A daily round-up of the top FastMarkets stories from August 31.
Base metals ended Wednesday LME trading mixed but for the most part little changed – investors are now awaiting Chinese manufacturing PMI data that is scheduled for release tomorrow before Friday’s blockbuster jobs report.
Copper futures drifted around the previous settlement with investors content to keep the red metal fixed to a tight-range until Chinese manufacturing data is released tomorrow.
Nyrstar said Wednesday it has started hedging its near-term zinc production to mitigate potential downside risks to the zinc price.
The eventual delisting of several Nornickel (formerly Norlisk Nickel) brands could prove a tricky endeavour given the large amount of metal sitting off-warrant, ICBC Standard Bank said in a note.
A steady jump in LME copper inventories over the past week is a warning sign of an economic slowdown in China.
The market for copper cathode in the US has deteriorated over the past several weeks – soft demand and better scrap availability have led to an uptick in warehouse stocks and lower premiums.
Freeport-McMoran said a 33-year old worker died at its El Abra acid discharge terminal in Chile, the company said in a release on Tuesday.
The Shanghai aluminium backwardation that started late in April due to a tight domestic market could play out for longer – an increase in domestic supply has been slower than anticipated, market participants said.
Thailand Smelting and Refining Company (Thaisarco) has signed a tin concentrate off-take agreement with Australia’s Elementos Limited paving the way for the latter to move its Cleveland tin, copper and tungsten project in northwest Tasmania into production.