A round-up of FastMarkets’ top stories for April 29.
The London Metal Exchange (LME) will introduce accountability levels for some contracts from July 4.
Base metals ended Friday in positive territory on the LME, with continued dollar weakness fuelling today’s rally.
Spot treatment and refining charges (TC/RCs) for copper concentrates continued to climb over the past fortnight.
Gold premiums around the world largely suffered this week from the international price of the metal hitting its highest in almost 15 months, keeping most buyers on the sidelines and drawing more scrap material onto the market.
Chinese smelters are poised to restart 1.5 million tonnes per year of idled capacity by the end of the year, Century Aluminium believes.
Century Aluminum will have to make a long-term decision on its Mt. Holly primary aluminium smelter in South Carolina by early July.
Vedanta is targeting aluminium production of around 1.2 million tonnes in its fiscal year ending March 2017, up 30 percent from record output of 923,000 tonnes in its previous fiscal year.
Deliverable copper stocks at Shanghai Futures Exchange warehouses dipped 19,795 tonnes or six percent week-on-week to 311,894 tonnes as of April 29, making this the sixth consecutive week of decline, according to data from the exchange.
European lead producer Recyclex is still negotiating a refinancing package to guarantee continued output at its 140,000-tonne-per-year primary smelter in Germany, while sales for all products were down in the first quarter of this year.
The net profit of China’s Jiangxi Copper Co surged 49.3 percent year-on-year to 201.37 million yuan ($31 million) in the January-March quarter, the Hong Kong-listed firm announced on Friday.