A daily round-up of the top FastMarkets stories from August 23:
Base metals ended Tuesday LME trading mixed - copper fell to a six-week low after more metal arrived in LME-listed warehouses while tin climbed to its highest since February last year amid tightening supply.
The gloom in the physical aluminium market deepened this week, with premiums in Japan and the US both crashing to multi-year lows amid oversupplied conditions and sloppy London Metal Exchange spreads.
The global refined lead market was in a surplus of 37,000 tonnes during the first half of the year while the global market for refined zinc was in deficit by 138,000 tonnes, the International Lead and Zinc Study Group (ILZSG) said.
Noble Group has scaled back its base metals business in China, with several key traders having left the company, sources with direct knowledge told FastMarkets.
The price deterioration for major base metals – including copper, aluminium, nickel and zinc – seen in late 2015 and early 2016 has likely bottomed, but material improvement from current price levels over the next 12-18 months is unlikely, Moody’s Investors Service said.
The LME will implement its cap on fees for position transfers from September 1.
Ivan Petev has left Macquarie Bank in Singapore and is currently on gardening leave.
SHFE zinc is due a near-term correction, analysts believe, after surging around 50 percent since November last year.
South Korea has purchased 1,000 tonnes of lead via a tender at a premium of $130 per tonne, according to the country’s state-run Public Procurement Service (PPS).
Singapore Exchange (SGX) will buy the Baltic Exchange for around 87 million pounds ($114 million) in a deal that is expected to close by end-November.