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.

Solgold set to take full control of Alpala copper-gold project

Solgold is set to take 100% control of its Ecuador copper-gold mine named Alpala, with the latest buy-out attempt from a company that holds a minority stake in the project, Fastmarkets understands.

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.

HOTTER ON METALS: Mining’s bad reputation

The mining industry does a huge amount of good for local communities, to say nothing of its essential contribution to society through the materials it produces. Unfortunately, it all too often manages to give itself a bad name, worsening negative perceptions of the sector through accidents, spills and a failure to act as a steward of the environments in which it operates.

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.

Nornickel reports new accident, at Talnakh concentrator

Russian miner Nornickel has reported another industrial incident in the Norilsk region of Siberia - an overflow at the Talnakh concentrator, which the company said on Sunday June 28 presents “no threat of waste leakage.”