Metals Industry News

We are only a few days into the third quarter of 2020, but no benchmark premium has yet been set for the supply of aluminium ingots to Japan for the July-September period.

Copper prices are poised to move above the $7,000-per-tonne level next year as the supply impacts of the Covid-19 pandemic last well beyond this year and the market enters a prolonged period of structural undersupply, the chief executive officer of Eurasian Resources Group (ERG) said.

The three-month nickel price on the London Metal Exchange was the standout performer at the close of trading on Monday July 6, with turnover at its highest since June 2, while copper futures similarly found momentum over the afternoon, closing above nearby resistance.

Zinc and lead miner Trevali has delayed the restart of its suspended Santander mine in Peru after more workers tested positive for Covid-19.

Freeport-McMoRan has beaten its revised copper sales target for the second quarter of this year by 8%, although its Cerro Verde and El Abra operations continue to operate in line with forecasts modified in April due to the Covid-19 pandemic.

Codelco had demobilized staff and suspended construction at its El Teniente project in Chile to contain the rapidly spreading Covid-19 virus in the region, the company said on Saturday July 4.

The three-month nickel price on the London Metal Exchange climbed by more than 2% to breach nearby resistance levels during morning trading on Monday July 6, while a backwardation in LME copper’s forward curve did little to stop its price incline amid fresh stock removals.

Asian equities markets were stronger this morning, Monday July 6, and that has helped drive gains averaging 0.8% across the three-month bases metals prices on London Metal Exchange.

Deliverable lead stocks in Shanghai Futures Exchange-registered warehouses rose the most in percentage terms among the base metals in the week to Friday July 3, with an increase of 4,029 tonnes (17.3%) to 27,362 tonnes.

Here are five Fastmarkets stories you might have missed on Friday July 3 that are worth another look.

The three-month copper price on the London Metal Exchange was lower at the close of trading on Friday July 3, falling by more than 1.2% over the afternoon against low turnover, while nickel futures slipped below nearby support levels.

An overview of the battery raw materials markets and their latest price moves.

Aluminium billet premiums in Brazil and Thailand edged lower on Friday July 3 due to continued poor demand, while liquidity for billet across the globe remained low.

The power supply to the Paragominas bauxite mine, in the state of Pará in northern Brazil, has been restored, producer Hydro said on Friday July 3.

The spot market remained subdued this week but buyers are picking up copper concentrates at low levels while the Chilean coronavirus situation remains precarious, sources said on Friday July 3.

Key information from the pricing session for Fastmarkets’ alumina index, fob Australia, on Friday July 3.

The volume of recoverable copper reserves at Rio Tinto's Oyu Tolgoi mine has dropped by 15% in the latest mine plan, according to a regulatory filing released on Friday July 3.

Market activity in the domestic Chinese alumina market jumped up in the second half of the week to Thursday July 2 after the Shanghai Futures Exchange aluminium futures price rose to its highest since January 23.

The three-month nickel price on the London Metal Exchange surged by more than 1% during morning trading on Friday July 3 amid strong turnover, while tight forward spreads cooled interest in LME copper futures.

With the first half of a volatile 2020 finished, participants in the aluminium Rotterdam duty-paid market expect United States-Canada trade policies, premium forwards, spreads and a complicated 2021 mating season to drive premiums in the coming months.