A round-up of the top FastMarkets stories from June 20.
The global refined copper balance for the first quarter indicates a production surplus of 42,000 tonnes, which equates to a seasonally adjusted deficit of 43,000 tonnes, the International Copper Study Group (ICSG) said.
KGHM has signed an agreement with China Minmetals for the sale of copper cathodes from 2017 until 2021.
Base metals rebounded on Monday on the LME on easing fears that the UK will vote to exit the EU in Thursday’s referendum.
The CME Aluminum MW US Transaction Premium (AUP) contract did not record any trades last week – participants took a breather following record volumes in the prior week.
There could be a widespread impact on the physical base metals markets should the UK vote to leave the EU this week’s hotly contested referendum.
UC Rusal could halt 200,000 tonnes of aluminium production should prices fall below $1,500 per tonne, a company representative told FastMarkets.
The multiple challenges the London Metal Exchange (LME) faces could prove a “positive force for change”, Macquarie said.
Copper faces a period of volatility around the UK’s EU referendum regardless of the result of Thursday’s vote, Barclays said.
A potential ‘leave’ vote in the UK’s EU referendum next week would have little impact on the operation of the London Metal Exchange (LME) as a functional market, Citi said.
Chinese stainless steel output growth is stronger than expected so far this year despite analysts having largely expected at the start of the year no growth or contraction in 2016.
Global primary aluminium production averaged 158,200 tonnes per day in May 2016 (31 days), the highest for six months and up from 157,400 tonnes per day in April (30 days), data issued by the International Aluminium Institute (IAI) showed.
Robert Wunder will become new general manager of Sierra Gorda SCM – the owner of the Sierra Gorda mine in northern Chile. He replaces Maciej Sciążko, Poland’s KGHM said in a release.
Deliverable copper stocks at warehouses in the Shanghai Futures Exchange system fell 16,233 tonnes or 8.9 percent week-on-week to 166,105 tonnes as of June 17, according to data from the exchange. This is the sixth consecutive week inventories have declined.