January 2016

Peru reports record copper production in 2015

Peru reported record copper production in 2015, boosted by the full operation of new projects and the recovery at the country’s largest mine, Antamina.

WEEK IN BRIEF: DRC cobalt mining; Fanya chairman arrested; China base metal imports; Freeport cost cuts; nickel production; UMK reducing staff

Metal Bulletin reviews the key news stories from past five days in the metal markets.

LME seeks agreement on new warehouse charge consultation

The London Metal Exchange is proposing to give warehousing firms an opportunity to reduce their rent and FOT charges and is seeking their collective agreement to release an official consultation notice on February 5, people familiar with the matter told Metal Bulletin.

Rolling LME/SHFE price report 29/01: Copper down on poor US data

Welcome to the rolling base metals price report, tracking the Shanghai Futures Exchange and London Metal Exchange markets on Friday January 29.

GKE Corp will sell 49% stake in Louis Dreyfus warehouse JV

Singapore-based GKE Corporation Limited will sell a 49% stake in its non-ferrous metals logistics and warehousing firm to Hung Lin Holding Ltd for S$4.2 million ($2.94 million), the company said.

Copper concs charges slip further; all eyes now on Grasberg

Copper treatment and refining charges declined for a third consecutive month in January, pushing the Metal Bulletin Copper Concentrates Index to its lowest level since August.

YUAN DEPRECIATION: Macquarie sees reverse arbitrage gain traction, changes to metals financing strategy

The possibility that the yuan will fall further is making market players choose a reverse arbitrage strategy (sell on the LME and buy on the SHFE), analysts at investment bank Macquarie wrote in a note to clients on Friday January 29.

Nickel trader Ningbo Sunhu's debt restructuring approved; creditors meeting set for April

Major Chinese nickel trader Ningbo Sunhu has gained approval for its debt restructuring, according to a statement from the People’s Court in the city of Ningbo, China.

YUAN DEPRECIATION: Faster pace of decline will add to supply-side woes to aluminium market

The pace of the yuan’s depreciation will determine its effect on the exports of Chinese aluminium products, with energy prices emerging as the unyielding factor for the market at this point.

NORTH AMERICAN MORNING BRIEF 29/01: Tin price rally; PTFI copper exports; zinc premiums narrow

The latest news from the metal markets to start the day in North America on Friday January 29.