LIVE MCX COMMODITY NEWS UPDATES - 07 SEP 2016

OIL:

Now that both countries are looking to privatize their oil interests that they also have a common goal. The cartel is scheduled to officially meet in Vienna in November. Russia will likely send a delegation to November’s OPEC meeting, Reuters said citing a source with knowledge of the matter.

While Russian-Saudi cooperation is yet to yield firm steps toward steadying the market, a joint press conference between the two oil giants is rare. It shows a growing trust and understanding that collaboration is vital to oil’s recovery, the ministers said.

In a joint statement, the two countries confirmed they’ll hold further talks during the International Energy Forum in Algiers this month.

Several OPEC countries voiced their support for the Russian-Saudi pledge to cooperate. The oil ministers of the United Arab Emirates, Kuwait and Qatar welcomed the joint statement, while Algerian Energy Minister Bouterfa said it shows producers must reach an accord on output.

Putin has said oil producers now recognize that Iran, which has mostly restored the output halted during three years of trade restrictions, deserves to complete its return to world markets.

Iran’s rapid Recovery

Iran Has Restored output to within 80,000 barrels a day of its 2011-average level 

Iran showed Monday that it’s ready to pump more crude, with state-run National Iranian Oil Co. saying the country can raise production to 4 million barrels a day in two to three months from the current daily level of about 3.8 million. Iran still isn't likely to accept a cap while neighbor Iraq and arch-rival Saudi Arabia continue to boost supply. But its grounds for opposition are diminished. It's determined to get to 4 million barrels a day by the end of September.

Nigeria’s lost output

855,000 barrels a day of production is subject to force -40% of january’s output

China’s oil imports have averaged an unprecedented 7.5 million bbl/day so far this year.

COPPER:

KGHM Polska Miedz SA expects copper prices are expected to rise in 2017, according to wenhua.com.

More imported copper is now flowing into China’s domestic market after inflows have been almost stagnant for nearly three months now that import losses have narrowed significantly.

ALUMINIUM:

China Aluminum International Trading Co. cut aluminum prices in south China while announcing hike in southwest China and keeping prices unchanged in east China.

Chalco inked a deal with the government of Guizhou Province in late August over large bauxite-alumina integrated project, local media reported.

China and the US have reached a consensus at the G20 Summit to join hands in combating global aluminum overcapacity.

ZINC:

Zinc alloy plants around Hangzhou, Zhejiang Province will return to production next week after the G20 Summit.

NICKEL:

Jiangsu Delong Nickel plans to build a new nickel iron alloy project to enhance its total production capacity.

Guangxi Huahui New Material has started construction of nickel alloy smelting project, with annual capacity of 300,000 tonnes.

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