Hassan Butt

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With just 35 days remaining until the United Kingdom withdraws from the European Union, the country’s potential departure from the EU single market could see its domestic aluminium scrap market face business-critical trade barriers that, according to market participants, would send the UK’s scrap industry hurtling backwards.
The London Metal Exchange has approved the resignation of French bank Société Générale from its Category II and LMEprecious membership structure, outlining in a note to members on Tuesday November 3 that the entity will no longer trade as a general clearing member of LMEClear with immediate effect.
Three-month base metals prices on the London Metal Exchange were collectively lower during morning trading on Thursday October 22, with the LME nickel price notching the biggest decline, while a continued impasse over a US coronavirus fiscal stimulus package cooled rallies seen earlier in the week.
The London Metal Exchange three-month zinc price was the standout performer during morning trading on Monday October 19, with the price rallying by more than 2% on positive Chinese economic data and strong buying momentum, while queue and logistics concerns at Port Klang, Malaysia, resulted in some 38,000 tonnes of aluminium being placed back on-warrant in the region.
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