DAILY ROUND-UP – FastMarkets on LME warehouse rules and Chinese copper demand

A round-up of the top FastMarkets stories from July 14. 

Base metals ranged from steady to higher levels during Thursday’s LME sessions, mostly holding around this week’s multi-month highs and looking to lock in and build on current short-term positive sentiment. 

US trade policy needs to be geared towards supporting technology and innovation and away from ill-conceived attempts to artificially prop up the price of aluminium.

The increased involvement of funds is making copper prices harder to forecast and trade - the latest example lies in is the metal’s baffling surge on the Shanghai Futures Exchange on Wednesday.

The LME has initiated a market-wide consultation proposing to control warehousing costs by imposing caps on maximum charges. But it will not consult on a FOT conversion as part of its warehouse reform due to lack of appetite for its proposed changes.

Access World - formally Pacorini Metals AG – has received approval to list metal in Comex sheds.   

Thai zinc producer Padaeng will close its Mae Sot Mine in August after its zinc reserves finally ran out and will end refined production of its LME brand ingots this year, FastMarkets understands.

Arthur (Lin) Mei has joined Hengfeng Bank’s head office on July 1 as director of Commodity Center in its financial markets department, FastMarkets understands.

The latest Chinese June copper import data has sparked mixed views on the state of copper demand in China.

 

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.