DAILY ROUND-UP – FastMarkets on Anglo losses, warehouse stocks and minor metals

A round-up of FastMarkets’ top stories published on February 16:

Base metals ranged to the downside during late-Tuesday LME trading, with a pullback in the oil price from earlier peaks and equities stalling on the upside putting a dampener on the intraday mood.

Physical markets have started to show signs of life now that China has returned to the market after a week-long absence of the Lunar New Year holiday.

Aluminium and zinc stocks in LME-listed warehouses jumped on Tuesday ahead of ‘Third Wednesday’, when the February date becomes prompt.

Commodity prices will remain under pressure given current supply dynamics, Anglo American CEO Mark Cutifani warned. The company lost $5.62 billion in 2015, compared with a loss of $2.51 billion the previous year.

Indonesia’s PT Timah had more than 8,000 tonnes of unsold tin stocks at the end of 2014, almost double the level of current LME stocks, company president Sukrisno has been quoted as saying by local reports. 

Cadmium prices bucked the general trend in the generally depressed specialty metals sector, climbing back above $0.50 to hit 10-month highs amid a short-term lack of high-grade metal.

Global antimony production declined in 2015 by 8,000 tonnes to 150,000 tonnes and, even though consumption was slightly higher at some 184,000 tonnes, overhanging inventory weighed on prices, the US Geological Survey (USGS) said.

David Port will replace Bill Cronin as chief risk officer (CRO) at Noble Group, the company said.

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.