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The most-traded September nickel contract on the Shanghai Futures Exchange continued with its declines for the fourth straight day on July 17 on finding little support from China's latest economic statistics, as all have been within expectation, confirming a gradual slowing China's economy, market sources shared.
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China's primary aluminum output has been remaining largely steady, as the production for the first half of 2018 grew moderately by 1.6% on year to 16.5 million tonnes, and the June output alone up 0.8% on year to about 2.8 million tonnes, according to the latest data released on July 16 by China's National Bureau of Statistics.
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For the first half of 2018, China imported 9.6 million tonnes of copper concentrates, up 1.3 million tonnes or 15.7% on year with the June volume accounting for 1.8 million tonnes, according to the latest release by China's General Administration of Customs.
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The most-traded September copper contract on the Shanghai Futures Exchange pulled up on Monday, ending three successive days of declines, amid the investors' growing enthusiasm on nonferrous derivatives on noting less-than-expected US economic performance in June.
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The escalated trade tension between China and US, the world's two biggest economic powers, has cast a long shadow over metal futures markets, with the most-traded copper contract on the Shanghai Futures Exchange on Thursday - that for August delivery - closing at Yuan 49,330/tonne ($7,589/t), lower by Yuan 1,440/t from the previous day's settlement price.
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The price of the most-traded nickel contract on the Shanghai Futures Exchange for September has tracked down since entering July, with Wednesday's settlement price losing Yuan 2,820/tonne ($434/t) on day to close at Yuan 112,660/t.
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Prices of stainless steel across China remained steady during the June 22-28 week, with the price of SUS 304 grade 2.0mm cold-rolled stainless coil in Foshan, China's major stainless trading hub in South China's Guangdong province, remaining at Yuan 15,950/tonne ($2,417/t) for a sixth straight day as of June 29, according to Mysteel's database.
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The most traded nickel contract on the Shanghai Futures Exchange - that for September - surged by Yuan 1,350/tonne ($205/t) on Thursday from Wednesday's settlement price, closing at Yuan 116,220/t as of June 28.
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A three-year work plan to fight atmospheric pollution unveiled by China's State Council in a meeting Wednesday could have wide-ranging implications for the country's steel industry in the tougher measures promised to prevent the installation of new capacity in existing steel-producing and steel-consuming regions.
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China's imports of copper ores and concentrates recovered by a slight 1.7% or 26,000 tonnes in May from April to 1.58 million tonnes, according to the latest data from China's Administration of Customs published on June 8.
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Chinese stainless steel maker Taiyuan Iron & Steel Group (TISCO) signed a cooperative structure agreement with Xishan Coal Electricity Group (Xishan Group) on June 1 to enhance their cooperation in aluminum, officials from both companies confirmed on June 5.
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Aluminum Corporation of China (Chalco), the state-own aluminum producer, has inked an agreement with the government of South China's Yunnan province to join a strategic restructuring plan which could see Beijing-headquartered Chalco become an even larger force in global aluminum.
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China mulls differentiating curbing measures among Chinese steel mills during the 2018 winter months depending on their individual waste emission situation, Wang Libin, President of Shijiazhuang Municipal Research Academy of Environmental Science, shared at a panel discussion at the Singapore Iron Ore Forum on May 24.
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Shanxi Taigang Stainless Steel (TISCO), the listed arm of Taiyuan Iron & Steel Group Co, says the suspension of trading in its shares on the Shenzhen Stock Exchange which took effect from mid-April will be extended for another month while it finalizes an acquisition, according to a company report on May 16.
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Minerals and Metals Group (MMG), a nonferrous mining subsidiary of China Minmetals Corporation (CMC) in Australia, recently announced that its Dugald River zinc operation in Queensland began commercial production on May 1.
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China's Chaoyang City in Northeast China's Liaoning province will officially commence constructing a 10 million tonnes/year alumina project in October, according to a statement released by Chaoyang government on May 8.
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The diversified Anglo-Swiss miner Glencore plc posted a 7% on-year rise in copper output during the January-March quarter and an impressive 21% jump in nickel production over the same period, according to its latest quarterly report released on May 3. But production of zinc was lower by 13% on year during the three months, it reported.
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Phoenix-headquartered copper miner Southern Copper Corp (SCC) posted a sharp rise in profits for this year's first quarter on April 25, with its net income up by 49.7% on year to $470.7 million over January-March, mostly due to higher sales and the company's efforts to control costs, it said.
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China's Shanghai Futures Exchange (SHFE) will launch a simulation trading contest among market makers on copper futures and options on May 21-June 22, as part of its efforts to pave the way for the exchange's launch of copper options in the future, according to market sources.
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Freeport-McMoRan Inc (FCX), the world's second largest copper miner, posted a year-on-year increase by 184 million pounds or 22.7% in its copper concentrates sales to 993 million lbs (450,417 tonnes) in terms of 100% copper content over January-March, according to its latest quarterly report released on April 24.
