A daily round-up of the top FastMarkets stories from September 29.
The London Metal Exchange fully understands that some market participants see its new warehouse regulations as too complex but it also worries that future attempts to streamline them might muddy the waters even more.
US regulators must hold China accountable for its aluminium overcapacity and allegedly unfair business practices, Aluminum Association executives said during a press conference Sept. 28.
Total global aluminium stocks including those held on exchange, off-warrant and by producers in and outside China are off their peak but remain high at 11.5-13.5 million tonnes, according to analysts.
Base metals apart from nickel ended Thursday LME trading in positive territory - tin climbed above $20,000 per tonne to its highest since January last year, lead its strongest since last May and aluminium and zinc multi-week highs.
Comex copper caught a minor lift after oil prices rallied following the announcement of crude production cuts; however, the gains were capped by concerns over rising LME warehouse inventories.
Several members of the China Smelters Purchasing Team (CSPT) have reportedly concluded deals for fourth-quarter shipments of copper concentrates below the ‘floor’ set by the group on Thursday at $105, traders with direct knowledge have told FastMarkets.
There will be no big changes to the UK aluminium extrusions market in the wake of the country’s vote to exit the European Union, John Thuestad of Sapa said at the Metal Bulletin Aluminium conference.
A stand-off in tin between long and short position holders on the LME has the shorts under the biggest threat.
Swiss trader ARG International has won the auction for Noranda Aluminium’s New Madrid primary aluminium smelter in a deal worth $13.7 million, FastMarkets understands.
BHP Billiton has suspended production at its Olympic Dam copper-gold mine following a massive power blackout in South Australia, a company spokesman confirmed with FastMarkets.
Severe storms in South Australia on Wednesday resulted in a state-wide power loss causing an outage of Nyrstar’s entire Port Pirie smelter including the blast furnace, the company said on Thursday.