A round-up of the top stories FastMarkets stories from July 26.
Physical base metal markets saw limited action over the past week, with outright prices remaining close to recent highs despite coming off of last week’s peaks.
Base metals business was patchy and erratic on the LME on Tuesday, with prices mixed but mostly below previous closing levels amid a short-term ranging-mode, traders said.
Sherritt International Corp has reduced its full-year output guidance for its Ambatovy nickel/cobalt mine in Madagascar following a 14-day shutdown for maintenance in the second quarter.
It has been a month since China’s scandal-ridden Fanya Metals Exchange was formally closed down and its assets were seized by investigators but there is no closure yet for the Chinese investors, who have been massively defrauded, as well as specialty metals markets.
Antimony prices continued a mini bull-run in Europe on Tuesday, straddling the $7,000 per tonne level to stand at their highest since August 2015, as the ongoing closure of the China/Vietnam border underpinned worries over availbility, traders said.
The Minor Metals Trade Association (MMTA) is to hold its annual conference next year in Europe for the second year in succession, with Dublin in the Republic of Ireland selected as the venue for April 24-26, 2017.
ELG Utica Alloys Ltd, part of the ELG Haniel Group, has been approved as a member of the Minor Metals Trade Association (MMTA),
Freeport-McMoRan’s second-quarter consolidated copper sales totalled 1.1 billion pounds (500,000 tonnes), which was around five percent below the miner’s April estimate because of lower sales from Indonesia.
Low premiums and unattractive financing opportunities are prompting a shift of sizeable volumes of off-warrant aluminium back to listed LME warehouses in Asia.
Gerli Metalli has applied for Category Five membership at the LME.