Aluminium's three-month price on the London Metal Exchange dropped by nearly 2% at the close of trading on Monday May 20, falling below its nearby $1,800 per tonne support level on the news that Norsk Hydro's Alunorte alumina refinery in Brazil has been allowed to resume full operations. Brazilian authorities ended the final production embargo on the facility earlier this afternoon and Alunor...Read More
Norsk Hydro's Alunorte alumina refinery will ramp up to full production capacity after the federal court in Belem, Brazil, ended the final production embargo on the facility under the criminal lawsuit on Monday May 20. The court removed a production embargo under a civil lawsuit on Wednesday May 15, as Fastmarkets reported last week. The refinery has been running at 50% capacity since March 2...Read More
Market participants saw little immediate change to aluminium premiums in Europe on Monday May 20 following the US government's removal of its 10% Section 232 tariff on aluminium imports from Canada and Mexico at the end of last week. Fastmarkets assessed the Rotterdam P1020 duty-unpaid in-warehouse premium at $85-90 per tonne Monday, unchanged from last Friday. The duty-paid premium was...Read More
* GRAPHIC-2019 asset returns:* Premium for cash over 3-month zinc highest since 1997 (Updates with closing prices)By Pratima DesaiLONDON, May 20 (Reuters) - Zinc prices hit four-month lowson Monday as investors frettedabout rising supplies from topproducer China, while industrial metals overall came underpressure from trade tensions between the United States andChina.Benchmark zinc on the London M...Read More
Here are five Fastmarkets MB stories you might have missed on Monday May 20 that are worth another look.Massive amounts of scrap metal are being held at Malaysian ports for unprecedented inspections and multiple copper cargoes still at sea are being diverted to other Asian countries at big discounts, sources told Fastmarkets. The German federal government is planning to invest "billions of eu...Read More
Tesla has been "done" for awhile but many of the Wall Street and investor "uber" bulls are finally starting to see this reality. Amusingly, Wedbush's Dan Ives issued a report in which he lowered his price target on Tesla stock from $270 to $235. He refers to Tesla's situation as a "code red situation." Quite frankly, a "code red situation" with regard to a company and its stock price shoul...Read More
Konkola Copper Mines (KCM), the copper-producing arm of global miner Vedanta Resources in Zambia, is under threat from the president of the African country of a possible takeover of its copper assets amid disputes arising from the country's new tax regime.Zambian president Edgar Lungu said on Sunday May 19 that the government plans to disengage with KCM and invoke a legal process, according to loc...Read More
Norsk Hydro's Alunorte alumina refinery will ramp up to full production capacity after the federal court in Belem, Brazil, ended the final production embargo on the facility under the criminal lawsuit on Monday May 20. The court removed a production embargo under a civil lawsuit on Wednesday May 15, as Fastmarkets reported last week. The refinery has been running at 50% capacity since March 2...Read More
The backing is at Anson's discretion, and involves Long State paying a placement amount of up to $250,000 in any period of 20 trading days (and up to $1.Read More
Vancouver, BC - Quadron Cannatech Corporation (CSE:QCC) (the "Company" or "Quadron") is pleased to announce that it will begin to take reservations to toll process hemp or cannabis with the "BIG BEAST", a fully automated, touch screen control continuous flow Ethanol Extractor System. The "BIG BEAST is the latest addition to the BEAST family of extractors, with estimated processing capacity of up...Read More
Tanzania's mining minister said on Monday Acacia Mining had been fined 5.6 billion Tanzanian shillings ($2.4 million) for alleged pollution at its North Mara mine.Acacia, majority-owned by Barrick Gold, is embroiled in a long-running tax dispute with Tanzania.It was forced to cut output by a third after the government banned the export of mineral concentrates from its two other mines, Bulyanhulu a...Read More
Key data from the pricing sessions in Asia and Europe for the week ended Friday May 17. China The Chinese domestic antimony price tumbled for the second consecutive week after some domestic producers cut their offer prices further in an attempt to generate cash to pay bank loans. Yet some domestic antimony suppliers were resistant in surrendering much on the prices further, and some we...Read More
Key data from the Friday May 17 pricing session in London. Key drivers - Cobalt prices show slight weakness over the course of the week while consumers and traders refrain from buying. Sellers lower their offers while consumers have their immediate requirements covered, so most market participants expect a moderate decline in prices over the summer. -...Read More
Turkish domestic scrap prices have gone down amid stronger supply and softer demand over the past week, sources said on Monday May 20.Three steel mills reduced their buy prices for local shipbreaking scrap to $292 per tonne, while a fourth cut its price to $290 per tonne delivered.As a result, Fastmarkets' weekly price assessment for Turkish domestic melting scrap from shipbreaking fell to $290-29...Read More
So how does Game of Thrones end? Never having watched the show, I couldn't care less. But thirty million fans evidently do. We haven't seen America this worked up about so trivial a concern since Kristin Shephard shot J.R. Ewing nearly 40 years ago in a landmark episode of Dallas. TV was free back then, and so the audience worldwide was more than ten times that of Game of Thrones. Could th...Read More
The Turkish deep-sea scrap market became quiet again at the beginning of the week with suppliers withdrawing their offers, after news was heard of the removal of an additional US import tariff on steel imports from Turkey, sources said on Monday May 20.The United States lowered its tariff on steel imports from Turkey to 25%, from the previous 50%, with effect from May 17.This essentially removed t...Read More
Massive amounts of scrap metal are being held at Malaysian ports for unprecedented inspections and multiple copper cargoes still at sea are being diverted to other Asian countries at big discounts, sources told Fastmarkets. The bulk of the cargoes comprise insulated copper wires (ICW), as well as scrap motors, a Malaysian copper scrap buyer said. This type of copper scrap typically comes with a pl...Read More
Renewed selling interest on Friday May 17 has capped the upside from the slight rebound mid-last week and the metal markets generally look shaky in the early morning of Monday May 20. Our assessment of global risk sentiment remains fairly weak and highly dominated by negative macro events. The simmering US-China trade altercation continues to undermine appetite for risk assets. US President D...Read More
The Monday Market Minute Global stocks edge lower as moves to remove and delay tariffs last week by the White House were offset by the tech sector's reaction to the U.S. blacklisting of Huawei.Optimism was held in check by comments from President Donald Trump threatening the "end of Iran" as tension in the Gulf region continue to flare.Global oil prices jump higher following the President's...Read More
Chinese producer Ganfeng Lithium reached a non-binding heads of terms deal with Bacanora Lithium on Monday May 20, under which it will purchase 29.99% of Bacanora's equity at a cost of ?14.4 million ($18.31 million) and will have the chance to acquire 22.5% of Bacanora subsidiary Sonora Lithium for a cash payment of ?7.6 million.Bacanora is based in the UK and listed on The Stock Exchange in Lon...Read More