No 1 source of global mining news and opinion
Spot prices for copper and aluminum in London have moved to sharply deeper discounts to the three-month contract this week, signalling healthy supplies and weak buying interest from consumers for immediate deals, analysts and traders said.
“Usually when demand is weak we see a big contango as consumers are not worried about the shortage of nearby supply. And on the other side, a deep contango encourages people to do the cash-and-carry trade,” said Dan Smith, head of research at Amalgamated Metal Trading. “However, there is still a large share of Russian metals in LME stocks, and people don’t want to do cash-and-carry with that origin,” Smith said. “The cost of storage is also currently quite high for aluminum, zinc and lead compared to other metals whose price per tonne is higher.”
However, the share of Russian origin still remains relatively high in the stocks: as of the end of May, it was at 42% for aluminum, 40% for copper and 31% for nickel, the LME monthly data showed on Monday.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Deep Lake, a Lakehouse for Deep Learning: Deep Lake System OverviewResearchers introduce Deep Lake, an open-source lakehouse for deep learning, optimizing complex data storage and streaming for deep learning frameworks.
Read more »
Deep Lake, a Lakehouse for Deep Learning: Conclusions, Acknowledgement, and ReferencesResearchers introduce Deep Lake, an open-source lakehouse for deep learning, optimizing complex data storage and streaming for deep learning frameworks.
Read more »
Deep Lake, a Lakehouse for Deep Learning: Performance BenchmarksResearchers introduce Deep Lake, an open-source lakehouse for deep learning, optimizing complex data storage and streaming for deep learning frameworks.
Read more »
Deep Lake, a Lakehouse for Deep Learning: Machine Learning Use CasesResearchers introduce Deep Lake, an open-source lakehouse for deep learning, optimizing complex data storage and streaming for deep learning frameworks.
Read more »
Deep Lake, a Lakehouse for Deep Learning: Related WorkResearchers introduce Deep Lake, an open-source lakehouse for deep learning, optimizing complex data storage and streaming for deep learning frameworks.
Read more »
Deep Lake, a Lakehouse for Deep Learning: Abstract and IntroResearchers introduce Deep Lake, an open-source lakehouse for deep learning, optimizing complex data storage and streaming for deep learning frameworks.
Read more »