March 2020

LIVE FUTURES REPORT 27/03: LME copper closes below $4,800/t threshold

The three-month copper price on the London Metal Exchange closed below the $4,800-per-tonne psychological threshold on Friday March 27, finishing at the day $4,790.50 per tonne with a turnover of just 11,475 lots.

AT A GLANCE: Codelco 2019 output, earnings down following weak H1

A summary of the full-year financial performance of Chilean copper producer Codelco in 2019, as stated in its earnings report on Friday March 27.

Zambia ends copper, cobalt materials import duty to provide producers relief

The Zambian government will remove the 5% import duty on metal concentrates to ease the pressure on copper and cobalt producers during global lockdowns imposed to halt the spread of the Covid-19 virus and and sharp declines in commodity prices.

BATTERY RAW MATERIALS MARKET REPORT 27/03: Raw material supply concerns stem cobalt sulfate downturn

An overview of the battery raw materials markets and their price moves from the past week.

En+ may review 2019 capex but keeps 5-year low carbon materials plan

En+ Group, the majority owner of Russian aluminium producer UC Rusal, may review its 2020 capital expenditure in light of the impact of the Covid-19 pandemic, but still plans to spend more than $715 million at its smelters and alumina refineries over the next five years, it said.

Alumina price plummets to Oct 2016 low with LME at $1,500/t

The alumina price on a fob Australia declined below $260 per tonne on Friday March 27 after the market continued to react to falling aluminium prices.

Nexa Resources drops 2020 guidance with Peru lockdown extended to April 12

Brazilian polymetallic producer Nexa Resources suspended its full-year 2020 guidance after the Peruvian government extended its state of emergency declaration until April 12, forcing domestic mines to remain idled, the company said on Thursday March 26.

Vedanta’s Skorpion zinc refinery to close over operating, economic concerns

Namzinc’s Skorpion zinc refinery in Namibia, a subsidiary of India’s Vedanta Resources, is set to go into care and maintenance just two weeks after resuming operations.

3% duty-spread for aluminium in Rotterdam disappears; coronavirus hits end-users

The differential between duty-paid and unpaid aluminium in Rotterdam continues to narrow, leaving market participants wondering if the two premiums could end up close to parity.

SHFE STOCKS REPORT 27/03: Base metals' stocks down; lead stocks dive 38%

Base metals' stocks in Shanghai Futures Exchange-approved warehouses all fell over the week to Friday March 27, with lead, in particular, registering the biggest outflows.