June 2020

LIVE FUTURES REPORT 30/06: LME copper hits 6-month high on supply fears

The London Metal Exchange three-month copper price closed above $6,000 per tonne for the first time since January 23 on Tuesday June 30.

MRI appoints Nunnenmacher new CEO; Paterson becomes President

Swiss metal merchant MRI Trading has appointed Markus Nunnenmacher as its new chief executive officer, with longstanding head Iain Paterson stepping down from the role effective from July 1.

LIVE FUTURES REPORT 30/06: Chile production woes push LME copper above $6,000/t

The London Metal Exchange three-month copper price rose during morning trading on Tuesday June 30, surpassing resistance at $6,000 per tonne against a narrowing forward curve, while nickel futures maintained gains made on Monday.

Non-ferrous scrap renaming uncertainty dampens Chinese buying; import quotas dry up

Chinese non-ferrous scrap importers largely stayed on the sidelines during June, with a lack of detail surrounding China’s renaming of certain scrap metal as renewable materials causing participants to refrain from making any purchases.

MORNING VIEW: Broader markets firmer despite mixed economic data, Covid-19 concerns

Asian-Pacific equities and pre-market major western equity index futures were stronger this morning, Tuesday June 30, while base metals prices were for the most part firmer too - this despite Federal Reserve chairman Jerome Powell saying the US economy faces “extraordinary uncertainty”.

IN CASE YOU MISSED IT: 5 key stories from June 29

Here are five Fastmarkets stories you might have missed on Monday June 29 that are worth another look.

Brazilian aluminium consumption to drop in 2020 due to Covid-19, Abal chief says

Brazilian aluminium consumption was likely to show a two-digit percentage decrease in 2020 amid the restrictions enforced in the country to combat the Covid-19 pandemic, the president of local aluminium association Abal, Milton Rego, told Fastmarkets on Friday June 26.

LIVE FUTURES REPORT 29/06: LME zinc price gains 1% in afternoon trading; nickel tops complex in 1.2% climb

Steady buying over the afternoon brought the three-month zinc price on the London Metal Exchange higher at the close of trading on Monday June 29, eradicating the metal’s morning price weakness, while nickel futures topped gains despite minimal volume traded on the day.

Accident at China’s Huaxing alumina refinery removes 50-80kt of supply; market unmoved so far

Huaxing alumina refinery, in Shanxi province of northern China, has closed one alumina production line following an equipment accident, several sources told Fastmarkets on Monday June 29.

LME aluminium stocks at highest since April 2017 on weak physical market

Poor physical aluminium market conditions have forced people to store excess metal, pushing total aluminium stocks on the London Metal Exchange to more than 1.6 million tonnes.