Key metal news and prices to start the day on Thursday July 31
Copper prices held onto earlier gains during kerb trading on the London Metal Exchange on Wednesday July 30, after rising $100 in a couple of minutes on strong GDP figures from the USA.
The UK's Court of Appeal has reserved judgment to a later date on the London Metal Exchange’s appeal against the High Court ruling that forced it to abandon planned new warehouse rules earlier this year.
Base metals prices rebounded during official trading on the London Metal Exchange on Wednesday July 30, as data showed the US GDP growing at a much faster rate than expected.
Indium prices have risen above 5,000 yuan ($809) per kg again on raw material supply tightness after a temporary correction, according to market participants.
CHINESE FUNDSWho were the Chinese funds behind copper’s Black Friday? What do they trade? How much are they worth? What gives them their edge? Find out here
Has the Fanya Metal Exchange removed volatility from the minor metals markets?
HOTTER ON METALS: LME, Rusal await Court of Appeal verdict
Changes to the London Metal Exchange’s warehousing rules could kick in by the end of the year if the exchange wins an appeal at the Court of Appeal in the UK this week.
HOTTER ON METALS: Russia needs the WTO
Sanctions would make life difficult, but not impossible, for Russian businesses. What might conceivably make life a lot harder would be if Russia got kicked out of the World Trade Organization (WTO).
HOTTER ON METALS: US sanctions? Get a licence
US sanctions impacting the Russian metals trade are not yet a reality, but let’s pretend they are.
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Billet premium could bring aluminium production back online
The difference between the European aluminium ingot and billet premiums has grown by more than 50% this year, reflecting a sharp supply deficit in the billet market and raising the prospect of higher billet production in the near future.
Bank limits copper finance after ICBC moves to defer payment against LC
At least one western bank has stopped discount financing of copper into China after Industrial & Commercial Bank of China (ICBC) applied for the right not to settle a letter of credit it issued earlier this year, as a result of the Qingdao investigations, sources told Metal Bulletin.
WEEK-IN-BRIEF: ENRC marketing rights; silver fix; Chinese funds eye zinc; SRB cobalt purchases
It’s been a wild week on the Metal Bulletin news desk. Here, deputy editor Fleur Ritzema wraps up the key stories.
ENRC has held talks with world's top trading firms to outsource marketing
ENRC has held talks with five of the world’s largest metal trading firms to outsource marketing rights to its products in exchange for pre-financing of material, Metal Bulletin understands.
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