COPPER: Barclays Hikes Price Forecast for Copper in 2017.
Barclays Capital revised its forecast for copper prices for 2017, wenhua.com reported. It hiked forecast for copper price from $5,458 per ton to $5,616 per ton for 2017.
Overseas Copper Smelting Projects Decrease
In recent years, copper refining projects overseas were mostly in 2016. Refining capacity expected to come online was 450,000 tonnes, but actually the capacity put into production was even lower. Growth of new smelting capacity slowed significantly to less than 60,000 tonnes in 2017. And there will be only 4 new projects in 2018, with small capacity, said Zhang.New projects are mainly smelting & refining projects. In a long-term point of view, Chile’s copper refining capacity will be large, and 200,000 tonnes of capacities will be added in 2024. But, this project is of great uncertainty since the country’s copper industry aims to axe capital spending, he added.
ALUMINIUM: China Aluminum Inventories Drop First Time after 2017 New Year Holiday, and Japanese Buyers Agree to Pay 2-Year High Premium for Second Quarter China’s inventories of aluminum ingot registered the first decline after the 2017 Chinese New Year holiday, Shanghai Metals
Last week, total aluminum inventories in the five major trading markets fell 4,000 tonnes, according to SMM data. The drop, despite a small one, was the first time since the end of the 2017 Chinese New Year holiday which fell in late January and early February.
2017 Aluminum Market Polling Results: Policy Will be Leading Factor behind 2017 Aluminum Prices.
In other news, Reuters reported that some Japanese aluminum buyers have agreed to pay producers a premium of $128 per tonne for shipment during the three months to June, according to two sources directly involved in the quarterly pricing talks.
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