ASIAN MORNING BRIEF 18/01: LME base metals retreat further; Nornickel lands three long-term nickel contract deals; Red Kite confirms restructuring
The latest news and price moves to start the Asian day on Thursday January 18.
Base metals prices on the London Metal Exchange were mostly lower for the second day in a row at the close on Wednesday January 17, retreating further from earlier highs. Read more here in our live futures report.
Here are how prices looked at the end of the day on Wednesday.
Three trading companies have accepted Nornickel’s 2018 long-term contract premium offer of at least $300 per tonne for nickel full plates cif China, although the majority of customers are still holding off due to falling spot premiums and the increased cost of importing cargoes, Metal Bulletin understands.
Red Kite is undergoing a restructuring process “to consolidate regulatory oversight” but day-to-day operations remain unaffected with all funds and the physical copper business performing “well in line with expectations,” the company confirmed on Wednesday.
Customers who were getting their primary aluminium from the Aluminerie de Bécancour Inc smelter in the Canadian province of Quebec are being covered by shipments from European smelters to Canada, American Metal Market has learned.
The primary aluminium market was in a deficit of 1.57 million tonnes for the first 11 months of last year, driven mainly by soaring demand, the World Bureau of Metal Statistics said on January 17.
Liverpool, England-based assaying firm Alex Stewart International Corp Ltd has been registered as an authorized sampler and analyst for the LME, the company said, making it the 13th approved as such by the exchange.
Oliver Nugent, who previously worked on base metals business development at the LME, has joined ING Bank as a commodities strategist, Metal Bulletin has learned.
Trevali Mining Corp reported record lead and zinc production in both the fourth quarter and the full-year 2017 due to the company’s acquisition of two zinc-lead mines from Glencore Plc in August.
Copper premiums in the United States were stable over the past week with market participants sidelined during an extended holiday weekend, although signs continue to emerge that a price increase is coming.