A round-up of the top FastMarkets stories from June 7.
Trends in physical markets diverged over the past week, with forward spreads strongly in focus.
Higher Chinese aluminium prices coupled with attractive premiums in southern China have sparked import interest in China over the past one or two weeks but this is unlikely to last following the drop in SHFE aluminium prices this week.
Base metals retreated during Tuesday LME trading, partly correcting lower after the most recent moves to multi-month and multi-week highs in the previous session but also tugged lower by copper, which fell some 2.6 percent to two-week lows.
The main issue stemming from Britain’s potential exit from the European Union (EU) is not the threat of volatility but uncertainty about regulations, LME CEO Garry Jones said.
A series of deliveries from Chinese copper producers has lifted LME stocks of copper by 28 percent in the past two days, shrinking a persistent backwardation and easing physical selling pressure on the metal.
Revenue and gross profit at Trafigura’s metals and mining trading division fell year-on-year in the first half of its fiscal year because of “significant challenges” in the market.
Zijin Mining will acquire Chinese miner Heilong Mining Group for 1.56 billion yuan ($238 million), giving it full ownership of the Duobaoshan copper mine in China.