A round-up of the top FastMarkets stories from July 11.
Base metals ended Monday LME trading mostly in positive territory - risk-on sentiment returned after last Friday’s robust US jobs report, traders said.
The CME Group’s aluminium MW US Transaction Premium (AUP) contract trended lower for another week as high import levels and soft summer demand have given the market a pessimistic slant.
The Philippines has made official its audit of all operating mines in the country while suspending the approval of new mining projects in the country.
Around 15 percent of global nickel supply from the Philippines is at risk following the suspensions of two nickel miners on environmental grounds, Morgan Stanley said.
A switch to liquid metal shipments artificially tightened the aluminium market in China during the second quarter of this year, Citi Bank said while forecasting a decline in the price.
China’s Aluminium Corporation of China (Chinalco) still aims to lift its aluminium fabricating capacity while extending its fabricating footprint overseas, it said.
The queues to take aluminium out of LME-registered warehouses increased in May due to a series of cancellations, according to the exchange’s latest queue report.
China’s Zijin Mining is planning to issue 4.8 billion yuan ($717 million) in non-public shares on the Shanghai Stock Exchange and will use most of the proceeds for the construction of its Kolwezi copper mine project in the Democratic Republic of Congo.
China’s ex-works producer prices in the non-ferrous metal smelting and fabricating industry fell 6.1 percent year-on-year in June, according to data released by the country’s National Bureau of Statistics on Sunday.