Metals Industry News

Here are five Fastmarkets stories you might have missed on Monday May 18 that are worth another look.

How long it will take the global economy to recover from the Covid-19 pandemic is anyone’s guess right now.

Three-month base metals prices on the London Metal Exchange rallied at the close of trading on Monday May 18, with positive risk sentiment emerging from a continued easing of Covid-19 market concerns, while copper, nickel and zinc futures all breached nearby resistance levels.

Copper stocks at Shanghai bonded warehouses continued to decline on Monday May 18, falling closer to Fastmarkets' all-time low of 250,000 tonnes, which was posted in October 2015.

The LME three-month copper price was higher in morning trading on Monday May 18, steadily approaching $5,300 per tonne amid steady turnover, while a 17,500-tonne fresh cancelation in LME zinc bolstered that metal’s underlying price.

Glencore have signed an offtake agreement with Netherlands-based aluminium producer Aldel for up to 180,000 tonnes of aluminium this year and next, Aldel confirmed to Fastmarkets on May 18.

While backward-looking economic data continues to show how deep the global contraction has been, markets seem focused on the recovery this morning, Monday May 18, as more economies open up and plan to reopen in the weeks ahead.

Lead-zinc producer Recylex Group filed for insolvency protection for its German subsidiaries and will consequently lose control of its German subgroup, the company said last week.

Here are five Fastmarkets stories you might have missed on Friday May 15 that are worth another look.

Most secondary aluminium alloy prices in the United States, including the benchmark A380.1, edged down on Thursday May 14, with producers expecting a slow recovery in demand despite automakers restarting production this month.

The stainless sector in the United States and Europe, Middle East and Africa (EMEA) region will consume 13% less nickel this year, while that in China will fall by just 4% versus 2019, according to Nornickel.

The US Midwest aluminium premium declined on the high end of its range on Friday May 15, with participants valuating the premium lower while demand in this market remains frail.

A diversified portfolio may well prove to be a winning ticket for metals and mining companies during the Covid-19 pandemic, according to the former chief executive officer of Rio Tinto.

An overview of the battery raw materials markets and their price moves from the past week.

The Covid-19 pandemic is likely to lead to another casualty: the mega mine.

The three-month copper price on the London Metal Exchange fell by 0.54% to close at $5,181.50 per tonne on Friday May 15.

Copper concentrate treatment and refining charges (TC/RCs) on the spot market were now at their lowest level for the past eight months.

Alcoa Corp has called on the aluminium industry to assess the cost effectiveness of its smelting capacity and make cuts where appropriate - or face a ratcheting up of inventories and a protracted period of low prices.

Deliverable stocks of base metals in Shanghai Futures Exchange-approved warehouses mostly dipped in the week to Friday May 15, with the exception of lead and copper.

Fastmarkets' Shanghai benchmark copper premium surged to its highest level since September 2015 on May 15, with traders looking for overseas material to tap arbitrage gains. sources said.