Global Copper mine production declines two percent

Gold dips, but copper gains on China PMI figures.

Gold dipped as China reported better than expected PMI figures for May on Wednesday, lifting copper slightly on expected continued growth. Overnight, gold retreated from a one-month high, despite an increase in safe haven demand amid ongoing geopolitical concerns in Europe while hawkish comments concerning U.S. interest rates from a top Fed official capped upside momentum. Gold prices dipped at the start of European trade on Tuesday, as concerns about geopolitical uncertainty in Europe eased somewhat, following the release of the ICM poll for The Guardian, showing the Conservative Party held a healthy lead of 45% compared to Labour's 33%, ahead of the general election scheduled for June 8.According to investing.com’s Fed rate monitor tool over 80% of traders expect the Fed to hike its benchmark rate in June from 0.75-1% to 1-1.25%.

Global Copper mine production declines two percent.

Global copper mine production is estimated to have declined by around 2% in the first two months of 2017, with concentrate production declining by around 1% and solvent extraction-electrowinning (SX-EW) declining by 5%, according to the latest figures released by the International Copper Study Group (ICSG).The decline in global copper mine production was mainly due to a 10% decline in Chilean mine production negatively affected by the strike at Escondida mine and lower output from Codelco mines.

Chalco Slashes Aluminum Prices across Major Markets After 3-Day Holiday.

China Aluminum International Trading Co. (Chalco Trading) cut aluminum prices it offered in major markets sharply after 3-day Dragon Boat Festival, it said on its WeChat. Aluminum ingot stocks in China’s five major markets (Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi) continued falling last week, but the speed of decline was slow over this past month.

Crude drops in Asia despite upbeat China PMIs, API ahead.

Crude fell in Asia on Wednesday ahead of weekly U.S. industry inventory estimates later in the day expected to set the tone and despite upbeat figures as China returned from a two-day holiday. Later on Wednesday, the American Petroleum Institute (API) will release its estimates of crude and refined product inventories to be followed on Thursday with official data from the Energy Information Administration. The two sets of figures often diverge. As part of the agreement, Nigeria and Libya will remain exempt from making cuts while Iran would be allowed to retain the right to increase production to the same reference level, around 3.797 million barrels a day, agreed in November last year.

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