A daily round-up of the top FastMarkets stories from September 20.
Physical base metal markets remained largely sluggish this week despite a pick-up in spot activity and a rise in aluminium.
Base metals apart from aluminium finished Tuesday LME trading higher on improved sentiment, albeit in thin trading conditions.
Copper has managed to hold around one-month highs on the LME Tuesday despite expectations of further deliveries into listed sheds in Asia, suggesting increases have been priced in, Citi Bank said.
Macquarie has upgraded all of its base metal price forecasts apart from for copper, describing any meaningful upside in the metal as a “forgotten dream”.
A court in southern China has officially declared Guangxi Nonferrous Metals Group bankrupt, according to an official report.
Southwire Company has bought United Copper Industries, which operates a 450,000 square foot mill and manufacturing plant in Denton, Texas. Terms of the deal were not disclosed.
South Korea’s Public Procurement Service (PPS) bought 2,000 tonnes of aluminium at premiums of $69-70.5 per tonne via a tender.
CME Group’s aluminium MW US Transaction Premium (AUP) contract moved back above 6 cents per pound amid an uptick in third-quarter demand and a more favourable inventory financing environment.
The nickel market is expected to extend its current momentum into 2017 after production shortfalls and an uptick in global demand helped the metal to recover from a 13-year low, speakers said at the Institute of Scrap Recycling Industries (ISRI) roundtable here.
Aluminium drawing stock, bare wire and rod & bar net shipments by US and Canadian producers totaled 103.3 million pounds or 46,856 tonnes during August 2016, a rise of 6.8 percent year-on-year.
Aluminium sheet and plate net shipments by US and Canadian producers totalled 760.1 million pounds or 345,000 tonnes during August 2016, a rise of 5.3 percent year-on-year.
Chinalco Yunnan Copper Resources (CYCR) is seeking additional funds of A$1.77 million ($1.3 million) because it expects “an opportunity” in the next few months.