Page 2 - Afuye News Today

Segun Oni says the tribunal overlooked very important pronouncements by the Supreme Court in reaching its conclusions.

The Ekiti State Governorship Election Petition Tribunal in Ado Ekiti has upheld the election of Governor Biodun Oyebanji of the state. SaharaReporters had reported that the Independent National Electoral Commission (INEC) declared APC governorship candidate, Oyebanji as the winner of the June 18, 2022 election. Oyebanji got 187,057 votes to defeat his closest rival, the SDP candidate Chief Segun Oni, who had 82,211 votes.

China's copper cathode output stood at 856,500 mt in August, up 1.97% month-on-month and up 4.54% year-on-year.

Some traders reported that they could merely deliver the long-term orders of blister copper, and the spot transactions were even scarce.

After the copper price hit a multi-year low in mid-to-late July 2022, it stopped falling and rebounded. Copper scrap traders refrained from selling amid losses earlier, and were still reluctant to sell even after copper prices rallied as they awaited further price hike, resulting in short supply as a whole.

On August 17, spot premiums of copper cathode in the Shanghai market were 440-520 yuan/mt over the SHFE 2209 copper contract.

LME and SHFE base metals closed mostly with losses with signs indicating an economic slowdown. A survey by the New York Fed showed that the New York State Manufacturing Index plunged 42.4 points in August to -31.3. A reading below zero indicates a contraction in New York State manufacturing. These figures further reflect the slowdown in the economy at a time when the Federal Reserve is raising interest rates.

Overseas, the newly released non-farm payrolls exceeded expectations, and the US unemployment rate also returned to a pre-pandemic low of 3.5%.

China produced 840,000 mt of copper cathode in July, down 2.5% on the month and up 1.1% on the year, according to SMM statistics.

China produced 840,000 mt of copper cathode in July, down 2.5% on the month and up 1.1% on the year.