A round-up of FastMarkets’ top stories published on April 22.
Nyrstar has terminated the off-take and marketing agreement with Noble Group Ltd to market and sell 200,000 tonnes per year of commodity grade zinc metal produced at its European smelters.
Base metals other than zinc and nickel ended the week in positive territory, with aluminium hitting its strongest since July last year and copper retuning to one-month highs.
Black Stone Minerals acquired a portion of Freeport-McMoran’s oil and gas business for $102 million
US aluminium premiums have wobbled lower this week amid an atypical lack of springtime spot demand.
Canadian miner Teck Resources has concluded initial deals with Korean smelters for the annual supply of low-silver lead concentrates from its Red Dog mine in Alaska with treatment charges (TCs) down $29 per tonne on 2015 levels.
Thursday’s rallies in metal prices reflected CTA and fund activity and not a fundamental shift in markets, traders told FastMarkets on Friday.
Aluminium surged to a near-10-month high on the Shanghai Futures Exchange on Friday when funds bet on tightening supply and improving demand.
China’s imports of refined zinc in March surged 88.3 percent year-on-year and 72.2 percent month-on-month to 76,998 tonnes, according to latest data from Chinese customs.
Nickel may have bottomed out and should rally in the second half of 2016 thanks to a stronger China, stabilised global steel production and a drawdown in inventories, Bank of America Merrill Lynch (BoA ML) said.
Creditors of Queensland Nickel (QNI), the 30,000-35,000 tonnes per year nickel refinery in Yabulu in Australia, have voted in a Friday meeting to liquidate the company.