Amidst growing calls for environmentally sustainable practices within the mining sector, the London Metal Exchange (LME) and Metalshub, an online trading platform, are addressing market demand for “green” nickel, essential for electric vehicle batteries and other green technologies. Despite the LME’s reservation about launching a separate contract for green nickel due to current market limitations, Metalshub is pioneering an index...
LME news
Weekly Metals News Digest (Feb 26-March 8)
Nickel Market Innovation Proposal for Environmental Classification of Nickel Andrew Forrest, the visionary behind Australia’s Fortescue Metals Group, has put forward a transformative proposal aimed at redefining the global nickel market. He suggests the London Metal Exchange introduce a system to classify nickel supply contracts based on their environmental impact, distinguishing between “clean” and “dirty” nickel in terms of production...
Andrew Forrest Calls for Nickel Contract Classification on LME
Andrew Forrest, the Australian iron ore titan and founder of Fortescue Metals Group, has proposed that the London Metal Exchange (LME) classify its nickel contracts into “clean” and “dirty” categories. This suggestion aims to provide consumers with more informed choices amidst the Australian nickel industry’s struggle against the influx of cheaper, less environmentally friendly nickel from Indonesia. Forrest’s push aligns...
Weekly Metals News Digest Feb 19-23
Aluminium Sector’s Strategic Expansion Emirates Global Aluminium’s Egyptian Project In a significant move to expand its global footprint, Emirates Global Aluminium (EGA) is in advanced negotiations with the Egyptian Ministry of Public Enterprises to establish a state-of-the-art aluminium smelter in Northern Egypt. This ambitious project, with an estimated investment of $3 billion, aims to produce 600,000 tonnes of aluminium annually....
LME Copper Prices Remain Steady After China’s Interest Rate Cut
Copper prices on the London Metal Exchange (LME) experienced minimal changes, slightly increasing by 0.02 percent to approximately $8,436 per ton. This subtle movement in prices comes in the wake of the People’s Bank of China’s (PBoC) decision to cut the 5-year benchmark mortgage rate by 25 basis points to 3.95 percent, a move larger than anticipated by analysts and...
Weekly Metals News Digest (Feb 12-16)
Nickel Production Dynamics Projected Declines in Key Producing Nations The international nickel market is witnessing significant fluctuations, with a pronounced decline in prices since the previous year adversely affecting nickel miners globally, particularly in Australia. This trend is expected to extend to major producers in China and Indonesia, with forecasts suggesting a collective reduction in nickel output by at least...
London Metal Exchange Faces Legal Scrutiny Over “Dirty Metals”
A year after the nickel trading debacle, the London Metal Exchange (LME) finds itself embroiled in another controversy, this time over allegations related to the trading of “dirty metals.” Two advocacy groups, the London Mining Network (LMN) and the Global Legal Action Network (GLAN), have accused the LME of breaching British anti-money laundering laws by facilitating the sale of environmentally...
Trafigura and Glencore Boost Zinc Supplies to LME Warehouses in Singapore
Trafigura has been channeling significant quantities of zinc into London Metal Exchange (LME) warehouses in Singapore, engaging in rent-sharing agreements that are proving to be highly beneficial. According to three sources familiar with the developments, this influx is nudging zinc stock levels towards the two-decade high witnessed last November. While Glencore is also participating by delivering zinc to LME-certified warehouses,...
Weekly Metals News Digest (Feb 5-9)
Cobalt Market Dynamics Glencore Adjusts Cobalt Production Glencore, a major player in mining and metals, has decided to cut back on its cobalt production. This year’s output is projected to be between 35,000 and 40,000 tonnes, a reduction from last year’s 41,300 tonnes. This decision comes in the wake of declining cobalt prices observed throughout 2023 on the London Metal...
Weekly Metals News Digest (Jan 29 – Feb 2)
Norilsk Nickel Sustains Production Amidst Challenges Norilsk Nickel, a leading metal producer, disclosed its annual production figures for 2023, demonstrating resilience amidst challenges. Nickel production saw a modest decline of 5% to 209 thousand tonnes, attributed to reduced raw material extraction and the integration of new mining equipment from suppliers. However, nickel output from its operations nearly matched the forecasted...