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...
LME news
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...
Copper Futures See Minor Rise Amid Anticipated Demand Boost
Futures contracts of copper on the London Metal Exchange edged up slightly in early Asian trade today. The rise is driven by expectations that the Federal Reserve will cut interest rates in September, which would likely stimulate economic activity and increase demand for copper. Additionally, consumption of copper increased by 3.7% year-on-year to 11.16 million tonnes in the January-May period,...
Copper Futures Decline Amid Weak Chinese Economy and Rising Inventories
Futures contracts for copper fell today on the London Metal Exchange (LME) due to concerns about a weak Chinese economy, as markets anticipate continued reduced demand from the world’s largest consumer of copper. The decline was also influenced by an increase in copper inventories. Data from the International Copper Study Group indicated that global refined copper production rose by 6.1%...
Weekly Metals News Digest – July 15-19
China’s Aluminum Production Hits Ten-Year High Amid Surging Demand China achieved a ten-year high in aluminum production in June 2024, reaching nearly 3.7 million tons, a 6.2% increase from June 2023, according to the National Bureau of Statistics. This surge brought the first half of 2024’s total production to 21.55 million tons, up 6.9% year-on-year. The rise in aluminum production...
Rusal’s Aluminum Exports Drop by 5% in First Half of 2024
Rusal, the Russian aluminum giant, reported a 5% year-on-year decrease in aluminum exports for the first half of 2024, totaling 1.42 million tons, according to data from Russian Railways as reported by Interfax. Despite a positive start to the year, with aluminum shipments up by 5.5% in the first quarter compared to the previous year, and increases of 15% and...
Weekly Metals News Digest – July 8-12
Chinese Aluminum Producers Eye Belarus for Expansion Intentions Announced Around 20 Chinese producers of aluminum semi-finished products have announced plans to cooperate with the Belarusian Universal Commodity Exchange during a recent meeting with its management. Current Market Dynamics Aluminum products such as pipes, sheets, foil, and profiles are currently sold through this platform. These products are either not produced in...
Weekly Metals News Digest – July 1-5
Rio Tinto’s Carbon-Free Aluminum Production Arvida Smelter Project Rio Tinto Corporation plans to produce carbon-free aluminum at its Arvida smelter in Canada by installing inert anode electrolyzers. A pilot line with ten electrolyzers is set to be designed and commissioned, leveraging a technology license from Elysis, a joint venture between Rio Tinto and Alcoa. Investment and Production Goals The project...
Copper Prices Surge to Three-Week High Amid U.S. Interest Rate Speculations
Copper prices in London surged to their highest in over three weeks on Friday, marking the first weekly gain in seven weeks. This rise is driven by the positive outlook on U.S. interest rates, which has bolstered sentiment towards growth-dependent metals.By 0938 GMT, three-month copper on the London Metal Exchange (LME) had risen 0.6% to $9,945 per metric ton, after...
Gold Faces Pressure Amid Strong Dollar and Bond Yields, Silver Set to Soar
Gold may face continued pressure due to a stronger dollar and higher bond yields, despite support from global ETF inflows and expectations of Federal Reserve rate cuts, analysts suggest. Conversely, silver prices could reach Rs 1 lakh per kilogram this year. The outlook for other base metals remains muted due to an oversupply situation. Last week, gold dropped to a...