COPPER: Southern Copper Workers Ends Strike in Peru.
Southern Copper Corporation’s workers ended the strike at Peru-based mine on Wednesday which lasted for 10 days, wenhua.com reported. The company said its output was not significantly affected by the strike. Labor Union Secretary-General Campos said the company and workers will participate in an negotiation with Labor Ministry on Thursday. WBMS: Global Copper Surplus Expands to 335,000 tonnes in January-February 2017.
World Bureau of Metal Statistics (WBMS) reported global copper market was in 335,000 tonnes of surplus in the first two months of 2017, compared to 215,000 tonnes of surplus in 2016. Copper production at global mines totaled 3.36 million tonnes during January-February, up 6.4% year-on-year. Global copper cathode production increased to 3.85 million tonnes during January-February, a rise of 1.9% on a yearly basis. Output in China grew 88,000 tonnes, and added 9,000 tonnes in India.
ZINC: Global Zinc Deficit Alleviates to 177,000 tons in First Two Months of 2017
World Bureau of Metal Statistics (WBMS) data show global zinc market was in 177,000 tonnes of deficit during January and February 2017, compared to 258,000 tonnes of deficit in 2016. Global refined zinc output added 6.0% year-on-year in the first two months of the year. Consumption was up 7%, with 87,000 tonnes from Japan, up 16% year-on-year. Global refined zinc demand increased 143,000 tonnes on a yearly basis during January-February. China’s apparent zinc consumption was 967,000 tonnes, representing 44% of global total.
ALUMINIUM: WBMS: Global Aluminum Deficit Eases Significantly during January-February 2017
Global primary aluminum market was in a deficit of 101,000 tonnes during the first two months of 2017, according to latest data from World Bureau of Metal Statistics (WBMS). WBMS data showed the supply deficit was as high as 1.12 million tonnes for the whole of 2016. During January-February 2017, primary aluminum demand worldwide was 9.85 million tonnes, up 1.02 million tonnes from the same period last year, while output was up 971,000 tonnes year-on-year. In February 2017, 4.84 million tonnes of primary aluminum was produced globally, while 4.9 million tonnes were consumed.
Chalco Cuts Aluminum Prices further in Major Markets on Apr. 20 China Aluminum International Trading Co. (Chalco Trading) continued cutting aluminum prices it offered in major markets today after across-the-board deep cuts yesterday, it said on its WeChat.
LEAD: WBMS: Global Lead Market Moves into Deficit of 81,000 Tones in January-February 2017
According to WBMS, global lead supply saw a deficit at 81,000 tonnes in Jan.-Feb. 2017 and the market was in a deficit of 154,000 tonnes in 2016. Global lead output was 1.84 million tonnes in Jan.-Feb. 2017, up 7.2% YoY and the demand increased 185,000 tonnes. Global lead output was 921,800 tonnes in February 2017 and consumption was 951,900 tonnes.
GOLD: Gold Down On Profit Taking, Bearish Outside Market Forces.
Gold prices were ending the U.S. day session lower Wednesday. Risk aversion in the world marketplace has receded a bit at mid-week and that’s a negative for the safe-haven metal. The outside markets were bearish for the precious metals on this day as the U.S. dollar index was higher and crude oil prices were lower. Generally higher world stock markets Wednesday also worked against the gold market. Some chart consolidation and profit-taking from the shorter-term futures traders were featured in gold and silver markets after both scored five-month highs earlier this week. June Comex gold was last down $10.90 an ounce at $1,283.40. May Comex silver was last down $0.077 at $18.195 an ounce.
Still on the front burner of the world marketplace are geopolitical concerns regarding the U.S. and North Korea stand-off, and U.S.-Russia relations. U.K. Prime Minister Theresa May surprised the marketplace on Monday by calling for snap general elections in June. The first round of the French presidential elections will be held Sunday. The second round will be on May 7. European market watchers are getting more nervous as the French elections approach and polls show tight races. This uncertainty remains an underlying bullish element for the safe-haven gold market.
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