Metal Minings News

The base metals complex ended the day significantly lower, on the back of fund liquidation, falling equity markets and bearish economic data. Economic news today was mixed. China’s producer-price inflation was up 6.6% compared to a year earlier. Consumer price data will be released tomorrow. The country’s trade surplus in February fell year-on-year to $8.56bn (less than half the $22.5bn forecast), hit by both weather disruptions and weaker American demand. Japanese machinery orders rose 19.6% in January compared to the previous month, the fastest pace of growth in seven years. German exports data was also bullish. Exports in January increased 3.8% from December (forecast was for a 1% rise). Jean-Claude Trichet expressed concern about “excessive exchange-rate moves in the present circumstances.” His words sparked a temporary decline in the euro but the currency rebounded short after, currently trading at $1.5349.

Aluminium fell 2.8% to $3,138, spurred by small producer and fund selling. Cancelled warrants declined by 1,300 tons. The Chinese customs office reported that exports of aluminium and its alloys were down 24% to 39,678 tons in February from a year earlier. Copper was also down 2.8% to $8,310. Lingering concerns over Friday’s US non-farm payrolls and lower Chinese imports more than offset the impact of bullish LME stocks data. China’s imports of copper decreased by 5.2% to 226,980 tonnes in February, when Lunar New Year holidays took place, from a month earlier. Zinc declined 3.4% to $2,561. Lead fell 2.9% to $3,000. The break-through of the 200-day moving average (at $3,008) on the downside is a bearish technical signal. Nickel lost 2.7% to $32,450 as merchant selling kicked in. According to Taiyuan Iron & Steel, stainless steel makers do not have major plans to increase production, as the increase in the nickel price has been driven more by investors than by increased demand from stainless steel producers. Tin was down 1% to $19,000. In industrial news, PT Timah has resumed exports from the port after being given the go-ahead by the police. Exports from Indonesia fell 25% to 7,431.3 tonnes in February from a month earlier.

That is good news for countries such as the Philippines who have a large untapped resource. This GEOTIMES comment explores the controversy and challenges behind developing a country’s mining potential.

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