ASIAN MORNING BRIEF 14/11: LME base metal prices recoup some losses; Novelis to increase aluminium output in South America; Gécamines seeking emergency meeting on KCC cobalt suspension

The latest news and price moves to start the Asian day on Wednesday November 14.

Base metal closing prices on the London Metal Exchange were mixed on Tuesday November 13, with lead showing the biggest positive move of the day while zinc failed to close above its nearby support level amid record-low LME inventories for both metals. Read more in our live futures report.

Here are how prices looked at the close of trading:

Novelis will spend $175 million to expand aluminium production at its Pindamonhangaba plant in South America, with aluminium sheet rolling output to grow by 100,000 tonnes to 680,000 tonnes per year and recycling by 60,000 tonnes to 450,000 tpy.

Gécamines has requested an emergency meeting over the decision last week to suspend the export and sale of cobalt from Kamoto Copper Co in the Democratic Republic of Congo, in which it is a stakeholder. 

BMO Capital Markets is bearish on the benchmark copper treatment and refining charge for next year, with the Canadian financial services provider indicating that it might show a small fall in 2019 because of the tightening supply of concentrates.

The Comex copper price recovered modestly in the US on Tuesday morning, with the dollar index showing some weakness and allowing the price to climb.

The domestic Chinese ferro-silicon market was stable during the week ended November 9, with suppliers focusing on the domestic market. Meanwhile, the European price stabilized after the prior week’s drop and the US ferro-silicon spot market was steady week on week.

The United Arab Emirates’ domestic steel rebar price fell over the past week, along with low bids from customers, while the price for imported rebar was stable.

What to read next
Fastmarkets has corrected the rationale for its MB-AL-0346 Aluminium P1020A premium, in-whs dup Rotterdam, $/tonne that was published incorrectly on Thursday January 29.
Fastmarkets has corrected the rationale for its MB-AL-0299 aluminium 6063 extrusion billet premium, ddp Spain that was published incorrectly on Friday January 23.
Learn about the recent trends in AI metals costs and their effect on lithium, copper and aluminium prices for energy storage.
Following a consultation period, which closed on January 14, Fastmarkets will increase the frequency of its MB-BX-0016 Bauxite, cif China, price assessment to a weekly basis, from a monthly basis. Fastmarkets will also extend the timing of the price to include cargoes for arrival within 90 days and move the publishing time to 7pm Shanghai time on Friday. […]
European aluminium scrap and secondary ingot prices are on the rise, driven by a significant shortage of scrap. Trade sources indicate that low generation has constrained domestic supply, and this is happening even before the expected EU scrap export restrictions in Spring 2026.
The capacity to smelt an additional volume of more than 800,000 tonnes per year of copper was advancing toward production readiness, Fastmarkets heard on Monday January 19.