A round-up of the top FastMarkets stories from July 27.
The Federal Reserve decided to leave interst rate unchanged on Wednesday, but said “near-term risks to the economic outlook have diminished” – although the change in language had little impact on equity and commodity markets.
Lower incentives to deliver copper into LME-listed warehouses in Southeast Asia could remove some support for the Chinese premium, some traders argued this week.
Base metals came under late liquidation pressure on the LME on Wednesday, with most falling to their lowest for a couple of weeks – a batch of sub-par US economic statistics undermined the intraday mood.
Cobalt prices continued to make upside headway in Europe on Wednesday, sustaining the recent trend to hit levels last seen in August 2015.
Metals and mineral prices have probably hit bottom but the rebound in 2017 is only expected to be a modest one, according to a quarterly report from the World Bank.
The LME’s tough stance on warehouse queues has pushed Vlissingen stock levels to their lowest since June 2012, data showed on Wednesday.
Antofagasta’s copper output in the second quarter of the year rose 5.8 percent, compared with the first quarter of the year, it said on Wednesday.
Regina Lopez, the Philippine environment secretary spearheading an ongoing mine audit in the country, has assured the indigenous people in Mindanao island that errant miners will be suspended as the natives alleged four miners have affected their livelihoods.
Total profits among China’s non-ferrous metal smelters and fabricators rose 16.8 percent year-on-year to 67.96 billion yuan ($10.2 billion) in the first half of this year, according to data published by the Chinese National Bureau of Statistics (NBS) on Wednesday.