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Prices of copper in China’s futures and spot markets continued increasing over July 6-10 week, given both the growing optimism among financial market participants and the lingering concerns about concentrate supplies, according to Mymetal’s weekly report.
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Tensions between China and India amid a military standoff at the disputed northern borders could potentially hurt commodities trade and encourage diversion to illegal channels, Biman Mukherji and Ritwik Sinha report.
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Treatment charges for processing zinc concentrates in China started to rebound last week from their 19-month low, thanks to the recovery of production at domestic zinc mines and the steady arrival of overseas supplies, according to Mymetal’s latest survey. Mymetal is Mysteel’s data collection arm for non-ferrous products.
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The price of Philippines-origin nickel concentrates with 1.5% Ni content in East China remained at Yuan 401/tonne ($57.1/t) including the 13% VAT as of July 7, unchanged on week and still at the record high since Mysteel commenced the price assessment in February 2017. Most domestic nickel pig iron (NPI) smelters are nursing low stocks and so still have immediate demand for replenishment – even though NPI prices have been continually falling of late, a market source said on Tuesday.
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China’s national average price of 99.7% aluminum ingot surged by another Yuan 301/tonne ($43/t) on week to Yuan 14,383/t including 13% VAT as of July 6, a recent six-month high, as retail stocks of aluminum ingots continued to shrink, according to Mymetal’s weekly report. Mymetal is Mysteel’s nonferrous metal data collection arm.
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Primary refined lead ingots stocks at China’s commercial warehouses grew to a four-month high of 35,900 tonnes by July 6, up another 2,790 tonnes of 8.4% on week, as more tonnage was moved to the warehouses registered under the Shanghai Futures Exchange (SHFE), according to the survey by Mymetal, Mysteel’s nonferrous market data collection arm.
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Chinese copper prices increased to a near 15-month high and hovered there last week, mainly as the market grew concerned about supplies of both refined copper and copper concentrates, given the virus spread in South America, according to Mymetal’s weekly report. The recovery seen in the performance of the economy in China and worldwide also helped prop up prices.
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China’s domestic lead market has seen output of secondary lead climb recently as smelters take advantage of the lead price rally and increased supplies of raw materials, Mymetal’s latest survey has found. Mymetal is Mysteel’s nonferrous market intelligence provider.
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The price for 8-12% grade nickel pig iron (NPI) in East China’s Jiangsu province continues to drop in response to reduced demand from domestic stainless steelmakers. As of June 30, the NPI price had declined by another Yuan 10/tonne ($1.4/t) on week to a two-month low of Yuan 970/t including delivery and the 13% VAT, according to Mysteel’s assessment.
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Better demand from China’s domestic aluminum smelters saw the country’s alumina price strengthen by another Yuan 17/tonne ($2.4/t) on week to Yuan 2,353/t including 13% VAT as of June 29, or back to the level in early April, according to the market survey of Mymetal, Mysteel nonferrous metal data collection arm.
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China’s Purchasing Managers’ Index (PMI) for its manufacturing industry reversed up 0.3 basis point on month to 50.9 in June with major elements such as new orders and production posting gains on month, according to the release from the country’s National Bureau of Statistics (NBS) on June 30.
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China’s domestic copper prices in the spot market rose over June 22-24, mainly thanks to the firm support prices received from declining refined copper stocks, as well as from the tight supplies of copper concentrates, according to the weekly report from Mymetal, Mysteel’s collection arm for nonferrous metals data.
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China’s national price of zinc ingot (≥99.995%) hit a 4.5-month high of Yuan 17,430/tonne ($2,465/t) including the 13% VAT on June 22 but by June 24 had retreated to Yuan 17,236/t, Wednesday being the last working day before China’s Dragon Boat Festival over June 25-26, according to Mymetal’s latest survey. Mymetal, Mysteel’s publication for non-ferrous products, noted that trade remained tepid amid the poor demand season.
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Chinese prices of imported nickel concentrates will probably fluctuate at their current levels in the near term and are unlikely to record large gains, market sources said on Tuesday. The softer domestic market for stainless led nickel pig iron (NPI) smelters to refuse to accept high-priced concentrates given the decrease in NPI prices.
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities declined further over June 15-22 to 715,000 tonnes, being lower by 22,000 tonnes or 3% on week, as against the 44,000 tonnes or 5.6% on-week decrease in the prior period, according to Mymetal’s weekly report. The slowdown in the pace of the stocks retreat suggested demand had softened during the week, Mymetal says.
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China’s domestic lead prices recovered over June 15-19, enticed higher mainly by improved sentiment regarding the macro-economy and the reduction in supply from both secondary and primary refined lead smelters, Mymetal’s latest survey has found. Mymetal is Mysteel’s nonferrous market intelligence provider.
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Low prices and demand for zinc have led Chinese zinc smelters to conduct intensive maintenance recently, much earlier than the usual time of July-August, Mymetal understands from the smelters. Mymetal is Mysteel’s non-ferrous data collection arm.
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The treatment and refining charges (TC/RCs) of copper concentrates in China’s domestic market have decreased given the comparatively tight availability of concentrates, according to Mymetal’s weekly report. Smelters also restrained production last week.
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Chinese production of air-conditioners declined by 14.7% on year to 19.4 million units during May, according to the latest data from China’s National Bureau of Statistics, with the May result taking total production over January-May to some 78 million units, lower by 23.1% on year, the NBS data show. However, the pace of the decline had slowed marginally from the 24.8% decrease charted over the first four months.
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Refined copper production among the 52 smelters across China under Mymetal’s monthly survey declined further in May by another 2.7% on month to 673,400 tonnes, according to the latest production report from Mymetal, Mysteel’s arm of nonferrous data collection. Production will very likely decrease further this month until the shortage of concentrate supplies mitigates around late June, Mymetal predicted.
