DAILY ROUND-UP – FastMarkets on zinc TCs and the Baltic Exchange

A round-up of FastMarkets’ top stories published on February 26:

The Baltic Exchange would be a good fit for the London Metal Exchange (LME) if the latter can push through a takeover, market participants told FastMarkets.

Unexpected volatility in the zinc price bogged down negotiations for annual treatment charges (TCs) this week – miners and smelters were unable to agree upon a base price and escalators.

Spot premiums for gold kilobars were mixed this week, with rates in India dropping to their lowest since FastMarkets started reporting on them in 2015 on speculation that the government could cut its import duty as part of the country’s national budget scheduled on February 29.

Base metals on the London Metal Exchange ended the week in positive territory as the complex tracked oil prices higher.

Copper stocks at Shanghai Futures Exchange warehouses fell 881 tonnes or 0.3 percent week-on-week to 276,023 tonnes as of February 26, according to data from the exchange.

South Korea has bought 700 tonnes of aluminium ingots at premiums of $114.40 per tonne over London Metal Exchange (LME) cash prices, the country’s Public Procurement Service (PPS) said.

Nickel output at China’s largest nickel producer Jinchuan Group is expected at 11,500-12,000 tonnes in February, up from around 10,500 tonnes in January.

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.