Metals Industry News

Here are five Fastmarkets MB stories you might have missed on Wednesday July 10 that are worth another look.

Peru has given Southern Copper the construction authorization it needed for the Tía María copper project to go ahead, the company and the Peruvian authorities said on Tuesday July 9.

Nickel closed around 2% higher on the London Metal Exchange on Wednesday July 10 after peaking at intraday high above $13,000 per tonne, its highest since April.

Bosnian aluminium smelter Aluminij Mostar has shut down after years of financial struggle.

Tin premiums in Europe, North America and Asia were stable over the week to Tuesday July 9, with European market participants questioning a further downside move from its lowest level since November 2018, and US and Chinese premiums holding firm against lagging demand.

Central Asia Metals is well placed to hit its output targets for 2019, after meeting expectations for copper, zinc and lead output in the first half of the year, the company said on Wednesday July 10.

Copper-zinc miner Hudbay has appointed former Nevsun chief executive Peter Kukielski its interim chief executive officer after longstanding executive Alan Hair stood down from the post.

Stocks and metal movement were in focus in the copper cathode markets in the week ended Tuesday July 9, causing the Shanghai premium to rise for bonded material.

Zinc premiums in Northern Europe rose in the week ended Tuesday July 9 after the crippling backwardation in the London Metal Exchange cash/three-month spread narrowed and even flipped into a temporary contango, while Southern European premiums remained flat or lower due to weak regional demand.

The Chinese central government has toned down its ambitious plan to ban all solid waste imports, including metal scrap, by the end of 2020 in its recently proposed revisions to the regulation on solid waste management.

Market participants seem to be waiting for something to provide direction and that impetus is likely to come from the testimony of the United States Federal Reserve chairman later today.

Aluminium premiums were steady across the globe in the week ended Tuesday July 9, but participants are keeping a close eye on the narrowing London Metal Exchange spread, which could put downward pressure on premiums.

Base metals prices on the London Metal Exchange were mostly higher during morning trading on Wednesday July 10, with copper and zinc the strongest performers.

China has announced a second round of copper scrap import quotas allowing a select list of importers to bring an additional 124,500 tonnes of copper scrap into the country during the second half this year, according to a statement on Wednesday July 10.

Koniambo Nickel SAS, 49%-owned by commodity firm Glencore, has reopened after being subject to a blockade by protesters at its New Caledonia nickel plant at 3.30am local time on Wednesday July 10.

Base metals prices on the Shanghai Futures Exchange were on divergent paths in morning trading on Wednesday July 10 amid US dollar strength and macroeconomic uncertainties.

Here are five Fastmarkets MB stories you might have missed on Tuesday July 9 that are worth another look.

Trading in the shares of European zinc and lead producer Recylex was suspended on Monday July 8 at the company’s own request, following an “unexplained rally” during the previous two days.