This morning in metals news, the Department of Commerce’s Section 232 hearing on aluminum is in progress this morning, the LME is expected to cut its trading fees and London copper rose Thursday as a result of data indicating a global supply deficit.
Section 232 Hearing on Aluminum Underway This Morning
The U.S. Department of Commerce’s hearing regarding its ongoing Section 232 investigation into aluminum imports started at 8 a.m. CDT Thursday.
Those interested in watching can tune into the live streams on the Department of Commerce’s Facebook or YouTube pages. After a brief break, the hearing is reconvening as of 9:59 a.m. CDT and is scheduled to continue until just after 11 a.m. CDT.
As mentioned earlier this morning, Chinese overcapacity continues to be the primary talking point.
The hearing started with testimony from: Kentucky State Rep. Jim Gooch Jr.; Li Xie, director of Export Division One, People’s Republic of China, Ministry of Commerce; Talal M. Al Kaissi, representative from the Trade & Commercial Office from the Embassy of the U.A.E.; Lurii Stegnii, deputy trade representative from the Trade Representation of the Russian Federation in the United States; and Gerd Gotz, director general of European Aluminum.
Gooch Jr.’s state is home to Century Aluminum, which operates two smelters in the Bluegrass State (one in Hawesville, the other in Sebree).
LME Planning to Cut Trading Fees
The LME is planning on cutting its trading fees in the hopes of boosting volumes, Reuters reported Thursday.
According to the report, a 35% fee hike in January 2015 is a major reason cited by those in the industry to explain declining LME volumes.
Overall volumes in the five months to the end of May this year fell more than 5% from the same five-month period in 2016, according to the article.
LME Copper Ticks Up
LME copper rose Thursday, driven by data showing a global supply deficit, according to Reuters.
According to the data, the global world refined copper market showed a deficit of 5,000 tons in March, Reuters reported. That figure stands in stark contrast with the 102,000-ton surplus reported for February.
Meanwhile, three-month LME copper was down 0.6%, according to Reuters.