Significant Accumulation of Lead and Zinc in Singapore The London Metal Exchange (LME) warehouses in Singapore have seen a substantial accumulation of lead and zinc, reaching nearly 430,000 tons—a tenfold increase since May 2023. This growth is attributed to two main factors: a global economic slowdown that has dampened demand for base metals, and a slower-than-expected rise in industrial production...
LME news
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Metal Stockpiles Surge in Singapore Amid Slowing Global Demand and Strategic Storage Deals
Singapore has become a critical hub for refined zinc and lead stockpiles, with inventories in the city-state’s London Metal Exchange (LME) registered warehouses soaring more than tenfold since May 2023. Recent data shows that nearly 430,000 tons of these base metals are now stored in Singapore, making it a key vault for major trading companies like Trafigura Group and Glencore...
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Nonferrous Metal Prices Rise Amid U.S. Rate Cut Hopes, But High Inventories Limit Gains
Prices for most nonferrous metals saw an uptick on Thursday, supported by the potential for a U.S. interest rate cut, though high inventories and disappointing economic data from China curbed the extent of gains. Three-month copper on the London Metal Exchange (LME) inched up 0.2% to $8,985 per metric ton by 0530 GMT, while the most-traded September copper contract on...
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Russian Aluminium Stocks Surge on London Metal Exchange in July
The share of Russian-origin aluminum stocks in London Metal Exchange (LME) warehouses increased significantly in July, reaching 65%, up from 50% in June, according to data released on Monday. In contrast, Indian-origin aluminum stocks decreased, dropping to 33% from 40%. Overall, on-warrant aluminum stocks from all origins in LME-registered warehouses saw a decline of 23% in July. The data indicated...
Weekly Metals News Digest – August 5-9
SPIMEX Proposal for Aluminum Exchange Trading in Russia Introduction of Exchange Trading for Rusal’s Aluminum The St. Petersburg International Mercantile Exchange (SPIMEX) has proposed launching exchange trading for primary aluminum produced by Rusal. This proposal comes in response to recent restrictions imposed by the U.S. and British authorities, which have banned Rusal from trading its aluminum at CME Group and...
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CMOC and Other Miners Seek LME Registration for DRC Copper
China’s CMOC, along with other mining companies, has applied to register copper from the Democratic Republic of Congo (DRC) for delivery against London Metal Exchange (LME) contracts. This move could see large volumes of copper from the DRC, the world’s second-largest copper producer, entering LME-approved warehouses as soon as next year, according to sources familiar with the matter. For producers,...
Weekly Metals News Digest – July 1-August 2
Alliance Nickel’s Faith in the Future of Nickel Ambitious Plans for NiWest Project Alliance Nickel, an Australian mining company, has ambitious plans to begin mining and processing nickel-cobalt ores from its NiWest project in 2027. The company aims to produce 90,000 tonnes of nickel and 7,000 tonnes of cobalt annually. The NiWest project, located in Western Australia, is currently undergoing...
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LME Expands Delivery Network Amidst Ongoing Challenges in Warehouse Operations
The London Metal Exchange (LME) has announced the addition of Jeddah, Saudi Arabia, as a new delivery location for copper and zinc, marking the first new listing since Amsterdam in 2018. This expansion is set to take effect three months after the approval of the first warehouse. Additionally, the LME is exploring the inclusion of Hong Kong in its delivery...
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Russian Aluminum Stocks Surge on LME Amid Sanctions
Aluminum stocks from Russia have significantly increased on the London Metal Exchange (LME) following sanctions imposed by the US and the UK in April, as reported by Bigmint in their June review. The stockpile rose by 33% year-on-year in the first half of 2024, reaching 695,372 tons, with most of the metal stored at Port Klang, Malaysia. Despite this, the...
Weekly Metals News Digest – July 22-26
European Union Increases Titanium Imports from Russia Fluctuating Import Figures Titanium exports from Russia to the European Union have shown mixed trends in 2024. Over the first five months, exports decreased by 22%, totaling $14.2 million. However, in May, there was a notable increase of almost one-third compared to April, reaching $3.4 million. Country-Specific Import Growth France: Increased imports 3.4...