China’s alumina market largely shrugged off news that several Chinese cities have released plans for winter aluminium output cuts, with the impact of these cuts on alumina production expected to be limited, market participants told Fastmarkets on Thursday October 29.
The three-month price of tin on the London Metal Exchange lagged behind at the close of trading on Thursday October 29, showing the greatest daily losses at 1.1% and slipping below nearby support levels.
First Quantum Minerals has increased its 2020 group copper production guidance to 750,000-785,000 tonnes, citing the resumption of normal operations at its Cobre Panama project and new production records at almost all of its sites.
The London Metal Exchange three-month nickel price was the under performer during morning trading on Thursday October 29, with its price action largely subdued against a continued upsurge in the US dollar index, while a fresh cancelation of some 18,525 tonnes kept the LME lead price elevated.
Premiums for lead in India have risen amid calls for increased regional production in the week to Tuesday October 27, while lead and zinc premiums in other regions remained flat over the period, despite increased spot-market interest in both the United States and Europe.