MCX COMMODITY MARKET NEWS - 19 SEP 2016

COPPER:

Chile’s copper output slid 5.18% year-on-year during January-July, due mainly to lower ore grade, and this is believed to abate global oversupply.

The Xiarihamu copper-nickel mine in Qinghai has now discovered 10 copper-nickel and cobalt deposits, and is expected to contribute massive nickel reserves,

Base metal prices on the SHFE are exposed to the upcoming US Federal Reserve interest rate meeting for September this week, Shanghai Metals Market says.

LME copper is predicted to keep testing support at the 40-day moving average and will range between USD 4,730-4,770/mt on Monday. SHFE 1611 copper is expected to move at RMB 37,000-37,400/mt today.

ALUMINIUM:

Southwest Aluminum Co. recently refreshed world record by successfully producing super large aluminum alloy ring used in heavy-lift rockets, local media reported.

LME aluminum fluctuated around the 5-day moving average during China’s Mid-autumn Festival from September 15-17.

ZINC:

Agency of the Republic of Kazakhstan on Statistics said the country’s refined zinc and copper output both increased during the first eight months of the year, according to wenhua.com. The terrorist attack in New York may fuel risk aversion. Risk assets should fall. Base metals should meet pressure today. 

NICKEL:

Jinchuan Group raised its ex-works prices 500 yuan per tonne on Sep. 19.  LME nickel is expected to advance to $10,800 per tonne in September, Shanghai Metals Market foresees.

CRUDE OIL:

(Libya) unable to get their first ship loaded is a reminder that it may be difficult for Libya to increase production."

Clashes in Libya have halted the loading of the first oil cargo from the port of Ras Lanuf in close to two years, while also raising fears of a new conflict over Libya's oil resources.

Crude exports from No.3 OPEC producer Iran in August jumped 15 percent from a month ago to more than 2 million barrels per day, according to a source with knowledge of its tanker loading schedule, closing in on Tehran's pre-sanctions shipment levels of five years ago.

In the United States, drillers have added oil rigs for 11 out of the past 12 weeks. Drillers added two oil rigs in the week to Sept. 16, bringing the total rig count up to 416, the most since February. 

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