Industrial metals prices dipped to its lowest level in nearly two weeks yesterday as persistent concerns about credit tightening in top metals consumer China offset upbeat manufacturing growth there.
Copper is expected to end the year 8 percent lower, and tumble further in 2014 as demand struggles against strong supply growth from new and existing mines, a Reuters poll showed.
Kazakh miner Kazakhmys said on Thursday it was on track to hit the "upper end" of its output guidance for 2013, despite a steeper-than-expected dip in production in the third quarter as weak grades continued to weigh.
Nyrstar, the world's largest producer of zinc, on Thursday said it would mine less zinc in concentrate than previously expected, due to operational problems at two of its mines in the United States and Canada.
Brazil imported 4,420 tonnes of aluminium in the month, compared with 3,894 tonnes in September 2012, according to figures from the country´s trade minister. In January-September, exports amounted to 26,970 tonnes, from 29,624 tonnes in the corresponding period last year.
Copper miner Tiger Resources has set a new quarterly production record at its 60 percent-owned Kipoi copper project, in the Democratic Republic of Congo (DRC). Tiger produced 12 123 t of copper in concentrate from its heavy-media separation plant in the September quarter.
FUNDAMENTAL OUTLOOK: Industrial metals prices are trading lower on international bourses. We expect a further downside in the prices of metals on account of higher supplies in local Chinese markets. Copper in particular can be sold on rallies.
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