A daily round-up of the top FastMarkets stories from Sept 6.
The physical metal markets are entering their busy season amid plenty of market-moving news, including labour unrest in Chile, fourth-quarter major Japanese port (MJP) aluminium supply negotiations and rumours that the Philippines government might close more nickel mines.
Next year’s annual premiums for special high-grade zinc ingots will be mixed, market observers predicted, with the picture for Asian markets still clouded while European rates are set to rise.
Base metals traded at mixed levels on the LME on Tuesday, with some setting fresh highs, although profit-taking was evident amid increased business levels – US markets reopened following the Labor Day holiday weekend.
Operations have resumed at Codelco’s Chuquicamata mine on Monday evening – the mine is now one hundred percent operational, the Chilean state-owned miner said today.
South Korea has bought 200 tonnes of nickel at a premium of $500 per tonne over London Metal Exchange (LME) cash prices, the country’s Public Procurement Service (PPS) said on Tuesday.
A strike at Codelco’s Salvador copper mine is a threat to the division’s viability, the mining company said.
The Shenzhen government will take a minority stake in the spot commodity platform championed by the Hong Kong Exchanges & Clearing (HKEX), which continues to advance ahead of its launch in May next year.
China’s influence on the commodities market have grown in recent years but it must do more to open up its economy before it can become a price-setter, panellists at the FT Commodities Asia Summit said here.