DAILY ROUND-UP – FastMarkets on SHFE ali and a down day for metals

A round-up of the top FastMarkets stories from June 9. 

Aluminium was whippy in Thursday LME trading – a foray above $1,600 thanks to fund buying quickly ran out of steam due a lack of follow-through.

Base metals ended a patchy Thursday LME session mostly lower, with prices pressured after a steady start by losses in copper, profit-taking and the firmness of the dollar.

Shanghai Futures Exchange (SHFE) aluminium has been backwardated since late-April but is expected move back into a contango as soon as June when new supply comes onto the market.

Novelis has appointed Devinder Ahuja as senior vice president and chief financial officer.

Chinese production of refined copper and tin are likely to be higher in June but that of zinc will fall, Shanghai Metals Market (SMM) forecast.

Chinese refined nickel and nickel pig iron (NPI) production is set to decline further in June, SMM said. 

South Korea has bought 100 tonnes of tin at a premium of $490 per tonne over London Metal Exchange (LME) cash prices, the country’s Public Procurement Service (PPS) said.

China’s ex-works producer prices in the non-ferrous metal smelting and fabricating industry fell 7.7 percent year-on-year in May, according to data released by the country’s National Bureau of Statistics on Thursday.

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.