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Base metals traded on the London Metal Exchange posted marginal gains by the afternoon kerb on Monday June 17, buoyed by dovish whispers from the United States Federal Reserve and a weakened US dollar index. The exceptions were nickel and tin, which both logged losses.
A number of US aluminium consumers are lobbying for the introduction of the Aluminum Pricing Examination (APEX) Act, designed to enhance regulatory oversight over benchmarking entities for the Midwest premium.
Newmont Goldcorp’s Peñasquito mine, the largest gold-silver mine in Mexico, has resumed production after a community blockade hindered its production since late April.
China is importing steel slab from Iran and Brazil to get around production limits placed on blast furnace operations in the country, industry sources told Fastmarkets MB over the past week.
The European ammonium paratungstate (APT) price has declined under pressure from weak demand and aggressive offers for material shipped from China, with ferro-tungsten prices also losing ground. Chinese tungsten concentrate pricing has also dipped due to weak demand.