Metals Industry News

Three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.7% on the morning of Thursday November 15.

More refined copper will be shipped to India next year on burgeoning demand and stagnant domestic supply following the closure of the country’s massive Tuticorin smelter, according to JC Laddha, chief executive officer of Birla Copper.

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Thursday November 15.

A global shortage of refined copper and an improved macroeconomic backdrop are likely to boost copper prices in the first quarter of 2019, according to Engelhart Commodities Trading Partners’ (ECTP) head of metal and mine research, Xiaohong Wang.

Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Thursday November 15, reversing the previous day’s losses on a weaker dollar and easing trade tensions.

The latest news and price moves to start the Asian day on Thursday November 15.

Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama slipped 1% month on month in October, according to the latest data from major Japanese trading house Marubeni Corp.

Tin trades on the Indonesia Commodity & Derivatives Exchange (ICDX) have completely halted because of significant supply disruptions in the country, Fastmarkets heard on Wednesday November 14.

Nickel premiums in China, the United States and Europe remained unchanged over the week amid limited activity, an unstable import window in Shanghai and participants’ absence from the market.

Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Wednesday November 14, boosted by a steady rebound in global benchmark crude oil futures and a marginal retreat in the dollar index.

The first deals for special high-grade zinc supply in 2019 in Europe point to a decline in annual zinc premiums compared with this year's levels, but Nyrstar's financial troubles are complicating negotiations and raising concerns that supply may turn out to be tighter than anticipated.

The tin premium in Europe remains at a 21-month high amid continued uncertainty over Indonesian supply, while thin spot activity and a closed import arbitrage window kept premiums firm in the United States and China.

Comex copper prices moved higher on Wednesday November 14 despite a stronger dollar due to growing optimism that a bilateral trade agreement between the United States and China could be reached in the next few months.

Brazilian alumina refinery Alunorte’s solid waste deposit (DRS2) had irregular environmental permits and could be built on ecological reserves, a local House of Representatives report concluded on Tuesday November 13.

The latest metal markets news and price moves to start the North American day on Wednesday November 14.

A series of Chinese policies aimed at restricting imports of copper scrap is not expected to significantly alter the supply/demand balance in the world’s largest copper consuming country, industry executives said during a panel discussion at Asia Copper Week in Shanghai.

China’s copper cathode production will increase by 6% next year according to BGRIMM Lilan Consulting.

Base metals on the London Metal Exchange were mostly lower during morning trading on Wednesday November 14, with prices weakened by a prolonged sell-off in crude oil markets while continued strength in the US dollar index increased downward pressure.

Most special high-grade (SHG) zinc premiums were unchanged in the week to Tuesday November 13 despite the downward pressure stemming from limited spot demand and a wide backwardation in the London Metal Exchange’s cash/three-month spread, with lingering tightened spot availability providing support.

Arbitrage for copper, aluminium, zinc and nickel imported into China on Wednesday November 14 *