This morning in metals news, Codelco is holding its 2020 copper premium flat for Europe, China’s yuan could see further devaluation and Alcoa’s Baie-Comeau smelter has received certification from the Aluminum Stewardship Initiative.
Copper Premium Flat
According to Reuters, Codelco’s copper premium will be held flat for European customers in 2020.
Codelco’s premium will check in at $98/ton, according to the report.
Reuters Poll: Yuan to Slip Further Against the Dollar
Earlier this year, the yuan slipped in value compared to the dollar to an approximately 7-to-1 ratio, which makes imports from China more attractive.
According to a Reuters poll, the yuan could slip further to levels last seen during the financial crisis of 2008.
The yuan could fall as low as 7.20 to the dollar by the end of the year, according to the Reuters poll of foreign exchange strategists.
Alcoa Smelter Gains ASI Certification
Alcoa’s Baie-Comeau smelter in Quebec has received certification from the Aluminum Stewardship Initiative (ASI), a body that formulates and sets sustainability standards for the aluminum sector.
Alcoa now has ASI-certified facilities in three countries: Brazil, Spain and Canada.
“From mine to metal, Alcoa is recognized as a sustainability leader,” said Michelle O’Neill, Alcoa’s senior vice president of government affairs and sustainability. “This latest ASI certification demonstrates our ongoing commitment to operate in a responsible manner while bringing long-lasting value to our stakeholders.”