Metals Industry News

Backwardation in zinc has been a persistent theme in the market since the start of 2019, but the tightness in the cash-to-three-month spread on the London Metal Exchange has largely waned over Thursday-Friday July 4-5, with no significant deliveries into the exchange’s sheds.

Alcoa and its workers’ unions in Spain have reached an agreement to extend the deadline to complete a sale of La Coruña and Avilés aluminium smelters to Swiss private equity fund Parter Capital.

Trading in the base metals on the London Metal Exchange was subdued on Friday July 5 in the absence of many participants a day after the Independence Day holiday in the United States.

Market participants seem to be waiting for the next development to provide direction and that is likely to come from the US employment report due later on Friday July 5.

Base metals prices on the Shanghai Futures Exchange were mostly range-bound during morning trading on Friday July 5 while investors awaited the key US jobs report due later for possible clues on the Federal Reserve’s policy decision at the end of the month.

Yunnan Tin Group (YTG) has begun negotiations for its potential incorporation into China Minmetals Corp (CMC), according to a notice released on June 17 by Shanghai-listed Yunnan Tin Co Ltd, a wholly owned subsidiary of YTG.

Key data from the July 4 pricing session in London and Shanghai.

Base metals prices on the London Metal Exchange were mixed at the close of trading on Thursday July 4, with price movements largely subdued by a national holiday in the United States while volumes traded were markedly lower.

Base metals prices on the London Metal Exchange were mixed across morning trading on Thursday July 4, with low liquidity capping three-month prices in broadly narrow ranges.

While US equities remain upbeat on expectations for looser monetary policy, the base metals continue to reflect the soft economic conditions brought about by the lack of a United States-China trade deal.

Base metals prices on the Shanghai Futures Exchange were mostly up during morning trading on Thursday July 4, following record closing highs for US stocks on Wednesday.

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

Tin’s three-month price on the London Metal Exchange climbed by more than 3% at the close of trading on Wednesday July 3, settling above the nearby $18,000-per-tonne resistance level after sliding by more than 6% at Tuesday’s close.

Chinese nickel premiums dipped in the week to Tuesday July 2 while the closed import arbitrage window and sufficient supply of material in the region dampened physical appetite for the metal and European and United States’ premiums continued to trade flat on holiday season illiquidity.

Open Mineral Exchange beat hopefuls to be named one of 56 Technology Pioneers of 2019 by the World Economic Forum (WEF) in Zug, Switzerland, on July 1 for its trading platform.

Market participants avoided sending aluminium to the United States in June despite a widening arbitrage between Southeast Asian warehouses and the US Midwest, with uncertainty about tariffs continuing to limit risk appetite.

Tin premiums in Europe, North America and Asia were stable over the week to July 3, with demand reportedly slowing before the summer period, while a recent slump in LME tin’s three-month price to a four-year low has prompted further questions about the LME tin price’s current instability.

Shanghai copper premiums fell in the week ending Tuesday July 2 after import arbitrage losses widened, while copper premiums in Italy and the United States were flat amid stagnant demand.

Michael Overlander will leave his role as chief executive officer at Sucden Financial and move to become non-executive Chairman of the company, effective of January 1, 2020.