Saturday, November 19, 2016

Hanjin bankruptcy; copper stocks; LME volumes; Mexico Al exports; tin price outlook; Bear bidding

Some deliveries of metals to Asia are reportedly stuck at sea following Hanjin Shipping’s bankruptcy last week, while buyers are asking that sellers do not use the South Korean container line before placing orders. The greatest impact will be on the Europe-Asia, USA-Asia and Southeast Asia routes, according to a poll carried out by Metal Bulletin’s base metals and ferro-alloys teams. In the copper market, Transamine Trading has secured a 60,000-dry-metric-tonne copper concentrates offtake from Atalaya, the owner of the Rio Tinto mine in Spain, under a $14 million prepayment deal. Freeport-McMoRan is pushing ahead with plans to sell its stake in the holding company for the Tenke Fungurume copper-cobalt mine to China Molybdenum and has received all the necessary regulatory...