A round-up of the top FastMarkets stories from May 23.
Base metals were hit by a fresh wave of selling pressure during Monday LME trading before limping towards the close to finish little changed from the previous session.
Monthly Chinese imports of tin ores from Myanmar edged lower in April but in the year to date they remain almost double last year’s levels.
The CME Group’s Aluminum MW US Transaction Premium (AUP) contract continued to trade just below 8 cents per pound, while both volumes and open interest spiked last week.
Macquarie expects copper to average a low of $4,893 per tonne this year and does not see it returning above $6,000 until 2021.
Macquarie has lifted its 2016 price forecast of zinc - its favoured LME long – citing its bullish fundamental story.
China’s exports of aluminium fabricated products fell six percent year-on-year to and was unchanged month-on-month at 360,000 tonnes in April, according to final trade data published by the country’s General Administration of Customs.
Copper on the Shanghai Futures Exchange fell on Monday as the market stayed bearish amid a lack of positive factors to support prices.
China’s import of unwrought copper and copper alloy rose 6.3 percent year-on-year but fell 24.5 percent month-on-month to 400,000 tonnes in April, according to final trade data released by the country’s General Administration of Customs on Saturday.