Despite being in the works for months prior to the onset of the pandemic, the LME’s program of reporting warehouse inventory in “near storage” — meaning in LME warehouses but not on warrant — could hardly have been more timely as a fierce, if temporary, recessionary situation hit metals markets this year.
Category: Metal Prices
This Morning in Metals: Rio Tinto to close New Zealand Aluminum Smelters
This morning in metals news: Rio Tinto announced it will wind down operations and eventually close its New Zealand Aluminum Smelters; copper prices are surging; and the Pilbara Ports Authority reported June shipping data.
Aluminum MMI: Aluminum price makes gains, index rises 6.7%
The Aluminum Monthly Metals Index (MMI) increased by nearly 6.7% for this month’s MMI reading.
This Morning in Metals: U.S. steel shipments down 32.9% in May
This morning in metals news: U.S. steel shipments fell 32.9% in May; a Chilean lab is using copper in the fight against COVID-19; and some stores are feeling the effect of an aluminum can shortage.
Copper MMI: Will the copper price continue in its V-shaped recovery?
The Copper Monthly Metals Index (MMI) increased by 8.8% for this month’s MMI reading as copper prices continue to increase globally.
Global Precious MMI: Gold price surges to nearly nine-year high
The Global Precious Monthly Metals Index (MMI) gained 1.7% for this month’s reading.
Rare Earths MMI: Rare earths processing facility opens in Wheat Ridge, Colorado
The Rare Earths Monthly Metals Index (MMI) rose 9.1% for this month’s reading.
Construction MMI: May construction spending drops 2.1%
The Construction Monthly Metals Index (MMI) picked up 4.2% this month.
This Morning in Metals: U.S. steel capacity utilization rate jumps again to 56.6%
This morning in metals news, the U.S. steel sector again posted another incremental rise in its steel capacity utilization rate, Freeport-McMoRan adjusted its Q2 copper sales estimates and the Airbus–Boeing tariff saga continues.
Are we in for a repeat of longer LME aluminum load-out queues, rising physical delivery premiums?
A recent Reuters article doesn’t say so in as many words but certainly suggests conditions are fertile for warehouse operators to incentivize metal deliveries again and, in the process, queues could form at exit.