July 2012

IRON ORE DERIVATIVES WRAP: Halt in physical price falls sees drop in OTC volumes

Physical iron ore prices stabilised on Monday July 30, following a week of sharp losses, prompting a drop in OTC iron ore volumes, brokers told Metal Bulletin.

ANZ cuts 2012 average copper price forecast by 3.9%

ANZ bank cut its 2012 average copper price forecast by 3.9% to $8,156 per tonne or $3.70/lb on Monday July 30, citing a review of its copper supply/demand model and marked-to-marketing second quarter prices.

SHFE vs LME arbitrage: copper, aluminium, zinc

Arbitrage for copper, aluminium and zinc imported into China.

Shanghai copper prices rally on eurozone hopes

Shanghai Futures Exchange copper prices rallied on Monday July 30 as eurozone members remained committed to the preservation of the euro and stimulus hopes buoyed market sentiment.

Aluminium wheel prices holding above LME in North America

Secondary aluminium wheels refuse to budge from a free-market price point well above the cost of primary aluminium on the London Metal Exchange, with strong competition for the item keeping prices high in North America.

USA: P1020 aluminium premiums hold firm

Spot P1020 aluminium business in North America came to a standstill in the past week, although sources say sluggish activity is normal this time of year.

Nyrstar records loss on asset impairment; lower TCs hurt smelting segment

Nyrstar recorded a €32 million post-tax loss for the first half of 2012 after it impaired non-core assets inherited after the merger of the zinc smelting divisions of Umicore and Zinifex that created the company, it said on Friday July 27.

HOTLINE: LME sale a '90-delta event'

Prior to the July 25 shareholder vote on Hong Kong Exchanges & Clearing’s bid to buy the London Metal Exchange, Hotline heard expressions of concern and excitement in equal measure from the industry’s veterans and relative newcomers alike.

LME OFFICIALS: Base metals prices pick up on positive EU comments

Base metals prices ticked up during the official trading session on the London Metal Exchange on Friday July 27, on positive comments from European Central Bank chief Mario Draghi.

HOTLINE: Timing not the only unfortunate aspect of Junck’s share sale

Hotline noted last week the unfortunate timing of Nyrstar ceo Roland Junck’s sale of virtually his entire stake during a difficult time for the company, and suggested that analysts would quiz him on the matter during the company’s results on Friday July 27.