Agriculture, Energy and Metal Information
The London Metal Exchange (LME) is closely monitoring the aluminium market, which has recently experienced a significant spike in the premium for the October contract. The premium over the November contract surged to $18 per metric ton from $5.85 three weeks ago and a discount of $17.50 in July. This condition, known as backwardation, typically […]
The ongoing conflict surrounding the gold mining project by Regis Resources in New South Wales has reignited tensions over Aboriginal heritage. Wiradjuri elder Nyree Reynolds emphasizes the cultural significance of the Bilabula river, stating, “And no one has the right to destroy this.” In August, the Australian government mandated that Regis find a new site […]
The London Metal Exchange (LME) is poised to expand its global metals warehousing network into Hong Kong before the end of 2024, according to three sources familiar with the situation. This move aims to facilitate access to mainland China, the largest consumer of industrial metals. Since acquiring the LME in 2012 for $2.2 billion, the […]
Copper production at Freeport-McMoRan’s Manyar smelter in Indonesia has been postponed until November due to issues with water and steam leakage during initial testing. This delay comes as the $3.7 billion smelter, one of the largest in the world, was initially expected to produce its first output in September, with samples to be delivered to […]
At the recent London Metal Exchange (LME) Seminar, copper emerged as the leading industrial metal with the most promising price outlook, receiving 46% of votes in an informal poll. This marks a slight decline from last year’s 53%. Analysts presented their forecasts for various base metals, with tin following closely in second place at 36%, […]
Silver prices have surged to their highest levels in over a decade, reaching $32.71 per ounce, driven by a combination of strong demand and China’s recent stimulus measures. The metal has gained more than 35% in 2024, outperforming other precious metals as it benefits from its dual role as both an investment asset linked to […]
Aurubis, Europe’s largest copper smelter, announced a premium of $228 per metric ton over the London Metal Exchange (LME) price for copper sold to European customers in 2025. This premium remains unchanged from the previous year and is considered a “record high level” due to sustained strong demand for copper products in Europe, driven largely […]
Clear Street, a U.S. broker, is seeking regulatory approvals in the UK to join the London Metal Exchange (LME) open-outcry trading floor, according to a source familiar with the situation. This move would bring the number of dealing members back to eight, following Societe Generale’s recent exit from the trading floor. The broker’s UK arm, […]
U.S. Steel announced that an arbitration board has ruled in favor of Nippon Steel’s $14.9 billion acquisition of the company. However, the United Steelworkers (USW) union disagreed with the ruling, stating that it does not change their opposition to the deal. The board, which was jointly selected by U.S. Steel and the USW, found that […]
Richard Holtum will assume the role of chief executive at Trafigura, a global trading house, starting January 1, 2025. This transition comes at a challenging time for trading firms as they face reduced profits following a series of windfall years post-COVID-19 pandemic. Additionally, significant equity growth in recent years has led to increased expenses related […]