LME Base Metals Cash to 3-Month Backwardation/Contango (2017-8-30)

[SMM Analysis: Key Anchor in Great Power Rivalry: The U.S. "Project Vault" and the Changing Resource Landscape in Latin America] While the second phase of Chinese company's Mirador copper mine in Ecuador remains mired in a 'completed but awaiting approval' deadlock, 10,000 kilometers away in Washington, the President, alongside the Export-Import Bank of the United States, is announcing a historic supply chain security initiative named 'Project Vault.'

[SMM Analysis: The "Key Anchor Point" in Great Power Rivalry: The US "Treasury Plan" and the Resource Reshuffle in Latin America] As the second phase of the Mirador copper mine project in Ecuador, developed by a Chinese enterprise, remains stuck in a "built but awaiting approval" deadlock, ten thousand kilometers away in Washington, the US Export-Import Bank, together with the President, is announcing a historic supply chain security initiative called the "Treasury Plan." In the pause and the start, a global covert battle over critical minerals such as copper, lithium, cobalt, and gallium is moving from behind the scenes to the forefront.

【SMM News Flash】Hindalco Industries reported a 45% decline in Q3 profit, despite strong aluminum and copper prices, as rising costs and operational disruptions at its US subsidiary Novelis weighed on performance.The metal producer, part of the Aditya Birla Group, posted a consolidated net profit of 20.49 billion rupees for the three months ended December 31, down from 37.35 billion rupees a year earlier.The profit drop was mainly due to an exceptional expense of 26.1 billion rupees related to disruptions at the Oswego plant in New York.