ASIAN MORNING BRIEF 31/05: LME base metals carry momentum; Comex copper dips in US; Peru’s Volcan suspends ops at Animón and Islay mines

The latest news and price moves to start the Asian day on Thursday May 31.

Base metals prices on the London Metal Exchange rose further on Wednesday May 30, with nickel climbing 1.4% at the close and copper volumes trading at their highest level since April 19. Only aluminium bucked the trend with a slight decline. Read more in our live futures report.

Here are how prices looked at the close of trading:

Comex copper prices eased in morning trading in the United States, presenting a dip-buying opportunity for the market.

Peruvian zinc and lead miner Volcan has suspended mining at its Animón and Islay mines, part of its Chungar subsidiary, the company said in a release to the Peruvian stock exchange.

Zinc concentrate treatment charges (TCs) rose in May to their highest level this year, with smelters refraining from purchasing spot tonnages. The upward trend in lead concentrate TCs reversed after an import arbitrage opened up in China.

In the steel market, Egyptian Steel has started commercial production at its fourth steel plant in Al Ain Al Sokhna, the company said.

In raw materials, all pig iron production facilities in Brazil came to a halt this week due to a truck drivers’ strike over recent fuel price increases, Metal Bulletin was told.

China is likely to take an economic hit from its crackdown on scrap imports, prompting it to adopt a more pragmatic approach in the future, panelists of the Bureau of International Recycling’s International Trade Council said at the association’s conference in Barcelona, Spain.

What to read next
Market reactions to the soon-to-be-implemented US copper tariff are driving short-term volatility and supply imbalances while fuelling long-term efforts to expand domestic production, recycling and infrastructure.
US export controls on recycled copper would have unintended consequences that could weaken the country’s domestic recycling and manufacturing ecosystems, the president of the Recycled Materials Association (ReMA) said.
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets has corrected its alumina index inferred prices, which were published incorrectly on Tuesday July 15.
The United States' copper recycling industry is ramping up pressure on policymakers to impose some form of export controls on high-purity copper scrap, arguing that current trade dynamics – particularly with China – are distorting prices, weakening domestic capacity and undermining national security goals.
Fastmarkets launched two new price assessments for Indonesia’s domestic trade in nickel ore on Tuesday July 15. The two price assessments are for domestic trades of Indonesian laterite ores with 1.6% and 1.2% nickel content. Indonesia now accounts for 60% of the global nickel supplies and while there is an official government reference price, known […]