Industrial Metals finished lower on Friday, suffering its first weekly loss in four weeks, as economic sentiment soured in response to a string of disappointing releases in the United States, the world's largest economy.
IN FOCUS
- Copper producer Equinox Minerals on Friday reported that its second-quarter production had increased by 44%, compared with the first quarter, and by 80% compared with the previous corresponding period.
- South Korea is seeking 3,000 tonnes of high grade primary aluminium ingot of London Metal Exchange (LME) registered brands via a tender to close at 2 p.m. (0500 GMT) on Aug 20, the state-run Public Procurement Service said.
- A Chilean mine collapse that trapped 33 workers deep underground has exposed the underbelly of mining in the world's top copper producer, where thousands crawl into small, aging deposits for a piece of the industry boom.
- Chinese gold miner Chenzhou Mining Group Co. (002155.SZ) may acquire zinc miner Hunan King Stone Minerals Group to expand into the zinc industry, the China Daily reported Thursday, citing unnamed government officials in Yuanling County, Hunan province.
FUNDAMENTAL OUTLOOK
Industrial metals prices are trading up on LME today. Metals prices may trade sideways to up tracking overseas markets, where weak dollar may support metals. Copper in particular looks strong today, buying at dips should be the investor's strategy during the day.
