Japan's consumption for electrolytic copper and nickel above 90% concentrate added in April according to the Ministry of Economy, Trade & Industry. The electrolytic copper was steady in the needs focused on the conduit cable, and nickel diverged from the slow flows eyed a year ago. The hike was the result of the specialty steel export improvement, the Ministry analyzed.
On the other hand, the needs for zinc and lead weakened in April, while Mitsui Metal announced its June list price of domestic trading of lead at 331,000 yen with a 3,000 yen down. The LME zinc price slipped affecting the domestic price in Japan, the local industrial newspaper delivered. The electrolytic copper prices continued slippage despite a supply in glut.
The LME electrolytic copper price fell $49.5 a ton from the previous day to $5,756 a ton on an official cash basis as of June 17, while the three months official recorded $5,790 a ton, down $37.5 a ton in the morning second ring. The slippage is translated into the squeezed sentiment in investment as woes increase over the metal consumption risks by the prolonged trade tensions since China Government’s release of economic indicators on June 14. China’s fixed real estate by May and industrial production growth in May weakened together from April, could not reach the expectations of the market.
That said, the copper supplying issue is in the feature to draw attention. Glencore’s Zambia-based Mufulira refinery was temporarily closed on the maintenance until the end of the year, and Vedanta’s Zambia-based Nchanga refinery was under way of a temporary suspension because of the accident caused a worker to death. Codelco’s Chile-based Chuquicamata copper mine is still on labor dispute cutting its capacity utilization rate to just 50 percent around. China’s copper production also reduced 5.2 percent in May month to month.
Source: Steel&Metal News |
