Chinese copper scrap prices remain unchanged on Index on 15th June, 2017

This week, ferrous metals were in the doldrums. The main logic during the week remained weakening cost support. On Tuesday, Iran proposed charging transit fees for the Strait of Hormuz, while Trump made conciliatory remarks, saying that “even if the Strait of Hormuz remained largely closed, he would still be willing to end military action against Iran.” Market expectations for tighter crude oil supply weakened, and declines in the energy sector dragged down the coal sector, weakening the cost-side logic. During the week, inventories of the five major steel products continued to decline, but apparent demand remained at a low level for the same period in previous years, providing limited fundamental-driven momentum to futures. In the spot market, purchasing interest was average, mainly focused on restocking at low prices. Spot prices were relatively firm, and the spot-futures price spread widened somewhat......

[SMM Tin Midday Commentary: Tin Prices Stabilized and Fluctuated Amid a Geopolitical Stalemate, While Spot Market Trading Turned Subdued]

[SMM Aluminum Market Bulletin] According to SMM statistics, the social inventory of secondary aluminum alloy ingots in China’s major consumption regions decreased by 8,540 mt from last Thursday today, extending the destocking trend.