DAILY ROUND-UP – FastMarkets on copper TC/RCs and LME Week Asia

A round-up of the top FastMarkets stories from June 10. 

The topic on everyone’s lips at this year’s LME Week Asia will be that disgruntled brokers are looking to set up a member-backed exchange that will compete with the London Metal Exchange.

Commodities house Gunvor is in the process of selling the remainder of its copper trading book to an unnamed buyer, FastMarkets understands, moving closer to an exit from base metals trading.

Hong Kong Exchange & Clearing (HKEX), the parent company of the London Metal Exchange (LME), is in the process of preparing a spot commodities trading platform in China, the company said.

Copper TC/RCs remain around $100 per tonne having risen above the 2016 annual benchmark for the first time this year at the end of May.

A New York judge has granted a request by several galvanisers to move forward with their lawsuit against Glencore Ltd and its warehousing subsidiary, Pacorini Metals USA, which are accused of monopolising the market for Special High Grade (SHG) zinc premiums.

Several US galvanisers allege that warehouse operator Pacorini Metals USA falsified bills of lading to disguise high-volume zinc stock movements in New Orleans.

Zinc’s recent rally – it hit a fresh one-year high above $2,100 per tonne this week – is overdone and correction lower might be looming, market participants said.

Pacorini Metals AG will change its name to Access World from July 1 this year as the warehouse company expands beyond metals into other areas.

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.