A daily round-up of the top FastMarkets stories from July 1.
All of the Pacorini Metals warehouses listed with the London Metal Exchange have changed their named to reflect the company’s new Access World branding, the exchange said in a notice to members.
Base metals on the London Metal Exchange (LME) rose on Friday on hopes that central banks in all regions will soon launch new stimulus measures to shore up liquidity and growth after the UK’s surprise vote to leave the EU.
JP Morgan has raised its price forecast for zinc the second half of 2016 – the metal continues to outperform its predictions, it said in its quarterly report.
Zinc contracts on the Shanghai Futures Exchange are showing signs of overheating after fund interest lifted the September contract to a fresh 13-month high on Friday.
Deliverable copper stocks at warehouses in the SHFE system rose 6,659 tonnes or 4.3 percent week-on-week to 161,894 tonnes as of July 1, according to data from the exchange. This is the first increase after seven consecutive weeks of decline.
Copper prices on the London Metal Exchange (LME) is expected to fluctuate around $4,600 per tonne on average in the third quarter with the trading range likely to be at $4,300-5,000 per tonne, according to market participants surveyed by FastMarkets.
China’s non-ferrous metals market may have bottomed out but outstanding problems like weak demand and unsustainable price increases is making it difficult for the domestic market to rebound, China’s Nonferrous Metals Industry Association (CNIA) said in a late-June report.
China’s year-on-year refined zinc production grew 2.1 percent in May, reversing the 2.5-percent decline in April, according to data published by China’s National Development & Reform Commission (NDRC) this week.
China’s year-on-year refined copper production growth slowed to 6.6 percent in May from 14.9 percent in April, according to data published by the NDRC.