The South Korean port of Gwangyang has become the new focal point for storing London Metal Exchange (LME) aluminum. Currently, LME-registered warehouses in Gwangyang hold 256,650 metric tons of aluminum, representing 49% of all aluminum in the LME’s global warehouse network. At the beginning of the year, Gwangyang held just 24,025 metric tons of aluminum. However, substantial inflows, primarily consisting...
In the upcoming October-December quarter, a leading global aluminium producer has proposed a reduced premium of $120 per metric ton to Japanese buyers, marking a 6% decrease compared to the current quarter. Three sources intimately involved in the quarterly pricing negotiations revealed this development on Friday. Japan, recognized as Asia’s primary importer of aluminium, uses the premiums it agrees upon...
Tsingshan Group, a prominent Chinese nickel producer, has initiated commercial production of refined nickel in Indonesia, according to three sources familiar with the matter who spoke to Reuters on Monday. The production facility is located in Morowali, Indonesia, with an eventual planned annual capacity of 50,000 metric tons. The sources, who chose to remain anonymous as they lack authorization to...
Net long positions in copper on the London Metals Exchange (LME) have surged to a six-month peak, partially driven by dwindling Chinese copper inventory figures. However, industry insiders assert that this often-bullish signal does not necessarily align with the actual market conditions. China, the world’s largest consumer of copper, currently maintains a combined inventory of 110,314 metric tonnes across the...
The London Metal Exchange (LME) has announced that it has received an application for the approval of the “GEM-NI1” nickel brand, which is manufactured by China’s Jingmen Gem Co. Ltd. This approval is intended for the purpose of delivery against the LME’s nickel contract. In the previous month, the LME granted approval to nickel produced by Quzhou Huayou Cobalt New...
Citibank has reportedly acquired substantial quantities of zinc on the London Metal Exchange (LME) and facilitated an advantageous agreement for storing the metal within LME-approved warehouses. Two sources familiar with the situation have disclosed this information. While the precise volume of zinc acquired by Citibank remains challenging to ascertain, zinc stocks in LME warehouses located in Singapore have surged by...
In London, base metal prices, including copper, experienced a downturn on Tuesday due to a deteriorating demand outlook in China, a major consumer of these commodities. This shift was triggered by China’s release of data indicating slower growth in industrial output and decreased investment in its property sector. On the London Metal Exchange (LME), benchmark copper (CMCU3) registered a 1.2%...
Copper prices in London have witnessed a remarkable surge, heading towards their best monthly performance since January, buoyed by the prospects of additional stimulus measures in China, the world’s leading consumer of the metal, and indications that the US Federal Reserve will halt rate hikes for the year. As of 08:12 GMT, the three-month copper contract on the London Metal...
Prices for copper and other base metals saw a rise in London on Tuesday following China’s commitment to bolster its economy and boost domestic demand. Three-month copper on the London Metal Exchange increased by 1.3% to reach $8,626 per metric ton during official open-outcry trading, touching its highest level since July 14 at $8,676. China’s top leaders indicated on Monday...
LME Clear has announced the appointment of David Warren as Chairman effective July 20, 2023. David will succeed Marco Strimer, who will step down as Chairman at the end of his term of office. David has over 30 years’ experience in the financial services industry and significant experience in the infrastructure and regulation of global financial markets. He has served...
