A daily round-up of the top FastMarkets stories from August 17.
Base metals ended Wednesday LME trading little changed from their previous closing levels with investors on the sidelines ahead of the release of the July US Federal Open Market Committee’s (FOMC) minutes.
LME metal price charts have been looking rosier of late, with a palpable sense in the exchange-traded markets that there are bullish cases around to invest in the complex. But even a cursory look at physical markets indicates that there could well be more pain for the industry and the complex before we see true green shoots emerge.
All base metals were in deficit in January-June, with the copper market undersupplied by 197,000 tonnes during the period, the World Bureau of Metal Statistics (WBMS) said Wednesday.
Aluminium suppliers are already pushing United States consumers to sign annual 2017 contracts by arguing that more metal will have to come from further away next year.
Annual copper treatment and refining charges (TC/RC) for 2017 should settle for at least three digits, Chinese smelters surveyed by FastMarkets said.
The Shanghai Futures Exchange (SHFE) has approved Qinghai Huanghe Xinye Aluminium Co’s aluminium ingot brands.
Nickel prices have bottomed in part due to global production shutdowns including among Chinese refined nickel and nickel pig iron (NPI) producers, Yang Zhiqiang, chairman of China’s largest nickel producer, Jinchuan Group.
Nickel contracts on the Shanghai Futures Exchange (SHFE) have come under pressure as market participants who see limited upside for the metal in the near-term are squaring off both short and long positions.