DAILY ROUND-UP – FastMarkets on physical premiums and base metal bounce back

A daily round-up of the top FastMarkets stories from June 28. 

Base metals were in a more confident mood during Tuesday’s LME session, posting gains right across the complex – investors looked to move back towards risk-based assets, traders said.

Physical base metal markets were mixed in a week where equities and currencies took a hit from the UK’s shock decision to exit the European Union. Zinc and aluminium premiums fell in the US – formerly tight physical markets there are moving steadily into oversupply.

The LME has approved the resignation of a category 4 member Bank of London and The Middle East (BLME)

G.H. Financials (Hong Kong) Ltd has been approved for membership of the London Metal Exchange (LME) as a category 4 member, the exchange said on Tuesday.

Singapore Exchange (SGX) and the Baltic Exchange have agreed to extend the period of exclusive discussions about a cash offer for 100 percent of the Baltic Exchange share capital from June 30 to August 31, SGX said.

The Shanghai Futures Exchange aluminium backwardation is lasting longer than expected while the spot market supply remains tight – contrary to expectations that it could ease in June.

Independence Group has mined the first ore at its Nova project in Western Australia and is on track to commence production of nickel and copper concentrates in December, the company said in a filing to the Australia Stock Exchange on Tuesday.

Will Adams

About Will Adams

William Adams has been involved in the metals markets since 1982 – he has experience in many areas of the market from researching to trading and has worked in London, New York and Tokyo.