmaceuticals, cosmetics and ammunition.
Fears of global currency and trade wars, which were key factors in the Great Depression, have jumped to the top of the agenda at IMF and World Bank meetings this weekend, and are also expected to be a primary topic of discussion when Group of Seven finance leaders gather on Friday.
"The Chinese are also using more themselves, even though it is still a net exported metal from China," the trader added on bismuth. "It's maybe a bit cheap from last year and it just needed to drift up."
Among other metals, tantalite TANT-LON supplies remain a concern, with traders pointing to a lack of material from non-conflict countries.
The minor metal, which is used to make tantalum metal for aerospace and computer manufacturing, traded at near a nine year highs, unchanged from last week at about $75 a lb.
"The outlook is good for 2011," said one trader. "Tantalum may benefit from fourth quarter purchases which should take place momentarily."
"No announcement from Talison about re-opening their mine though it is thought an answer will be imminent," he added.
"With little or no spot material available, most believe prices have a good chance of rising further."
In June, Australian miner Talison Tantalum said it was considering restarting its Wodgina mine, formerly the world's top producer, in mid-2011 on expectations of higher demand and rising prices.
Ferrochrome FECRO-HC-RU, used in stainless steel to prevent corrosion, traded unchanged at about $1.22 a lb, well below levels above $2.50 a lb in April 2008.
"Business is very quiet," said one trader. "We are quite pessimistic over the coming months, just looking at the global economic situation."
Among other steel materials, manganese elect 99.7 MNG-LON traded at two year highs at around $3,250 a tonne versus $3,150 last week.
"Business is good," said one trader. "Prices moving up slightly every day (with) increased business in the Ukraine and Russia"
"When the Chinese are not offering, people get uncertain of where the market really is, and therefore increase their prices," he added." Let’s see on Monday what the Chinese will do."
Three-month molybdenum futures, used at make steel, was quoted at $30,500/$37,000 a tonne, from a last trade at $33,000 on July 28.
Three-month cobalt, used as a battery material, was quoted at $38,000/$39,000 a tonne, from a previous trade at $39,000 on October 6.
"Quiet, but consumers are lurking and working offers," said one cobalt trader. "The price is just consolidating after (the recent) rise.
"Cobalt prices should come off slightly and then rise once this buying interest bites."
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