A round-up of the top FastMarkets stories from May 10:
The sharp pullback in futures prices over the past week has stirred up some enquiries in the physical metal markets, especially in the US, which continues to have the best demand profile.
Base metals generally swung either side of Monday’s closes during Tuesday LME trading, with prices largely consolidating and averting further downswings after the previous session’s sell-off.
The supply of zinc-bearing raw materials from Peru will fall by around 153,000 tonnes this year compared with 2015, Paolo Cabrejos, the commercial manager of Volcan Cia Minera in Peru, said.
Aluminum imports of ingot, scrap and mill products into the US and Canada (excluding cross-border trade) totalled 708 million pounds (321,000 tonnes) in March 2016, up 10.3 percent year-on-year, according to the Aluminum Association.
China’s zinc consumption will struggle in 2016 – contraction in the construction and infrastructure sectors will more than offset a boost from the automotive sector, CHR Metals analyst Claire Hassall said during the MB Zinc conference here.
Producers are bullish on zinc prices due to a lack of raw materials and increased demand from China, speakers said at the MB Zinc conference said.
China’s ex-works producer prices in the nonferrous metal smelting and fabricating industry fell 7.7 percent year-on-year in April, according to data released by the country’s National Bureau of Statistics on Tuesday.