A round-up of the top FastMarkets stories from July 25.
A new global spot physical metal trading platform called Metalprodex will launch in September, managing director Janko Linhart told FastMarkets.
China’s Ministry of Commerce (Mofcom) has approved three more copper smelters – Zhejiang Jiangtong Fuye Heding Copper, Henan Yuguang Gold & Lead Group and Chifeng Yuntong Nonferrous Metals – for tolling agreements, it said on its official website.
Grupo México SAB de CV produced 528,096 tonnes of copper in the first half, an increase of 21 percent due to the start of operations of the new projects at the Buenavista mine in Mexico.
Annual global copper mine production capacity is expected to grow at around four percent per year to reach 26.5 million tonnes per year in 2019, an increase of around 3.9 million tonnes (up 17 percent) from 2015 levels, according to a release from the International Copper Study Group (ICSG).
Base metals made a slow start to the week, with prices opting to range close to pre-weekend levels – summer conditions took their toll on investor and trade interest.
The forward curve for the CME Group’s aluminium MW US Transaction Premium (AUP) contract is now quite flat, which indicates that the market does not expect much movement in premiums in the near term.
Nickel market participants continue to downplay the long-term effect of mining developments in the Philippines even after a sixth nickel miner was ordered to stop production.
Production of around 10,000-20,000 tonnes per month (nickel contained) of nickel pig iron (NPI) in Inner Mongolia are likely to have been halted following environmental checks by government authorities, Beijing Antaike estimated.
China’s copper demand is likely to wane in the second half of this year after power grid investment in the country was concentrated in the first half of this year, analysts said.
The London Metal Exchange has approved Jly Metals Pte Ltd as a Category Five member.
Brazilian mining giant Vale set second-quarter production records for both copper and nickel, it said late last week.