Metals Industry News

Aluminium premiums across the globe were lower or flat during the week ending Tuesday October 8 due to the looming backwardation in the December and January spreads on the London Metal Exchange.

Base metals prices on the Shanghai Futures Exchange were mostly down during the morning trading session on Wednesday October 9, with only tin showing a significant gain so far.

Botswana looks set to boost southern African copper supply with Khoemacau Copper Mining, a subsidiary of United States-based Cupric Canyon Capital, planning to open a mine in the country’s Kalahari copper belt.

Here are five Fastmarkets MB stories you might have missed on Tuesday October 8 that are worth another look.

In a series of complaints, US steel and aluminium companies – among others – have alleged that four rail-service providers fixed their prices, overcharging customers by billions of dollars over a five-year period.

Zijin Mining Group’s share of Canadian company Ivanhoe Mines will increase to 13.88% following the completion of a private share purchase and sale transaction, positioning Zijin Mining and Citic Metal as the two largest shareholders, Ivanhoe said on Tuesday October 8.

A summary of base metals premiums from across the globe for the week to Tuesday October 8.

The London Metal Exchange three-month copper price fell by 0.6% at the close of trading on Tuesday October 8 to $5,682 per tonne compared with $5,722 per tonne the previous day despite a doubling of lots traded from this morning, with just shy of 16,500 lots having changed hands by the afternoon kerb.

The Rotterdam in-warehouse premiums for nickel cathode and briquette have continued to decline in the week ending Tuesday October 8.

A consortium including commodities brokerage Marex Spectron has launched a product monitoring the up-to-date operational status of up to 90% of the world’s copper smelters using satellite technology.

Chilean copper miner Antofagasta has requested the government to mediate discussions with the union of its flagship Los Pelambres mine, putting a brake on an imminent strike at one of the world’s largest copper mines.

Shanghai-bonded copper stocks fell to a four-year low at the start of October as higher in-warehouse premiums in Shanghai and a profitable import arbitrage between London and Shanghai boosted buying interest for bonded warrants.

The three-month copper price on the London Metal Exchange was higher during morning trading on Tuesday October 8, holding above nearby support levels amid high turnover, while nickel futures shed 1.1% despite continued stock outflows.

Hong Kong Exchanges & Clearing Ltd (HKEX) has announced that it does not intend to proceed or make another offer to the board of London Stock Exchange Group (LSEG) to buy the stock exchange.

Participants were expecting a stronger performance by the base metals on Tuesday October 8 following the reopening of Chinese markets, but futures prices on both the London Metal Exchange and Shanghai Futures Exchange have been mixed.

Base metals prices on the Shanghai Futures Exchange were mixed during the morning trading session on Tuesday October 8, the first trading day after China’s National Day holiday, with copper giving the worst performance of its peers amid a persistently weak macroeconomic backdrop.

The three-month aluminium price on the London Metal Exchange was higher at the close of trading on Monday October 7, topping a broadly lackluster base metals complex amid low turnover, while zinc’s benchmark cash/three-month spread narrowed over the afternoon.

Pierre Neatby has joined Ambatovy mine as its vice president of marketing based in Madagascar.

The three-month nickel price on the London Metal Exchange moved higher during morning trading on Monday October 7, with prices buoyed by a continued draw on the exchange’s falling inventory.