A round-up of the top FastMarkets stories filed on May 9:
A California judge has denied Eferton DMCC’s motion for default judgment against Terry Hou, a man accused of defrauding the company in a $45 million copper financing deal.
Base metals ended Monday LME trading in the minus column, with many falling to multi-week lows. A firmer dollar and disappointing Chinese trade data have weighed on sentiment in start-of-week trading.
Shuttered Indonesian smelter RBT shipped its remaining tin stocks out of the country during April, chartering an entire ship to haul around 1,750 tonnes to Singapore, sources told FastMarkets.
A fall in Chinese copper imports has unsettled market participants amid concerns that this trend could continue into the months ahead.
Freeport-McMoRan will pull out of mining operations in Africa as well as sell its cobalt assets in a two-pronged deal with China Molybdenum Co that could total $2.92 billion when completed.
Japan’s Sumitomo Corp has forecast a net loss of 23 billion yen ($213 million) for its fiscal year ending March 2017 for its mineral resources, energy, chemical and electronics business, a smaller loss than the 151.6-billion-yen loss it posted in the previous fiscal year.
Zinc has been singled out as the potential outperformer in 2016, with metals analysts highlighting the long-awaited deficit as main driver of bullish sentiment.
The recent nickel rally seems to be part of a general re-rating in commodities – brought on by a credit surge in China, US dollar weakness and oil price rise – rather than any kick in nickel and/or stainless steel demand or restocking, said Morgan Stanley.
While China’s copper imports had fallen month-on-month in April, imports remained strong on a seasonal basis and should stay so in the coming months, ANZ Research said.
China’s imports of unwrought copper and copper products and copper concentrates fell on a month-on-month basis in April, according to preliminary data published by the country’s General Administration of Customs on Sunday.