A squeeze in the London Metal Exchange aluminum market is drawing to a close, bringing relief to sellers who have been under pressure since a large buyer emerged.
A fire at the sulphuric acid unit at Freeport Indonesia’s Manyar smelter in Gresik, East Java province, was brought under control on Monday, a company spokesperson said, adding that no casualties had been reported.
China’s imports of unwrought copper rose in September from the prior month, customs data showed on Monday, due to improving seasonal demand and a better consumption outlook for the industrial metal.
Chilean state miner Codelco produced 10.1% more copper in August compared to a year earlier, the Andean country’s Cochilco copper commission said on Thursday, producing 125,300 tons while other major miners saw mixed results.
The uptrend in demand for metals such as copper used in electric vehicles is intact despite doubts raised by the slowdown in EV sales, but estimating numbers is difficult as the market is evolving, commodity trader IXM’s head of refined metal said.
Copper smelters are warning that plants may shut down or even go out of business if the industry’s processing fees drop too sharply, as annual supply negotiations with key miners get underway this week.
The San Carlos Apache Tribe is taking its longstanding fight against the Resolution Copper project to the US Supreme Court after the Arizona state court ruled in favour of the Rio Tinto-BHP joint venture.
China’s commerce ministry said on Wednesday it has asked the World Trade Organization (WTO) to rule on Canada’s imposition of steep tariffs on Chinese electric vehicles as well as steel and aluminum products.
Brazilian miner Vale aims to boost its copper production, the company’s new CEO said on Wednesday, conceding it has lost ground to its competitors in output of the key industrial metal.
The London Metal Exchange (LME) is tracking tightness in the aluminum market, which has seen a key spread shoot to a sizeable premium and one party amass a large long or bullish position in the October contract.