DAILY ROUND-UP – FastMarkets on another copper low, SRB buying and Noranda ali cuts

A round-up of FastMarkets’ top stories published on January 11.

Comex copper washed out on Monday as low oil prices and another capitulation in Chinese equities were too much to overcome.

Aluminium queues at LME-registered warehouses dropped sharply in December with the waiting time falling by 36 percent in Vlissingen, 15 percent in Detroit and disappearing in New Orleans

China’s State Reserve Bureau (SRB) completed its purchase of 150,000 tonnes of copper cathodes via a tender on Friday.

Noranda Aluminum Holding Corp has idled two of the three potlines at its aluminum smelter in New Madrid, Missouri, following an electrical supply circuit failure,

Aluminium Bahrain (Alba) lifted its aluminium output in 2015 to a new record of 960,643 tonnes, up 3.1 percent from 931,427 tonnes in 2014.

Noble Group chairman Richard Elman has lifted his stake in the commodity trader whose share price has slumped after its credit rating was cut to junk amid a global commodity price rout.

The forward curve for CME Group’s Aluminum MW US Transaction Premium (AUP) contract remained backwardated last week – market participants extended their bets on lower premiums.

Zinc should outperform most commodities this year, with Macquarie expecting a price increase of 23 percent due to tighter supply than its peers – especially aluminium, which it expects to fall five percent.

Workers are on strike at the BHP-owned Cerro Colorado mine in Chile following a breakdown in talks with the Sintracerromatoso union over pay increases.


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.