Metals Industry News

Fastmarkets is proposing to amend its weekly London Metal Exchange warrant premiums coverage across the entire base metals asset class.

Producer Norsk Hydro's underlying operating profit dropped almost 85% in the fourth quarter due to the effects of its production curtailment at its Brazilian alumina refinery, Alunorte.

Base metals prices on the London Metal Exchange were mostly lower during morning trading on Thursday February 7, with nickel, zinc and lead futures continuing their broad correction amid a strong US dollar index and dwindling risk appetite.

Import prices for stainless steel in East Asia continued to edge up over the past week, with mills raising their offers further amid costlier nickel, although trading activity was still thin due to the Lunar New Year holidays.

Here are five Fastmarkets MB stories you might have missed on Wednesday February 6 that are worth another look.

Copper’s three-month price on the London Metal Exchange continued on an upward trend at the close of trading on Wednesday February 6, maintaining its strong advance toward a price of $6,300 per tonne amid low liquidity because of a national holiday in China.

US market participants eyed premium increases on nickel cut-cathodes after local supply ran short in the week to Tuesday February 5, while European demand was focused on briquettes, boosting premiums by 4% at the midpoint of Fastmarkets’ range.

Zinc and lead premiums in all regions were unchanged over the past week while Chinese participants were sidelined due to the Lunar New Year (February 4-10).

Tin premiums in the United States were unchanged in the week to Tuesday February 5 amid thin trade and competition from secondary tin sources.

Mining companies are increasingly using streaming deals for growth rather than to repair balance sheets, the chief executive officer of the world’s largest precious metals streaming company said.

The US copper market saw continued buying strength in morning trading on Wednesday February 6 with industry participants awaiting upcoming global trade talks.

International mining companies that oppose the new mining code in the Democratic Republic of Congo (DRC) are a lot closer to resolving their outstanding issues than they were a year-ago, but work remains to be done, according to the chief executive officer of Canadian miner Barrick.

Aurubis AG is searching for strategic alternatives for its flat-rolled product business after the proposed sale of the division to peer Wieland Werke was rejected by the European Commission (EC), the German copper producer said on Wednesday February 6.

The aluminium import arbitrage between the United States and Asia widened slightly in January due to lower London Metal Exchange prices and cheaper freight and barge rates.

Saudi Arabia’s Ma’aden is planning to look outside of the country for opportunities in copper and other base metals including zinc, the company’s chief executive officer said.

Base metals prices on the London Metal Exchange continued to be supported during morning trading on Wednesday February 6, with recent buying continuing despite a continued draw on LME stocks, fresh cancelations and broad strength in the dollar index.

Premiums for copper cathodes moved up in Shanghai with buying evident ahead of this week’s Lunar New Year holidays. Elsewhere, US and European spot premiums are unchanged, although demand is strong in North America.

Aluminium premiums in Asia, Europe and the United States found support on the back of a firm contango in London Metal Exchange spreads on Tuesday February 5.

Here are five Fastmarkets MB stories you might have missed on Tuesday February 5 that are worth another look.

Honda Motor Co Ltd aims to electrify around two-thirds of the vehicles it produces by 2030, an executive at the Japanese automaker said.