The United States could be hit with sanctions from China if countervailing duties targeting 22 Chinese goods are not recalculated after the World Trade Organization appellate body determined on Tuesday July 16 that the US violated WTO rulings with those duties.
Nickel’s three-month price on the London Metal Exchange continued its uptrend at the close of trading on Wednesday July 17, appreciating by 3% to surpass $14,400 per tonne and trade at its highest level in a year.
Insurer AON and software developer Gen10 have joined Dutch bank Rabobank, international trading firm Concord Resources and warehousing firm PGS in the development of the blockchain trading platform for the metal repo financing business.
Fastmarkets’ zinc premiums in northern Europe rose in the week to Tuesday July 16 on increased spot interest, while premiums in Asia and the United States were unchanged due to muted buying appetite after the cash/three-month London Metal Exchange zinc spread swung to a backwardation.
The nickel briquette premium in the United States narrowed in the week to Tuesday July 16 while a closed arbitrage import window in China and weaker consumption in Europe kept premiums stable in those regions.