A daily round-up of the top FastMarkets stories from July 8.
Base metals ended the LME trading week in unspectacular fashion – having slogged it out in thin conditions earlier, they came off earlier lows to finish little changed.
Copper concentrate treatment and refining charges (TC/RCs) remained at 2016 highs this week while spot demand was thin and smelters continue to use the oversupplied market as leverage against sellers of clean material.
The unsustainable flow of primary aluminium imports into the US will slow in the second half of the year because of a lower Midwest premium and stronger Russian and Canadian currencies.
Rob McMillan, formerly of GECX Group, has joined global merchant commodities firm Hartree Partners.
The recent rally in base metals prices will be hard to sustain because it was driven more by liquidity and inflation expectations rather than the fundamentals, Macquarie said.
Heavy rains and flooding in parts of China have resulted in transport delays for some metals producers, with the impact most pronounced for aluminium due to the already-tight domestic spot market.
BHP Billiton has settled mid-year annual copper concentrates treatment and refining charges (TC/RCs) with two key smelters in Japan and South Korea in the triple-digits, industry sources claimed.
Deliverable copper stocks at warehouses in the Shanghai Futures Exchange system edged up 236 tonnes or 0.1 percent week-on-week to 162,130 tonnes as of July 8, according to data from the exchange. This is the second consecutive week stocks have increased.