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Base metals prices on the London Metal Exchange closed mostly higher on Thursday May 31, ending the month broadly supported with most metals trading in positive territory. Read more in our live futures report.
Here are how prices looked at the close of trading:
The government in the United States has decided to implement Section 232 tariffs of 25% on steel imports and 10% on aluminium imports from Mexico, Canada and the European Union, US Commerce Secretary Wilbur Ross confirmed during a call with reporters on May 31.
The US aluminium market is bracing for a run-up in prices and premiums following the implementation of Section 232 tariffs against the previously exempted trading allies.
European aluminium market participants said they do not expect any immediate effect from the US Section 232 tariffs on European prices and premiums, with the market already pricing the tariff into regional premiums.
The Mexican government has also responded to the US tariffs, stating that it will take “reciprocal measures” against the US by instituting duties on steel products as well as non-metal goods.
Toronto-based vanadium producer Largo Resources Ltd said that it will resume production at its Maracas Menchen vanadium mine in Brazil as of May 31, after operations were disrupted by a national truckers’ strike.
Copper cathode premiums have risen in India thanks to a prolonged shutdown of Sterlite Copper’s Tuticorin smelting and refining complex.
Cobalt prices have fallen due to slower spot demand amid easing short-term supply concerns.