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Metal prices are rising steadily, market sentiment is optimistic

Metal prices are rising steadily, market sentiment is optimistic

  • Categories:Industry news
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  • Time of issue:2021-09-06
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(Summary description)Aftertheholiday,metalpricesrosesteadily.Mostofthemarketsentimentisoptimistic.EncouragedbyChina’sAprilPurchasingManagers’Index(PMI)data,Barclays’economistsbelievethisisthebeginningofaneconomicrecovery.Inparticular,datareleasedbyCLSAonthesamedaystatedthatPMIhadreturnedtoabove50forthefirsttimesinceAugust2008.Industrialordersalsoindicatethatoutputwillincreasefurtherinthecomingmonths.BarclaysCapitalstatedthatduetothedeclineincoppergradesattheErnestHenryCopperMineinNorthernAustralia,asubsidiaryofXstrataCopper,XstrataCopper’scopperoutputdecreasedby57,000tonsinthefirstquarter.WorkersattheLomasBayascoppermineinChilemaygoonstrikebecauselabornegotiationshavenotyetsucceeded.DuetoGMandChrysler'ssuspensionofmostoftheirNorthAmericanproductionplans,Hydroannouncedthatitmayfurtherreduceproduction.AccordingtothelatestLondoninventorydata,copperfellby3,800tons,zincdecreasedby500tons,andaluminumincreasedby4,800tons.Intermsofthecancellationofwarehousereceipts,thebiggestchangewasaluminum,whichincreasedby10,900tons,mostlyinBaltimore,ChicagoandDetroitintheUnitedStates.Thenewsonthealuminummarketisevenmorepessimisticthancopper,andthecontinuedsluggishdemandhasledtoadeclineinoutput.AscanbeseenfromthenewsreleasedbyHydro,itannouncedonMondaythatduetoGMandChrysler'ssuspensionofmostoftheautoproductionplansinNorthAmerica,itmayfurtherreducetheproductionofextrudedaluminumrolledproductsusedinautopartssystems.

Metal prices are rising steadily, market sentiment is optimistic

(Summary description)Aftertheholiday,metalpricesrosesteadily.Mostofthemarketsentimentisoptimistic.EncouragedbyChina’sAprilPurchasingManagers’Index(PMI)data,Barclays’economistsbelievethisisthebeginningofaneconomicrecovery.Inparticular,datareleasedbyCLSAonthesamedaystatedthatPMIhadreturnedtoabove50forthefirsttimesinceAugust2008.Industrialordersalsoindicatethatoutputwillincreasefurtherinthecomingmonths.BarclaysCapitalstatedthatduetothedeclineincoppergradesattheErnestHenryCopperMineinNorthernAustralia,asubsidiaryofXstrataCopper,XstrataCopper’scopperoutputdecreasedby57,000tonsinthefirstquarter.WorkersattheLomasBayascoppermineinChilemaygoonstrikebecauselabornegotiationshavenotyetsucceeded.DuetoGMandChrysler'ssuspensionofmostoftheirNorthAmericanproductionplans,Hydroannouncedthatitmayfurtherreduceproduction.AccordingtothelatestLondoninventorydata,copperfellby3,800tons,zincdecreasedby500tons,andaluminumincreasedby4,800tons.Intermsofthecancellationofwarehousereceipts,thebiggestchangewasaluminum,whichincreasedby10,900tons,mostlyinBaltimore,ChicagoandDetroitintheUnitedStates.Thenewsonthealuminummarketisevenmorepessimisticthancopper,andthecontinuedsluggishdemandhasledtoadeclineinoutput.AscanbeseenfromthenewsreleasedbyHydro,itannouncedonMondaythatduetoGMandChrysler'ssuspensionofmostoftheautoproductionplansinNorthAmerica,itmayfurtherreducetheproductionofextrudedaluminumrolledproductsusedinautopartssystems.

  • Categories:Industry news
  • Author:
  • Origin:
  • Time of issue:2021-09-06
  • Views:0
Information

After the holiday, metal prices rose steadily. Most of the market sentiment is optimistic. Encouraged by China’s April Purchasing Managers’ Index (PMI) data, Barclays’ economists believe this is the beginning of an economic recovery. In particular, data released by CLSA on the same day stated that PMI had returned to above 50 for the first time since August 2008. Industrial orders also indicate that output will increase further in the coming months.

Barclays Capital stated that due to the decline in copper grades at the ErnestHenry Copper Mine in Northern Australia, a subsidiary of Xstrata Copper, Xstrata Copper’s copper output decreased by 57,000 tons in the first quarter. Workers at the LomasBayas copper mine in Chile may go on strike because labor negotiations have not yet succeeded.

Due to GM and Chrysler's suspension of most of their North American production plans, Hydro announced that it may further reduce production.

According to the latest London inventory data, copper fell by 3,800 tons, zinc decreased by 500 tons, and aluminum increased by 4,800 tons. In terms of the cancellation of warehouse receipts, the biggest change was aluminum, which increased by 10,900 tons, mostly in Baltimore, Chicago and Detroit in the United States.

The news on the aluminum market is even more pessimistic than copper, and the continued sluggish demand has led to a decline in output. As can be seen from the news released by Hydro, it announced on Monday that due to GM and Chrysler's suspension of most of the auto production plans in North America, it may further reduce the production of extruded aluminum rolled products used in auto parts systems.

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