A round-up of FastMarkets’ top stories published on February 4.
Base metals ended Thursday higher on the LME with copper, aluminium, lead, zinc and tin all hitting multi-month highs. Short-covering ahead of Chinese New Year, a weaker dollar and higher oil prices all helped to boost prices.
Total bonded stocks in Shanghai free-tax zones have fallen for copper, zinc, aluminium and nickel in January due to improved arbitrage in the first half of the month, but shipping activity has slowed ahead of Chinese New Year celebrations.
Gunvor’s retreat from base metals is a sign of the times for the industry, illustrating how tough market conditions have become even for companies with substantial credit lines and diversified portfolios, market participants said.
Nyrstar posted a loss of 46 million euros ($51 million) for EBITDA in its mining segment the second half of 2015 following a sharp decline in the zinc price, the company said on Thursday.
Trafigura will not take the majority control of Nyrstar’s board of directors, Nyrstar’s chief executive officer Bill Scotting said during a conference call on Thursday.
Global mining equities jumped on Thursday as a softer dollar prompted at return to the much-maligned commodities sector.
Silver price auctions that are deemed to ‘threaten’ the ‘integrity’ of the process or its participating members will be suspended, Thomson Reuters and CME Group announced in a joint statement following a meeting of the LBMA Silver Price Oversight Committee.
The US Department of Commerce has delayed its decision on the Scope Clarification/Circumvention filing against Chinese aluminum extruder Zhongwang Group by until February 22.
Hong Kong Exchange & Clearing (HKEx) mini London contracts were all lower during January 2016, data today showed.
South Korea has purchased 2,000 tonnes of copper cathodes in new tenders this week, the country’s state-run Public Procurement Service (PPS) said on Thursday.