LONDON, April 20 (Reuters) – Surcharges for physical
aluminium in Europe have spiralled down by nearly half, good
news for industrial consumers such as beer can makers which had
bitterly complained about warehouse backlogs of up to two years
for delivery of the metal.
The unraveling of financing deals at warehouses, together
with heavy Chinese exports, has unleashed a glut of aluminium,
while demand remains poor.
LONDON, April 8 (Reuters) – Lead prices on Wednesday touched
the strongest levels in nearly four months as inventories
dropped, while nickel in London bounced back from sharp falls in
the previous session.
Lead stocks on the London Metal Exchange (LME) fell by 7,525
tonnes to 223,850 MPBSTX-TOTAL on Wednesday and available
inventories that have not been earmarked for delivery were at
the lowest levels in 19 months.
LONDON, April 1 (Reuters) – Nickel bounced off its lowest
price in nearly six years on Wednesday after a modest
improvement in Chinese economic data and as some investors
betting on price falls locked in profits.
Nickel has spiralled lower on worries about lacklustre
consumption from the stainless steel sector, the dominant source
of global demand, as well as a record high inventories on the
London Metal Exchange (LME).
LONDON, March 26 (Reuters) – Trading house Trafigura
and China’s Wanxiang Resources are expected to agree
to arbitration in Hong Kong for a dispute linked to alleged
metals financing fraud after sparring over jurisdiction, lawyers
for the firms said.
Trafigura won a judgment on Thursday ordering Wanxiang to
halt court proceedings in Shanghai, but Mr. Justice Blair at
England’s High Court encouraged the two sides to hammer out an
agreement on arbitration.
LONDON, March 23 (Reuters) – Lead prices climbed on Monday
on concern about potential shortages after a dramatic drop in
available inventories while a weaker dollar helped to support
other metals, with copper rising to its highest in more than two
London Metal Exchange (LME) data showed one party was
holding up to 80 percent of inventories while the proportion of
available inventories tumbled to slightly more than 50 percent
from about 95 percent.
LONDON, March 11 (Reuters) – A deluge of aluminum, held as
collateral in financing deals, could be released back onto
global markets as surging Chinese exports of the metal cause
surcharges for physical material to extend their dramatic slide.
Premiums – which lurched lower for the first time last month
after years of hitting record highs – are also facing pressure
from market reform aimed at untangling controversial storage
practices and the prospect of higher U.S. interest rates.
LONDON, March 6 (Reuters) – Copper prices hit their lowest
in more than a week and headed for a weekly loss on Friday as
the dollar rallied after a strong U.S. jobs report, with
investors also worried about lacklustre demand in China.
The dollar hit an 11-1/2-year high against major currencies
after the U.S. jobless rate fell to a more than 6-1/2-year low,
which could encourage the Federal Reserve to consider raising
interest rates in June.
March 5 (Reuters) – The London Metal Exchange (LME) was paid
around $2 million by Russia’s Rusal after the
aluminium producer lost a lawsuit over warehouse reform, the
LME’s owner said on Thursday.
The hefty Rusal payment in February will provide a respite
from heavy legal fees for Hong Kong Exchanges and Clearing Ltd
(HKEx), which has been tied up in multiple court
actions for its LME unit.
LONDON, March 5 (Reuters) – Base metals climbed on Thursday
on hopes for more stimulus measures in China after the top
consumer cut its annual economic growth target, but copper
lagged the others after inventories surged again, highlighting
worries about oversupply.
All the main contracts on the London Metal Exchange (LME)
saw an uplift following news from China’s annual parliamentary
meeting that the world’s second biggest economy plans to step up
spending after reducing its growth target to 7 percent from 7.5
LONDON, March 4 (Reuters) – Nickel rebounded on Wednesday,
breaking a string of four straight losing sessions, after
reports of closures of nickel operations in China and despite a
surge in inventories.
The entire London Metal Exchange complex experienced a
bounce on data showing a lift in global business activity and as
some bearish investors were forced to buy back positions.