In a nutshell:
. OUTOKUMPU (=): Profit warning: EBITDA could reach 10-year low in Q4
. RIO TINTO (+): expand production plans at its lithium plant in Argentina
. COPPER CHINA: Operating rates of copper semis producers expected to decline in December
. NICKEL CHINA: NPI prices expected to trend lower in December amid weak stainless-steel prices
Daily Prices as of December 12th
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PRICE MOVERS
. MACRO/COMMODITY WRAP: China''s CEWC concluded yesterday in a pro-growth tone similar to the December Politburo meeting. Policymakers are still trying to strike a balance between growth and other targets with moderate fiscal and monetary packages next year and without immediate bazooka style stimulus. The CEWC also deleted the statement about ''adopting unconventional countercyclical measures'', which appeared in the Politburo meeting readout earlier this week, probably finding the words too strong. Iron ore futures slid on the DCE (-1.1%) and SGX (-2.2%) as China''s latest vows of further stimulus to shore up its faltering economy failed to impress investors.
Base metals are trading mostly lower on the SHFE this morning amid dollar strength; copper -0.8%, aluminium -0.6%, zinc -0.2%, nickel +1.2%.
Gold (USD 2,685/oz) edged higher on Friday and is set for a weekly gain amid heightened expectations of Fed rate cut next week.
. Macro data this week: China credit data due today with Aggregate financing (cons. 2.9tn yuan); Eurozone industrial production (cons. -0.1% m/m) also today. China November economic data download next Monday with Industrial production (cons. +5.2% y/y), Retail sales (cons. +5.3% y/y), FAI (cons. +3.4% y/y).
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. COPPER CHINA: SMM outlook - Operating rates of copper semis producers expected to decline in December. China''s copper semis output in November was estimated at 2.05mt, up +4.1% m/m and up +1.9% y/y. Participants surveyed by SMM indicated that their operating rates were up +5.1ppt m/m averaging 69.7% in November amid export rush...
