A daily round-up of the top FastMarkets from July 5.
Base metals fell across the board on the LME on Tuesday when the US’ return to the market after an extended weekend break coincided with Monday’s rally running out of steam.
A flurry of technical and short-covering in the futures markets has put much of the physical metals sector on the sidelines over the past week and quelled any arbitrage-related demand in China for now.
Aluminium traded options are expected to see the most interest during Wednesday’s LME July declarations, with a cluster of high open interest for calls at strikes stretching either side of the ATM (at-the-money) level near $1,650.
Erus Metals, which is partly owned by commodity trader Gerald Metals, has received approval from the LME to list copper in its sheds in Panama City, it said on Tuesday.
The LME will consult its members on new policies and amendments to its rulebook intended primarily to shore up its ability to intervene when markets turn disorderly.
The Philippines’ plan to review mining operations in the country will support nickel prices but the actual impact on nickel ore supply will be limited, said Beijing Antaike on Monday.