WEEK IN BRIEF: Aluminium premiums under pressure in Brazil; JP Morgan interview; Ernest Fraenkel obituary

What happened in the week of November 24? Here's a quick catch-up on the metal markets and news from Metal Bulletin.

What happened in the week of November 24? Here’s a quick catch-up on the metal markets and news from Metal Bulletin.

This week…

… aluminium spreads and premiums came into focus.

Premiums dropped by as much as $30 per tonne in Brazil at the same time as the nearby backwardation and the flattening contango for 2015 made some traders in Europe question how long premiums will stay at current levels.

MJP outlook asked: where will Q1 premiums settle in Japan?

Ten things MB learned at the China Aluminium Conference

Most observers think it unlikely to happen — but aluminium smelters in China have called on the government to scrap the export tax on primary aluminium.

Copper prices fell to their lowest point for eight months on Friday. Click here to read more.

On the metal exchanges…
… the LME is approaching proprietary traders and electronic market-makers to trade there in return for some form of fee rebate. Check out Metal Bulletin’s report here.

China Merchants Securities has been approved as a category II member of the LME.

A government probe at the Fanya minor metals exchange led to rule changes there.

JP Morgan has been in the spotlight following the sale of a large part of its physical business to Mercuria, and the senate commission hearings in the USA. How does the bank’s co-head of commodities Michael Camacho see the market shaping up? He spoke to Metal Bulletin’s Andrea Hotter. Check out the interview here.

What will happen to the Philippines’ mineral exports ban bill?

Finally, well-known former metal trader Ernest Fraenkel OBE died on November 13. His obituary is here.

Alex Harrison 
Twitter: @alexharrison_mb

What to read next
Some cathode makers have been switching back to lower-nickel cobalt manganese (NCM) from high-nickel NCM cathodes to reduce costs and encourage consumers amid slowing demand for electric vehicles (EVs), Fastmarkets understands
Find out how days before the 2023 United Nations Climate Change Conference (COP28) in Dubai, the World Economic Forum (WEF) outlined three key areas of investment for the global aluminium industry to reach net zero by 2050 – clean energy, emerging technologies and decarbonization infrastructure – but it will require hundreds of billions of dollars
“The [Department] has a set of tools through the Inflation Reduction Act [IRA] and the Bipartisan Infrastructure Law,” Annie Sartor, aluminum campaign director at clean industry advocate group Industrious Labs, said. “They are open to talking about what the industry needs. When we said the current investments were not enough, they were open to conversation,” […]
There is a sense of cautious optimism in the mining sector following the election of Javier Milei as the new president of Argentina on Sunday November 19, Fastmarkets understands
Copper scrap discounts in the United States continued to be steady in the week to Wednesday November 22, with sources noting little changes week on week ahead of the Thanksgiving holiday.
Fastmarkets invited feedback from the industry on its non-ferrous and industrial minerals methodologies, via an open consultation process between October 5 and November 3. This consultation was done as part of our published annual methodology review process.