ASIAN MORNING BRIEF 07/12: LME base metals pressured downward by slide in equities, oil; Vale to buy Brazil’s Ferrous Resources; Comex copper price retreats

The latest news and price moves to start the Asian day on Friday December 7.

Base metal prices on the London Metal Exchange were collectively lower at the close of trading on Thursday December 6, with downward pressure emerging across global equity indices in addition to a sharp downturn in oil futures, which trickled through to metals. Read more in our live futures.

Here are how prices looked at the close of trading:

Vale will buy Brazil’s privately owned Ferrous Resources Ltd as part of its “bolt-on acquisitions” strategy, the world’s largest iron ore producer said.

Comex copper prices sank to a multi-week low in the United States, with the recent equity market downturn suppressing the entire base metals group.

The European hot-rolled coil market has been under pressure due to slow trading, and prices are likely to reach “bottom” soon, sources told Fastmarkets.

The European ferro-molybdenum market climbed by almost 2.5% in trading by the midweek pricing session, tracking a previous increase in the oxide market. Alloy prices are now back to a level last seen on September 14.

In Egypt, no decision on new duties has left steel billet import and domestic rebar prices stable over the past week amid poor demand.

The Turkish deep-sea scrap import market was quiet on Thursday, with mills watching the market’s direction following a sharp price drop the day before.

What to read next
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 […]
US copper scrap market participants are shifting from COMEX to LME pricing in response to extreme price volatility and a new 50% copper import tariff. The change is influencing discount formulas, export strategies and long-term trading dynamics across the sector.
The proposal follows preliminary discussions with the market and internal analysis of price usage, which suggests low market liquidity and a lack of demand. Specifically, Fastmarkets is proposing to discontinue: MB-CU-0410 Copper rod premium, ddp Midwest US, US cents/lbQuality: Purity of 99.95-99.99%. Thicknesses of 8 millimeters or 0.3125 inchesQuantity: Min 25,000 poundsLocation: Delivered US MidwestUnit: US […]