A round-up of FastMarkets’ top stories published on January 25. .
LME base metals reverted to the lower ends of the day’s routine trading ranges during late-Monday trading – earlier stability dissolved in the face of weaker oil prices and negative fundamentals.
Freeport-McMoRan will be a bigger user of the spot market for the sale of copper concentrates this year after its treatment and refining charge (TC/RC) benchmark settlement included a cut in volumes sold under annual terms.
Copper recovered last week alongside the oil and equity markets but the worst is unlikely to be over for the metal while its fundamentals remain poor, Barclays said.
Gulf Aluminium Rolling Mill (Garmco) will increase production of aluminium slabs to 120,000 tonnes per year through an extension of its remelting facilities.
Horsehead Holding Corp has temporarily idled its Mooresboro, North Carolina, zinc production facility.
Hedge Fund Elliott Management Corp, which was founded and is controlled by activist investor Paul Singer, increased its stake in Alcoa to 7.4 percent from 6.3 percent, according to a SEC filing.
Weekly trade volume in the CME Group’s Aluminum MW US Transaction Premium (AUP) contract rose 81 percent week-on-week to 1,309 lots or 32,725 tonnes last week.
The first quarter of this year offers price upside for nickel on stainless steel restock season and the start of production cuts among nickel sulphide miners, said Morgan Stanley.
Nonferrous metal prices have an almost a zero chance of making an ‘obvious rebound’ in the first half of this year, with prices expected to stay low during the period, said the China’s Nonferrous Metals Industry Association (CNIA).