LONDON, Jan 23 (Reuters) – Standard Bank Plc’s charismatic
co-head of commodities Jim Coupland is on temporary leave for
personal reasons, his counterpart Mark Buncombe to take over
day-to-day reins of one of the world’s top metals banks, the
bank said on Friday.
A bank representative did not specify a date for the return
of Coupland, 57, who started Standard’s base metals futures
trading business two decades ago and made it one of the first
Western banks to break into China.
LONDON, Jan 21 (Reuters) – ADM Investor Services
International Ltd (ADMISI) has boosted its commodity
division with a transfer of the base metals broking operations
from major broker ICAP, it said on Wednesday.
An emailed statement said the transfer was completed on Jan.
2 and the team trading on the London Metal Exchange (LME) would
continue to be led by Robert Rees.
LONDON, Jan 19 (Reuters) – Lead prices have bounced
following a mine closure, which one analyst said could herald
similar moves in other metals as sharp market falls threaten the
profitability of high cost mines.
Three-month lead on the London Metal Exchange was
the only metal in positive territory on Monday, closing 0.4
percent higher at $1,857 a tonne after surging 3.9 percent on
LONDON, Jan 16 (Reuters) – Copper edged further away from
5-1/2 year lows on Friday after moves by China to boost power
grid spending and lending helped to ease fears about demand, but
the metal still notched its biggest weekly loss since 2011.
Three-month copper on the London Metal Exchange was
up 1.3 percent at $5,715 a tonne by the close for its second day
of gains. On Wednesday it was dragged to its lowest since
mid-2009 at $5,353.25, the biggest one-day percentage drop in
more than three years.
LONDON, Jan 15 (Reuters) – Copper rose on Thursday on a mix
of bargain-hunting, short-covering and hedging by consumers, a
day after its biggest slide in more than three years, but more
losses were expected.
Three-month copper on the London Metal Exchange,
untraded in official rings, was bid at $5,665 a tonne, up 2.1
percent, after plunging 5.3 percent on Wednesday.
LONDON, Jan 14 (Reuters) – Cuts in copper mine output are
raising doubts about the extent of a widely expected global
surplus that has driven down prices, and the reduced production
could support a market rebound.
An expected glut of supply in 2015 is one reason – along
with tanking oil prices – why investors have been selling the
metal in droves in the past six months, pulling prices
to their lowest level in 5-1/2 years.
LONDON, Jan 14 (Reuters) – The London Metal Exchange (LME)
launched plans to boost liquidity on its electronic platform
LMEselect on standard monthly dates to increase business from
financial investors, such as hedge funds.
Fund managers, who are not interested in hedging physical
metal, want a more standardised way to trade LME contracts to
ensure that they can buy and sell large amounts easily.
LONDON, Dec 12 (Reuters) – Copper rose on Friday on hopes
that China would unleash more stimulus measures after factory
output growth slowed more than expected in the world’ top metals
Zinc pared losses on buying interest by investors expecting
shortages to develop next year.
LONDON, Dec 11 (Reuters) – Major broker ICAP will
exit its base metals broking business on the London Metal
Exchange (LME) at the end of December, as part of wider
restructuring, industry sources said on Thursday.
Interdealer broker revenues have plunged as banks retreat
from risky trading to comply with new rules brought in after the
2008 financial crisis, and ICAP has been trying to offset a
slump in trading volumes by cutting costs.
By Eric Onstad and Jan Harvey
(Reuters) – A London court declined to make an immediate
ruling on Wednesday in a case between U.S. bank Citigroup Inc
and trade house Mercuria over who should face about $270 million
of potential losses from metals financing deals in China,
following a probe into suspected fraud.
High Court judge Mr Justice Phillips reserved judgment in
the case, one strand in a web of legal actions filed in the wake
of the probe which was launched in May by Chinese authorities
into suspected fraud at China’s Qingdao port, the world’s
seventh busiest, and nearby Penglai.