A round-up of FastMarkets’ top stories published on February 5.
Base metals other than tin ended the week lower after hitting multi-month highs in the previous session. The complex is now looking for fresh direction, market participants said, but business was thin today and is set to remain that way for the Chinese New Year, which officially starts on February 8.
The LME has offered a ‘one-off’ two-week window from February 19 for listed warehouse operators to revise warehouse rents and FOTs lower, it said.
Six category five members resigned their LME membership as of Friday. They were Cargill International SA, Enmetco LLC, Lonconex Limited, MetAlliance LLP, Nyrstar Budel BV and Rio Tinto (London) Ltd.
Spot copper treatment charges and refining charges (TC/RCs) remain under pressure, falling to five-month lows amid tighter supply after Chinese smelters stocked up ahead of the New Year holidays.
Aurubis will carry out care and maintenance work at its Pirdop copper smelter for 50 days in April and May, a well-informed source said, resulting in it requiring 150,000 tonnes fewer of copper concentrate production.
Sumitomo Corp has written off 111.6 billion yen ($954.5 million) because of the slump in metal prices in which LME nickel slumped to a 2003 low copper its cheapest since 2009.
Simon Underhill has joined Sumitomo, where he is working in the base metals division, FastMarkets understands.
The Shanghai Futures Exchange (SHFE) has named an investor, Zhang Erjiang, as having breached its abnormal trading rules, making it the second time the exchange has named-and-shamed an errant client in slightly more than a month.
Glencore shares were back above 100p on Monday for the first time since November, propelled out of the recent rut by short-covering and a weaker dollar.