EPIC COMMODITY UPDATE 21 AUGUST 2013 : ALUMINUM

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EPIC COMMODITY UPDATE 21 AUGUST 2013 : ALUMINUM

Post  Admin on Wed Aug 21, 2013 1:55 pm

Aluminium settled down -1.04% at 118.40 as aluminium prices continued to fall on oversupplies, and the industry are trying to take further curtailments to tackle overcapacity. Also RUSAL plans to accelerate cuts at its least-efficient smelting facilities after having reduced output by around 100,000 tonnes in the first half, while on the demand side the situation remains positive, particularly in construction and transportation industries in China, South East Asian countries such as Thailand and Indonesia, and Middle East, RUSAL said. While Leading aluminium producer China Hongqiao Group Ltd. is negotiating with Indonesian government to allow it export bauxite with tax exemptions. Hongqiao Group, which hopes to export 10-12 million tons of bauxite from Indonesia over the next 5-8 years, has commenced negotiation with the Indonesian government with agreement yet to be reached, ceo Zhang Bo said earlier this month. Indonesia announced in May 2012 that it would impose an export tariff on 14 types of ore, including bauxite


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EPIC COMMODITY UPDATE 21 AUGUST 2013 : NICKEL

Post  Admin on Wed Aug 21, 2013 1:59 pm

Nickel settled down -1.37% at 929.90 settled down as trader booked profit and focused on US Fed’s meeting minutes released on Wednesday and China’s HSBC manufacturing PMI to be released this Thursday. Also pressure seen after the update that the global nickel market was in surplus by 74,200 tonnes in the first six months of the year, a monthly bulletin from the Lisbon-based International Nickel Study Group (INSG) showed on Tuesday. It showed world primary nickel consumption totalled 874,200 tonnes in January to June, while primary nickel output was 948,400 tonnes for the period. Nickel mine production in January to June totalled 1,085.8 million tonnes. Latest figures showed nickel stocks held by producers were at 87,200 tonnes in May, down from 88,700 tonnes in April. Meanwhile US data on initial jobless claims and the housing sector later in the week will also be closely watched.

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