COPPER Export Volumes and Prices After Break

Brazil copper ore export volumes

Brazil’s ore export volumes fell 4.7% year-on-year in March. Exports totalled 95,829 tonnes. Down from 100,528 tonnes in March 2016. The main destination for the Brazilian copper ore was India. With an intake of 31,583 tonnes last month. About 70% of the shipments came from the northern state of Pará, where Vale has its copper operations.

In the first quarter of 2017, Brazilian copper ore shipments declined to 284,350 tonnes. Opposite of 320,518 tonnes in the same quarter of 2Co016.

Cathode

Brazilian cathode exports posted a significant year-on-year drop in March. As Paranapanema, the country’s only producer, shifted its focus back to the domestic market. Cathode exports reached 1,766 tonnes last month, down from 16,138 tonnes in March 2016.

In the first quarter of 2017, Brazilian cathode exports totaled 5,779 tonnes, down from 39,984 tonnes in the corresponding period of 2016.

Copper wire

Brazil exported 2,022 tonnes of copper wire in March, down from 3,515 tonnes a year earlier, according to MDIC.

http://www.mdic.gov.br/

However, shipments inched up to 7,072 tonnes in the first three months of 2017. Compared with 6,660 tonnes in the same months of 2016.

Chicago Mercantile Exchange copper volumes jump 8.2% y-o-y in March

Comex copper futures saw volumes grow 8.2% year-on-year in March. Its volatility coming from uncertainty over the US infrastructure plan and anticipated resolutions to supply disruptions in Chile and Indonesia. (CME group info)

Throughout the month, c. futures saw monthly average daily volumes (ADV) hit 79,265. Bringing the year-to-date ADV to 94,653 – up 10.8% compared with the same period a year ago.

It has been a chaotic year for the red metal, with strikes in South America and export issues in Indonesia tightening supply and flipping the market to a humble deficit. Since the beginning of the year, Comex c. open interest has set multiple records and hit an all-time volume high of 300,996 lots on February 13. The same day, the contract reached its 14th open-interest record this year.

Overall, CME average daily volumes reached 16.9 million contracts in March. (Up 18% year-on-year).

The CME’s copper product was launched 30 years ago, but it struggled to compete against the London Metal Exchange’s well-established contract and focused mainly on the North American market.

That changed in 2014, when the CME decided to push more aggressively into the copper market with a focus on Asia. In 2016, ADVs traded on CME Group’s Comex copper contract rose by 26.5%. By contrast, LME copper volumes fell 5.6% in 2016. While total copper trading volumes on the Shanghai Futures Exchange dropped by 18%.

Other metals

In other metals, gold grew at a rate of 7% in the first quarter, supported by a positive macroeconomic backdrop and doubts of US monetary hawkishness, the report said. Overall, precious metals futures ADV increased by 5% last month compared with March 2016.

Additionally, aluminium premium aggregate open interest reached an all-time high on March 1, at 66,384 contracts. The CME Group is the world’s largest derivatives marketplace, with trading facilities in New York and Chicago, where it is headquartered.

Shanghai FE copper dips as supply concerns wane; Al inches higher amid news of capacity cuts

Prices on the Shanghai Futures Exchange dipped slightly during

Asian morning trading on Tuesday April 18, as concerns over supply tightness continued to wane.

The SHFE June copp. contract was recently at 46,350 yuan ($6,734) per tonne as of 03:00 BST, 30 yuan or 0.06% lower than Monday’s close.

Kazakhstan’s refined copp. production in March rose 12.7% year-on-year to 36,000 tonnes and the production in the first quarter of this year rose 1.8% on a yearly basis to 102,000 tonnes, China’s Galaxy Futures said on Tuesday.

“Overall, worries of a supply shortage have gradually scattered.” (CGF)