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The outlook for continuing Chinese demand for copper scrap from the United States, especially No2 copper (birch/cliff), is cautiously optimistic among market participants.
In base metals, the ongoing trade war between the US and China is dampening investor interest in the primary copper industry, executives said at Fastmarkets’ 5th Annual Copper Seminar on Wednesday June 5 in New York. Additionally, disappointing US job growth figures hung over the commodity markets and sent the three-month lead price on the London Metal Exchange lower at the close of trading on June 7, with the metal failing to sustain gains made earlier in the week but staying above its nearby $1,800-per-tonne support level.
A customer of Konkola Copper Mines has been informed that it will not be receiving copper deliveries in June after the Zambian government’s recent liquidation order on the supplier.
Fastmarkets examines the disconnect between manganese ore and alloy prices, which has led to squeezed margins for alloy producers.
Cobalt prices have continued to slide amid weak buying activity.