DAILY ROUND-UP – FastMarkets on warehouses rents, Freeport earnings and physical premiums

A round-up of FastMarkets’ top stories published on January 26.

The LME has scheduled an emergency warehouse committee meeting for this Friday to offer operators one last chance to reduce their rent and free-on-truck (FOT) charges before they go live on April 1.

Base metals shook off the torpor that has hit LME prices recently, staging an across-the-board technical rally amid some lively movements in equity markets and crude oil on Tuesday to end firmer.

Stephen Branton-Speak, formerly at investment bank Goldman Sachs, has joined Concord Resources as a director in London.

The approaching Chinese New Year started to affect physical metal business this week, with a slight recovery in underlying prices and lingering backwardations also contributing to limit buying interest.

Shipments of primary aluminum by North American (US and Canada) producers totalled 1.151 million tonnes in the fourth quarter, up 1.2 percent year-over-year. Meanwhile, extrusion shipments rose 4.8 percent, the Aluminum Association reported.

Freeport-McMoRan aims to accelerate its debt reduction plans and is actively engaged in discussions with third parties regarding potential asset sales. The company’s fourth-quarter copper sales of 1.15 billion pounds were up 18 percent year-on-year and in line with estimates,

Cargill Financial Services Europe will begin trading and clearing as a category two member of the LME from February 1, the exchange said in a notice.

Vedanta Resources has made its final shipment of zinc concentrate from its Lisheen mine in Ireland, which ceased operations in December 2015 after running for 17 years.

The growing headwinds facing world economic growth prospects in 2016 have prompted Triland to cuts its copper and aluminium price forecasts for this year.

Workers at Indonesian state-owned tin producer PT Timah will strike this week in protest against local government pressure to limit the company’s offshore mining activity. The company will export just 500 tonnes of tin per month if prices remain at current levels, it 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.