DAILY ROUND-UP – FastMarkets on Aleris sale agreement and Chalco forecast

A round-up of the top FastMarkets stories from August 29. 

Base and precious markets were little changed to start the new week with UK investors sidelined due to a bank holiday.

Aluminium rolled products producer Aleris has signed a definitive agreement to be acquired by a subsidiary of China Zhongwang Holdings Ltd in a deal valued at $2.33 billion.

Aluminium Corp of China (Chalco) reported a surge in profit to in the first half of this year but has warned of oversupply pressure supply mounting in the domestic aluminium market again in the second half of the year.

Chinalco Mining Corp International (CMCI) has cut its 2016 guidance for copper in concentrate production at its Toromocho copper mine in Peru by 7-12 percent to around 160,000-170,000 tonnes.

The recent slowdown in the copper market may be an early warning sign of weakening in China’s economic momentum in the second half, Barclays Research said.

Total profits among China’s non-ferrous metal smelters and fabricators rose 23.2 percent year-on-year to 83.07 billion yuan ($12 billion) in January-July this year, according to data published by the Chinese National Bureau of Statistics (NBS) last Friday.

Nornickel (formally Norilsk Nickel) said last Friday its outdated nickel plant in the city of Norilsk in Russia has been fully decommissioned two months ahead of schedule.

Will Adams

About Will Adams

William Adams has been involved in the metals markets since 1982 – he has experience in many areas of the market from researching to trading and has worked in London, New York and Tokyo.