DAILY ROUND-UP – FastMarkets on a looming warehousing fight and base metals rally

A round-up of FastMarkets’ top stories published on March 2:

Base metals ended a positive and more-active Wednesday LME session on an upbeat note, with many concluding near multi-month highs, leaving them poised to build on the session’s gains.

Comex copper futures rose for the third consecutive day as the price reached a mid-November high amid improved sentiment stemming from recent US data.

Warehouse operators registered with the LME are braced for an extended struggle with the exchange over its proposal to implement charge-capping (CC) on rents and FOTs.

Kevin Brazier, who has held a variety of positions associated with the LME since the late 1970s, has left his current role as an independent broker at Ring Dealer Member (RDM) Sucden Financial.

Metals industry veteran Jeremy Jevons has resigned from LME Ring Dealer Member (RDM) Marex Financial Ltd, where he held a senior client liaison role.

Copper, zinc, aluminium and nickel stocks in Shanghai’s bonded zone increased last month due to the Chinese New Year and unfavourable post-holiday arbitrage opportunities.

The Ghanaian government has reversed its decision to introduce a 10-percent export tax on unprocessed precious minerals, reverting to a rate of three percent, according to information provided to FastMarkets by Ghanaian authorities.

The Dubai Gold & Commodities Exchange (DGCX) has appointed former banker Abdullah Harmoozi to take charge of business development for the Middle East and North Africa (MENA) region at the exchange.

Moody’s downgraded its outlook on the Chinese government’s credit ratings from stable to negative, it said, citing the country’s rising debt and falling foreign exchange reserves.

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.