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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 aharrison@metalbulletin.com Twitter: @alexharrison_mb