A round-up of the top FastMarkets stories from July 12.
Activity in the physical base metals markets was muted this week amid the typical summer slowdown but participants are closely watching the Philippines as well as recent copper deliveries into LME-listed sheds in Asia.
Comex copper futures jumped over three percent in the largest intraday move since April 11 with investor risk-on appetite returning following calmer market conditions.
Aluminum imports of ingot, scrap and mill products into the US and Canada (excluding cross-border trade) totalled 650 million pounds or 294,000 tonnes in May, up 14.9 percent year-on-year, according to the Aluminum Association.
The waiting time for aluminium delivered out of LME-registered warehouses dropped in June, according to the exchange’s latest queue report.
US consumption of aluminium extrusions totalled 5.1 billion pounds (2.3 million tonnes) in 2015, an increase of 4.6 percent over 2014, the Aluminum Extruders Council (AEC) and the Aluminum Association said.
Volatility levels in LME nickel traded options have reached a seven-month high around 37.40 percent due to the rise in the underlying market to its best since late-October 2015, which has sparked an upturn in business, traders said.
Supply-side issues have prompted Goldman Sachs to revise its price forecasts for nickel and zinc.