April 2020

BASE METALS WARRANT REPORT 22/04

A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday April 22.

LIVE FUTURES REPORT 22/04: LME copper price stages modest 2% recovery; nickel nears $12,000/t amid 1.3% drop

The three-month copper price on the London Metal Exchange was the standout performer at the close of trading on Wednesday April 22, with its price action breaching nearby resistance at $5,100 per tonne, while nickel futures lost ground over the day.

Glencore to delist DRC subsidiary Katanga by taking it private

Swiss commodities trader Glencore is to privatize its Katanga operations in the Democratic Republic of the Congo (DRC) and have it delisted from the Canadian bourse.

FOCUS: Warehouse space squeeze on aluminium stockpiling in Asia echoes 2008 crisis

Aluminium stocks on the London Metal Exchange continue to rise and there is now a lack of warehouse space in key Asia locations in a situation that mirrors issues during the 2008 financial crash, sources told Fastmarkets.

COKING COAL DAILY: Market expects mills to offer cargoes for China imports

Seaborne coking coal prices mostly dropped slightly on Wednesday April 22, with some market sources expecting steel mills located outside China to offer materials to the East Asian country due to lackluster demand in other markets.

IRON ORE DAILY: Participants see fundamental support for iron ore prices amid wider volatility

Seaborne iron ore prices recovered from losses seen the previous day amid active portside trading on Wednesday April 22.

CHINA REBAR: Domestic prices pick up on rising futures

China’s domestic rebar prices edged up on Wednesday April 22 amid a recovery in the futures market and increased trading in comparison with the past two days.

CHINA HRC: Exporters await opportunities amid reduced competition

China’s domestic hot-rolled coil prices were largely stable on Wednesday April 22 amid increased trading activity, while exporters continued to wait for opportunities to sell their products abroad after other countries issued offers similar to theirs.

Antofagasta reports rise in Q1 copper output despite measures to limit spread of Covid-19 virus

Chilean copper miner Antofagasta reported increased production for the first quarter of 2020, despite introducing distancing measures to prevent the spread of the Covid-19 virus at its mine sites.

LIVE FUTURES REPORT 22/04: LME nickel dips below $12,000/t in 2.6% slide

The London Metal Exchange three-month nickel price shed 2.6% to trade below $12,000 per tonne in the morning session on Wednesday April 22, with the global Covid-19 pandemic and prolonged lockdowns continuing to cap base metals futures.