May 2020

Tongling's new 400ktpy copper smelter to debut in September - sources

Tongling Nonferrous's new 400,000-tonne-per-year copper smelter in Chifeng, Inner Mongolia, will come online in September this year, Fastmarkets has learned.

LIVE FUTURES REPORT 15/05: LME zinc price lags behind in 1% downturn; stock moves fail to move stagnant Al price

The three-month zinc price on the London Metal Exchange dropped during morning trading on Friday May 15, with the price continuing to trend lower against tight forward spreads and weak demand, while a large inflow and fresh cancellation in aluminium did little to budge the metal’s rangebound price.

MORNING VIEW: Base metals prices mixed, broader markets consolidate while overall cross currents dominate

Hopes that the global economic engine fires up on the first attempt may be asking a lot given second waves of Covid-19 infections emerging, and the fact global leaders are not pulling together is not helping underlying sentiment this morning, Friday May 15, with US President Donald Trump at loggerheads with China.

IN CASE YOU MISSED IT: 5 key stories from May 14

Here are five Fastmarkets stories you might have missed on Thursday May 14 that are worth another look.

Chinese demand pressures US copper scrap market

Copper scrap discounts in the United States fell across the board this week, with competition in the form of Chinese export demand pressuring supply in an already tight domestic market.

LIVE FUTURES REPORT 14/05: LME lead price pushes above $1,600; nickel slides 1.4%

The three-month price of lead on the London Metal Exchange was higher at the close of trading on Thursday May 14, with buying momentum pushing the metal’s outright price above the $1,600 per tonne threshold, while the LME nickel price held above $12,000 per tonne despite a 1.4% downturn over the afternoon.

China's Daye starts construction of first major copper smelter since Covid-19 outbreak

Daye Nonferrous has maintained its mission to construct a brand new copper smelting facility despite the uncertain outlook for commodity demand and price volatility, Fastmarkets understands.

LIVE FUTURES REPORT 14/05: Fresh 60kt inflow cools LME copper; zinc slips 1.1%

The London Metal Exchange three-month base metals prices were pinned down on Thursday May 14 morning, largely due to continued risk-off sentiment related to the coronavirus outbreak, while a fresh 60,050-tonne inflow pressured the LME copper price.

MORNING VIEW: Base metals prices mixed as broader markets weaken following Fed comments

With some clusters of Covid-19 infections emerging after the lifting of lockdowns, there is less hope that a ‘V’-shaped rebound is sustainable and as a result markets were on a back foot this morning, Thursday May 14, especially broader markets, while the base metals were consolidating.

IN CASE YOU MISSED IT: 5 key stories from May 13

Here are five Fastmarkets stories you might have missed on Wednesday May 13 that are worth another look.