A round-up of the top FastMarkets stories from July 6.
Base and precious metals markets saw minor adjustments following the release of the Federal Reserve meeting minutes, which showed a majority of Fed members were cautious to adjust rates following poor US labour data and the UK referendum.
Some of the copper being delivered into LME-listed warehouses in Southeast Asia appears to be from significant stockpiles sat in Shanghai’s bonded zone, FastMarkets’ analysis suggests.
The benchmark third-quarter premium for aluminium supply contracts in Japan looks likely to settle at $90-93 per tonne after several deals were confirmed in that range, industry sources said.
Base metals cut losses during late-Wednesday PM LME trading, with prices heavily influenced by system-based activity and similar trends in wider markets, traders said.
The London Metal Exchange (LME) has chosen software and exchange IT specialist company Sinara Consultants to develop its new matching system.
The copper market is far from stable and, despite the recent price rises, participants should brace for more volatility because it has yet to find a bottom, Barclays Commodities said in a note.
The LME molybdenum market continued to shrink on Wednesday – a pattern of falling volumes and open interest was exacerbated by a tumble in inventories, further damping down on liquidity.
The Shanghai Futures Exchange (SHFE) has approved Shandong Hongqiao New Material Co’s aluminium ingot brands, it said in a release on Wednesday.
JLY Metals has applied for category five membership of the LME, the exchange said on Wednesday