DAILY ROUND-UP – FastMarkets on Rio Tinto production, a Freeport resignation and LME queues

A round-up of FastMarkets’ top stories published on January 19.

Alcoa will delay the curtailment of its 230,000 tonne per year Intalco Works smelter in Ferndale, Washington, until the end of the second quarter of 2016.

Rio Tinto expects higher mined and refined copper production in 2016, according to its fourth quarter production report.

Rio Tinto’s aluminium production rose four percent year-on-year and quarter-on-quarter to 864,000 tonnes in the October-December quarter, taking its full year output to 3.32 million tonnes, up one percent from the previous year.

The queue to take delivery of metal in LME-registered sheds in Vlissingen has fallen to seven months or just 198 calendar days when taking into account the increased load-out rates (LORI) that come into effect on March 1.

The outlook for base metals for this year remains weak while the global economy continues to struggle, Sucden Financial said.

Votorantim will suspend nickel operations at its Niquelândia and São Miguel Paulis units amid low prices for the metal.

Maroef Sjamsoeddin, the president director of PT Freeport Indonesia – the Indonesian operations of Freeport-McMoRan – resigned on Monday, according to several media reports.

Beijing is expected to extend policy support to encourage Chinese companies to invest in overseas resources, according to Xin Guobin, Chinese vice minister of industry and information technology.

The decline in China’s fixed asset investment in the nonferrous metal smelting and fabricating industry have extended to four percent in 2015, taking full year investment to 557.9 billion yuan ($78 billion), according to data from the country’s National Bureau of Statistics.

China’s production of ten major nonferrous metals fell 4.6 percent year-on-year and 4.7 percent month-on-month to 4.23 million tonnes in December, the NBS said.

Will Adams

About Will Adams

William Adams has been involved in the metals markets since 1982 – he has experience in many areas of the market from researching to trading and has worked in London, New York and Tokyo.