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Futures prices of most non-ferrous metals including copper, aluminum, zinc and nickel on the Shanghai Futures Exchange lost ground this week on macro-economic factors, both in the domestic and global markets, which investors believed reflected a gradual slowing economy, market sources said.
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China’s primary aluminum output in September grew 7.1% on year to 2.79 million tonnes, and the overall high output since 2018 saw the country’s primary aluminum output up 4.2% on year to 25 million tonnes over January-September, according to the latest data released by the National Bureau of Statistics on October 19.
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China’s economic growth was largely stable over the first three quarters of 2018, with the gross domestic product (GDP) at Yuan 65.1 trillion ($9.4 trillion), up 6.7% on year, according to the latest figures from the National Bureau of Statistics (NBS) released on October 19.
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South32 Limited, the world’s top manganese ore miner, saw its share of manganese output up 8% on quarter or 11% on year to 1.4 million wet metric tonnes (wmt) over July-September, amid the growing demand and strong prices during the period, according to the company’s latest quarterly report released on October 18.
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Vale, the world’s top iron ore miner headquartered in Brazil, South America, but also with nonferrous assets inside Brazil and other countries, saw both its nickel and copper production down over July-September because of the maintenance at its Sudbury operation in Canada, according to the company’s Q3 production report.
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China’s copper price may not be able to hold the upward momentum as the demand from downstream users has been less robust than expected, market sources said on October 16.
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Rio Tinto’s copper output during the July-September quarter grew 32% year on year to 159,700 tonnes while its alumina output down 1% on year to 2 million tonnes, according to the company’s latest production report released on October 15.
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The most-traded January nickel contract on the Shanghai Futures Exchange (SHFE) fell for the second day, down another Yuan 2,710/tonne ($392/t) or 2.6% on day to close the daytime session at Yuan 102,370/t as of October 16, but market participants showed little concern, believing the metal’s fundamentals in the long run has remained solid.
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The most-traded copper contract on the Shanghai Futures Exchange, that for November delivery, closed at Yuan 50,800/tonne ($7,362/t) on October 12, up by Yuan 590/t from Thursday’s settlement price.
Domestic copper futures have performed strongly this week, after China’s long National Day holiday break, with the SHFE’s copper price standing firmly
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China’s imports of copper ore and concentrates in September jumped by 16% on month and by a larger 31% on year to 1.93 million tonnes, according to the latest data released by China’s General Administration of Customs on October 12. Last month’s result took the country’s total imports of copper
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Tsing Tuo Group, a subsidiary of the Tsingshan Holding Group in South China’s Fujian province, decided to cooperate with GEM Co, a Shenzhen-listed company operating in recycling industry in China and internationally, to build a new project of producing the ternary battery cathode materialsin Fujian’s Ningde City, and the construction
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Norsk Hydro’s alumina refinery Alunorte, the world’s largest alumina refinery located in Brazil, is expected to ramp up the production to 50% of its capacity “within two weeks” after receiving the exceptional authorization by the Brazilian federal environmental agency IBAMA on October 5, according to Hydro’s release on October 9.
Alunorte,
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China’s aluminum price reversed down in the last week of September just before the National Day holiday on October 1-5, as market is with a more guarded view on the price movement for the fourth quarter of 2018 and on the US’ interest rate increase on September 26, according to
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China’s Purchasing Managers’Index (PMI) for the manufacturing industry reversed down 0.5 basis point on month to 50.8 for September but still staying above the benchmark 50 for the 26th successive month, indicating a continuing expansion, according to the latest release by China’s National Bureau of Statistics on September 30.
The slow-down
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Beijing’s shift of its focus onto detailed air pollution
control guidelines for the “2+26” cities over October 1-March 31 2019, which
differs from the specific and detailed blanket control over polluting
industries including steel on their capacities,will by no meanssuggest “the loosening in control or lower severity
in essence from the 2017 winter”, according
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The average price for 99.995% minimum domestic zinc ingot in major Chinese markets rebounded by 4.5% on week to Yuan 22,946/t ($3,343/t) including 16% VAT during the September 17-21week. Suppliers were optimistic about bolstering their zinc offer prices last week, anticipating that zinc supplies would be tight and that buying
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China imported 130,000 tonnes of aluminum scrap in August, posting a 8.3% month-on-month gain but still a large 23.4% decline on year, and the August result took the country’s total aluminum scrap imports over January-August to 1.1 million tonnes, or down 22.3% on year, according to the latest data released
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Investor response to the launch of copper options on the Shanghai Futures Exchange on September 21 seemed positive, market watchers said Friday. The SHFE is the first commodity exchange in China to offer an industrial commodity options product, Mysteel notes.
As of 15:00 on Friday, the total volume of all copper
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China’s Customs Tariff Commission of the State Council will impose a 5% or a 10% tariff on another batch of the US-origin products valuing $60 billion starting September 24 in the response to the US’ latest announcement to impose a 10% tariff on additional Chinese goods valuing $200 billion on
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China’s copperoutput in August increased 2.3% on month or 10.5% on year to 749,000 tonnes, according to the latest data released by China’s National Bureau of Statistics(NBS) on September 18.
The high output was achieved because of better sales amid copper price decline last month, Mysteel noted, as the national average
