GOLD: Gold Steady At 7-Week Low As Macron Wins French Election By Decisive Margin
Gold prices held at seven-week lows after Emmanuel Macron was elected president of France on Sunday, defeating far-right candidate Marine Le Pen in the second round and bringing relief to the market.Pro-Europe, market-friendly Macron won with 65.31% of valid votes cast so far, official figures from the French Interior Ministry confirmed on Sunday. The results calmed market fears of Le Pen’s threats to take France out of the European Union.Macron’s win puts a 35-percentage-point gap between him and Le Pen, beating a previously estimated 20-percentage-point lead projection.
The next step for Macron will be to secure a majority in June’s parliamentary election for En Marche! (Onwards!), his new political movement that is not even a year old yet.With the French election results largely matching market expectations, the focus will now shift to the U.S.monetary policy, BNP Paribas said in note to clients.
Latest positive U.S. macro data are offering additional support for a June rate hike, with market expectations rising.
ZINC: Global Zinc demand likely to reach 14.30 million tonnes in 2017
The global demand for refined zinc metal is forecast to total 14.30 million tonnes in 2017, marginally higher by 2.6% over the previous year. The demand had witnessed rise of 3.1% in 2016, according to the International Lead and Zinc Study Group (ILZSG).
The demand from the European region is likely to remain more or less stable with a modest rise of 0.7% in 2017. The rise in demand in Belgium, Italy and the Russian Federation will be partially offset by reduced demand from France. The apparent usage by the US will recover during the current year. China and India will see rise in refined zinc metal demand, whereas Thailand is likely to report fall in demand. The demand may remain stable in Japan and Korea.
Meantime, refined zinc mine production is forecast to surge higher by 6.7% to 13.70 million tonnes in 2017. The mine production had declined by 5.5% in 2016. The completion of maintenance works at Hindustan Zinc’s Rampura Agucha operation in India will lead the production recovery. ILZSG forecasts increased output from Peru’s Antamina mine and Finland’s Sotkamo operation. It also expects higher output from mines in China, Australia and Eritrea.The global demand for refined zinc metal will exceed supply in 2017, despite sharp rise in zinc mine output. ILZSG forecasts the refined zinc metal to end in deficit of 226,000 tonnes.Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 6,400 to 161,700 tonnes last week, SMM data show.
Zinc inventories in Shanghai and Tianjin increased slightly. Stocks in Guangdong saw further declines.
COPPER: Freeport Cerro Verde Copper Mine Workers Threaten another Strike
One spokesman of labor union of Freeport’s Cerro Verde copper mine said last Friday they will consider another strike if the employer is determined to punish the workers who participated in the latest strike, wenhua.com reported.If the company withholds salary and suspends these workers from their duties, they will consider another indefinite strike, said the labor union’s vice-chairman Zenon Mujica.
ALUMINIUM: Chalco Cuts Aluminum Prices Across Major Markets on May 8
China Aluminum International Trading Co. (Chalco Trading) cut aluminum prices it offered in major markets today after across-the-board hike last Friday, it said on its WeChat.
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