ALUMINIUM: China Aluminum Consumption to Peak in 2020
China has topped the list of global aluminum producing countries from 2001, with total output of 230 million tonnes over the past 16 years, SMM reported from the SMM 2017 Copper & Aluminum Summit. Aluminum consumption reached 24 kilograms per capita in 2016, with 130 kilograms reserves per capita which totaled 178 million tonnes.China will enter peak aluminum consumption period in 2020, and per capita consumption will hover above 35 kilograms.
NICKEL: Philippines Allows 8 ‘Suspended’ Miners to Ship Out Nickel Ore
The Philippines’ environment ministry has allowed 8 suspended nickel ore mining firms to ship out stockpiles of mined ore, Reuters reported.The permission is aimed at limiting the potential build up of silt in nearby waters, an official with knowledge of the order said, rather than the government toning down its campaign, according to the report. The volume of nickel ore stocks from the mines may well exceed 1 million tonnes, or about a month’s worth of consumption by top buyer China, said the official, who declined to be named because he is not authorized to discuss the matter publicly. The total would likely be less than 5 million tonnes, he added.More than half of all mines in the Philippines have been ordered to permanently shut to protect watersheds in an eight-month campaign led by Environment and Natural Resources Secretary Regina Lopez.
COPPER: India’s major brass and copper scrap prices advanced on Thursday, while copper futures prices at India’s Multi Commodity Exchange edged up as workers agreed to resume work at Escondida, the world’s top copper mine in Chile.The strike at Chile’s Escondida is ending after workers decided to invoke a rarely used legal provision that allows them to extend their old contract, the union said on Thursday.
ZINC: Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 7,800 to 269,400 tonnes last week, SMM data show.Inventories in Shanghai were generally stable. Guangdong saw inventories falling more slowly. Tianjin witnessed sharp drop in zinc stocks, SMM said.
Zinc prices are expected to move at highs this week, SMM foresees. Fundamentals are still positive as a whole with spot trading inventories falling, SMM said. This is due mainly to recovery in downstream demand.
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