DAILY ROUND-UP – FastMarkets on Eferton suit, physical premiums and Indonesia floods

A round-up of FastMarkets’ top stories published on March 29:

Base metals ended a downbeat Tuesday LME session mostly trading around their lows, having struggled throughout the session, as the complex has lost upward momentum in recent days.

Physical base metal markets were largely sluggish barring the USA, in a week where many countries took public holidays and weak demand in China saw premiums for copper fall for the seventh consecutive week in Shanghai.

Eferton DMCC, the non-ferrous metals trading subsidiary of Eferton Group, has asked for a default judgement in a $45 million fraud claim over the purchase and sale of copper ingots that currently going through a California court.

Floods have returned to Indonesia’s Bangka islands since this week, which might cause delays for future shipments of tin, according to reports in local media outlet Bangka Pos.

Aluminium extrusion sales volume at China’s Zhongwang Holdings rose just 0.5 percent to 750,049 tonnes in 2015, the Hong Kong-listed firm said in its annual report.

Markets are set for a busy schedule of data this week as they return from the long Easter weekend. As well, Thursday also marks month-end, quarter-end, and in the case of Japan, fiscal-year end, with last minute book tidying likely to dominate.

Aluminium stocks in China’s five major markets have started to decline after having peaked in mid-March, according to a survey by Chinese metals research firm Shanghai Metals Market (SMM).

Japan’s Mitsubishi Corp is expecting a 150-billion-yen loss ($1.3 billion) for its fiscal year ending March 31, 2016 due to impairment losses of around 430 billion yen incurred in its fiscal fourth quarter.

Refined copper production at China’s Zijin Mining Group rose 12.3 percent to 264,086 tonnes in 2015, the company said in its annual report filed with the Hong Kong stock exchange.

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.