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WEEK-IN-BRIEF: Huge Al stocks at plant in Mexico; copper spreads; Kent Lowenberg's sale; and commodity indices
July 04, 2014 - 15:39 GMT
Metal Bulletin editor Alex Harrison wraps up some of the key news and market moves over the past week.
Almost 1 million tonnes of aluminium extrusions
are being stored by a company in Mexico, causing concern to
producers across the border in the USA, even though the
material does not qualify for preferential
treatment under the North American free trade
Will aluminium premiums in Europe fall this year? Most in the
market say they think not. Find out more here.
Anglo American is looking to sell platinum, copper and nickel
assets. Find out more here.
A detailed reading of MMG’s regulatory filing by
Metal Bulletin’s Shivani Singh showed that an
independent technical reviewer said the 400,000-450,000 tpy Las
Bambas project is likely to be pushed back slightly to the second
half of next year.
After almost 30 years ceo and chairman of Scandinavian Steel Kent Lowenberg
— "more of a conductor" than a traditional md
— is looking to sell the company, and aims to give a
percentage of the firm to six traders at the same time.
Copper spreads moved to contango from backwardation for one day
last month. What happened and why? Metal
Bulletin’s Mark Burton gets to the bottom of what was going on here.
Anybody selling into the hole that news of the Qingdao probe opened up last month is
likely to be regretting it now: the Shanghai copper market has tightened up
and outright prices on the London Metal
Exchange have strengthened too.
Still, what was uncovered in Qingdao continues to reverberate, as a report from
Deepali Sharma in Singapore made clear last week.
For the best part of recent years, markets have focused on the
effect of big banks pulling back from commodities. Citi though
has made plain it is, in the words of one senior executive, going counter-cyclical and is looking to
boost its presence in metals and energy markets.
A change in payment terms by a large Chinese steel mill is
putting pressure on alloy producers. Find out what happened here.
Andrea Hotter talked backwardated markets and beta with the
head of commodities at S&P Dow Jones Indices. Discover
what’s being rolled out in commodity indices here.
Metal Bulletin concluded its series on China’s
hedge funds with 14 key points about these large speculators
and a short video. Read here and watch here.
One from the archive: Andrea Hotter carried out a detailed
interview with Red Kite hedge fund founder Mike Farmer earlier
this year. If you missed it then, you can see it here.
Commodities trader Jim Rogers didn’t make a
fortune by not being prescient: here he is back in 2008, and here are his latest thoughts.
Metal Bulletin has reviewed its cobalt pricing, and will
continue to publish prices based on its reporters'
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