February 2020

WEEKLY BASE METAL PREMIUMS REPORT: 18/02

A summary of base metals premiums from across the globe for the week to Tuesday February 18.

Beijing bank applies for restructure of debt-ridden parent of trader Founder Commodities

Peking Founder, owner of Chinese trader Founder Commodities, has been ordered to restructure just shortly before its bond due date this coming Friday, February 21.

LIVE FUTURES REPORT 18/02: LME nickel price sheds 2.2% to close below $13,000/t

London Metal Exchange three-month base metals prices, with the exception of lead, traded down at the close on Tuesday February 18, with any residual optimism capped by negative movements in global equities markets and restrictions in Chinese markets due to the novel coronavirus (2019-nCoV) outbreak.

Indonesia slashes Ni ore production; ramps up refined capacity

Indonesia will reduce its nickel ore production by 52% year on year to 25 million wet metric tonnes (wmt) in 2020, according to the Indonesian Nickel Mining Association, while introducing four new domestic smelters to produce ferro-nickel and nickel pig iron (NPI) ahead of the domestic mineral ore export ban this year.

LIVE FUTURES REPORT 18/02: Fresh 1kt inflow fails to rattle LME tin price; nickel slides 1.4%

The three-month tin price on the London Metal Exchange was little moved during morning trading on Tuesday February 18, with the largest single inflow in two months having a muted effect on price action, while nickel futures slipped below $13,000 per tonne.

MORNING VIEW: Base metals prices mixed, but broader markets have second thoughts about coronavirus impact

Broader markets, mainly equity indices, have been fairly complacent about the potential negative economic impacts of the coronavirus (2019-nCov). But this morning, Tuesday February 18, that may be changing with Asian equities down across the board as more companies and countries get jittery.

LIVE FUTURES REPORT 18/02: SHFE base metals prices drift downward; Al bucks trend with 0.2% gain

With the exception of those for aluminium, base metals prices on the Shanghai Futures Exchange were down at the close of the morning session on Tuesday February 18 as investors seemingly shrugged off further stimulus measures by China on Monday.

LIVE FUTURES REPORT 17/02: LME copper price breaches $5,800 despite low turnover; zinc finds support

The three-month copper price on the London Metal Exchange was higher at the close of trading on Monday February 17, topping gains across the base-metals complex despite low trading volumes, while zinc gathered momentum over the afternoon but remained rangebound.

PEOPLE MOVES: Chris Griffith steps down as Anglo American Platinum ceo

Chris Griffith, chief executive officer and executive director of Anglo American Platinum, will step down from his position, the company said on Monday February 17.

LIVE FUTURES REPORT 17/02: LME copper price pushes above $5,800/t after fresh cancelation; nickel supported

The three-month copper price on the London Metal Exchange was higher during morning trading on Monday February 17, climbing above nearby resistance against high turnover, while nickel held above $13,000 per tonne.