China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices in major markets today
China Aluminum International Trading Co. (Chalco Trading) raised aluminum prices in major markets today after cutting prices for seven days in a row, it said on its WeChat. Global aluminium demand likely to increase 4-5 percent from 3-4 percent earlier view. Norsk Hydro also estimated that the higher-than-expected activity in China alone will see a growth of 5-7 percent in 2016.One of the world’s largest aluminium producers, Norsk Hydro has raised its 2016 forecast for aluminium global demand.
Lead for August delivery at the Multi-Commodity Exchange also grew by nearly .25%.The latest data reported by the International Lead and Zinc Supply Group (ILZSG) indicate the world refined lead metal supply exceeded demand by 23,000 metric tons during the first four months of 2016. Reductions in Australia, China, India and the U.S. led the fall in global lead mine production of 5% compared with the first four months of 2015.”
European Central Bank (ECB) left key interest rates unchanged The ECB held rates at record lows as it seeks to revive growth and inflation with cheap credit to the economy. It added that it still expects its key interest rates to remain at present or lower levels for an extended period. ECB President Mario Draghi told a post-meeting news conference that the Eurozone’s central bank was prepared to take more action to lift inflation and economic growth if necessary. FOMC decision due next week traders are a bit cautious but odds are that the Fed will do nothing at all taking cues from the BoE and the ECB.
Saudi Energy Minister Khaled al-Falih said that crude prices of $50 per barrel were not enough to sustain investment in the global oil sector, adding that a fair price would be somewhere between $50-$100.Saudi Arabia will likely to maintain its current strategy of retaining, or even increasing market share, by sustaining, or boosting oil production.OPEC’s latest estimates showed that Saudi Arabia produced 10.308 million barrels per day of oil in June compared to 10.242 million barrels per day in May. The total OPEC oil production in June increased by 264,100 barrels per day to average 32.858 million barrels per day.
Iraq’s oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC’s second-largest producer back on track after two months of declines.
Iraq in 2015 provided OPEC’s biggest rise in supply. The growth has slowed this year due to maintenance and technical problems, and Iraqi officials say seasonally higher domestic use has curbed volumes available for export. Exports from southern Iraq in the first 21 days of July have averaged 3.28 million barrels per day (bpd), according to loading data tracked by Reuters and an industry source. That would be up from 3.18 million bpd in June.
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