A round-up of FastMarkets’ top stories published on January 7.
LME base metals ended a volatile Thursday session mixed on the LME – global financial markets reacted with relief after Chinese authorities suspended the circuit breaker rule on the Shanghai stock exchange ahead of the Friday open.
The copper market was a victim of the mass sell-off in the Chinese stock market on Thursday, as a wave of selling pressure took the red metal to $4,430 per tonne.
A New York judge has dismissed claims that the trading and metals warehouse affiliates of Glencore, Goldman Sachs and JPMorgan Chase engaged in a conspiracy to monopolize the trade of London Metal Exchange zinc in order to manipulate prices and fundamentals.
Copper bonded stocks in Shanghai have increased for the fourth consecutive month to above 400,000.
Nyrstar NV has launched the formal sales process for all or a majority of its mining assets, the company announced on Thursday.
Three-month cobalt and molybdenum both traded on the LME today, with the business on Select the first trades registered on the platform since autumn 2015 amid the rout in global equities and significant losses in other base metals.
European nickel consumers have concluded contracts for 2016 full-plate cathode supply at lower premiums and for reduced volumes.
Credit ratings agency Standard & Poor’s (S&P) has downgraded its rating for bonds issued by commodities house and base metal trader Noble Group to junk today, although Fitch reaffirmed its stable rating.