Edition:
United Kingdom

Eric Onstad

METALS-Copper rally falters after 7-month high as producers hedge

12 Dec 2019

* Copper touches seven-month peak before reversing * Nickel gains 1.8% to two-week high * GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with closing prices) By Eric Onstad LONDON, Dec 12 Copper prices pulled back from fresh highs on Thursday as miners hedged to take advantage of the strongest levels in seven months. Benchmark copper on the London Metal Exchange clawed higher to $6,174 a tonne, the highest since May 10, before reversing and ending floor trading at $6,155, down $1. "We're really surprised copper has been so strong. I think it was from the rhetoric coming from Trump about China, plus we've had a lot of good data, particularly on the jobs side," said Sucden Financial broker Robert Montefusco. U.S. President Donald Trump said on Thursday the United States was "very close" to nailing down a trade deal with China. "We're likely to see a lot of the producers selling up here. Late yesterday there were some upside (option) calls being sold, which was putting some pressure on the market," Motefusco added. * SHANDONG: Also weighing on copper was news that Shandong Fangyuan Nonferrous Metals Group, one of China's biggest private copper smelters, denied online speculation that it had filed for bankruptcy and said operations were running normally. Traders said the rumours had helped to support prices this week because some investors expected shortfalls if Shandong closed. * NICKEL STOCKS: London Metal Exchange nickel on-warrant inventories - material not earmarked for delivery - soared by 52% in one day to 102,036 tonnes, the highest since Aug. 29, LME data showed. Sucden's Montefusco said that recent inflows of nickel stocks could be linked to Chinese arbitrage activity and more deliveries are expected in the coming days. LME nickel prices closed 1.8% higher at a two-week high of $14,100 a tonne. * ALUMINIUM INVENTORIES: LME on-warrant aluminium stocks climbed by 23,075 tonnes to 1,218,125 tonnes, the highest since March 2017, data showed. LME three-month aluminium shrugged off the inventory gains to firm by 0.9% to $1,775 a tonne in final open-outcry trading. * ALUMINIUM SPREAD: LME cash aluminium moved to a discount of $8.75 a tonne to the three-month contract this week after holding at a premium for nearly a month, indicating healthier supplies in the LME system. * LEAD POSITIONING: Lead has the largest net speculative short position on the LME at 25% of open interest, according to estimates from broker Marex Spectron. * PRICES: LME zinc advanced 1.9% to $2,263 a tonne in closing rings, while lead added 0.1% to $1,938 and tin dropped 0.2% to $17,250. * For the top stories in metals and other news, click or (Additional reporting by Mai Nguyen in Singapore Editing by David Evans and Lisa Shumaker)

GFG agrees to buy Duffel aluminium plant in Belgium from Novelis

06 Dec 2019

LONDON GFG Alliance, owned by British commodities tycoon Sanjeev Gupta, has agreed to buy the Duffel aluminium plant in Belgium from Novelis [NVLXC.UL], the group said on Friday.

Vale to exit New Caledonia, eyes Indonesia to boost nickel output

04 Dec 2019

LONDON Brazil's Vale SA plans to exit its troubled New Caledonia assets but still aims to ramp up nickel output ahead of rising demand for electric batteries, executives said on Wednesday.

UPDATE 1-Vale to exit New Caledonia, eyes Indonesia to boost nickel output

04 Dec 2019

* Aims to increase copper output by a fifth by 2023 (Adds details, background, quotes)

Glencore's Glasenberg says successor could be in place next year

03 Dec 2019

LONDON Glencore could announce a new chief executive next year once a new management team is in place, its current boss told an investor meeting on Tuesday as the commodities giant laid out its priorities for 2020.

METALS-Zinc hits 3-month low on scepticism over China buoyancy

02 Dec 2019

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with closing prices)

Tin prices face pressure from rising output, says ITA

29 Nov 2019

LONDON Rising refined tin output will cut the global market deficit next year and weigh on prices as new Chinese smelters ramp up and Indonesia also expands production, the International Tin Association said on Friday.

METALS-Lead rebounds from 4-1/2 month low on trade hopes

26 Nov 2019

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with closing prices)

METALS-Copper recovers after upbeat U.S., Chinese comments on deal

22 Nov 2019

* GRAPHIC-2019 asset returns: http://tmsnrt.rs/2jvdmXl (Updates with closing prices)

'Green' steel needs innovative financing to meet huge bills: HSBC

22 Nov 2019

LONDON Steel, the biggest industrial contributor to climate change, needs innovative financing such as "transition bonds" to help pay the massive costs of turning green, the head of HSBC's sustainable think tank said.

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