Base metals on the London Metal Exchange ended lower at the close of trading on Monday April 23, with aluminium falling 7.5% after the United States announced it would not impose secondary sanctions against UC Rusal.
China has granted import quotas for copper scrap this year that are reduced by 83.7% from a year ago, in its first 10 rounds of approvals for solid waste import licenses, according to calculations made by Metal Bulletin.
Participants in the European aluminium market expect a bearish reversal of premiums after the United States Treasury decided on Monday April 23 that it will not impose secondary sanctions on non-US market participants for doing business with Russian supplier Rusal.
Major international mining companies active in the Democratic Republic of Congo (DRC) remain optimistic they will resolve their concerns about the recently-revised mining code in a manner that is in the best interests of all parties, including the government and other key groups.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) will not impose secondary sanctions on non-US persons for engaging in the same activity involving Rusal or its subsidiaries that the General License 14 authorizes, according to a statement on Monday April 23.
Demand for copper from the battery, electric vehicle (EV) and associated infrastructure sector could reach 14 million tonnes by 2040, putting the sector in need of investment now to avoid a supply shortfall, according to David Wilson at Freepoint Commodities.