DAILY ROUND-UP – FastMarkets on LME comeback, Indonesia tin exports and Wood Mac forecast

A round-up of the top FastMarkets stories from May 6: 

Base metals apart from aluminium ended the week in positive territory on the LME, recovering from earlier losses.

Comex copper erased earlier losses on Friday thanks to some pre-weekend short-covering and a bounce in oil.

Premiums for gold kilobars held at low levels or moved deeper into discounts amid soaring prices – spot gold hit 15-month highs on Monday.

Refined tin exports from Indonesia soared in April, according to official government data published by industry body ITRI.

Japan’s Itochu Corp expects its metals and minerals business to return to profit in the current fiscal year ending March 2017 after posting a net loss of 16.7 billion yen ($156 million) in fiscal 2016.

Deliverable copper stocks at Shanghai Futures Exchange warehouses rose 1,274 tonnes or 0.4 percent week-on-week to 313,168 tonnes as of May 6, according to data from the exchange. This the first increase since late-March after six consecutive weeks of decline.

Rio Tinto and its partners, the Mongolian government and Turquoise Hill Resources, have approved the next stage of development of the Oyu Tolgoi copper-gold mine in Mongolia, Rio Tinto said on Friday.

Copper demand growth is expected to slow in the near and medium-term, which will result in prices holding around $2.20 per pound ($4,800 per tonne) through this year before hitting $2.50 per pound ($5,500 per tonne) in 2017, according to Wood Mackenzie.

Will Adams

About Will Adams

William Adams has been involved in the metals markets since 1982 – he has experience in many areas of the market from researching to trading and has worked in London, New York and Tokyo.