ASIAN MORNING BRIEF 01/12: Base metals lack direction on LME; Zim Alloys said preparing to meet with creditors to discuss potential new buyer; Recylex brings in new chief to replace Roche

The latest news and price moves to start the Asian day on Friday December 1.

Base metals again lacked a uniform direction after a weak start on the London Metal Exchange on Thursday November 30. Read more in our live futures report.

Here are how prices looked at the end of the day on Thursday.

Zimbabwe Alloys – otherwise known as Zim Alloys – is preparing to meet with creditors next week in order to discuss a potential new buyer for the company, sources told Metal Bulletin.

European lead and zinc recycler-smelter Recylex has named a new chief executive officer. He replaces incumbent Yyves Roche, who is leaving the company after helming it for 12 years.

A group of unionized workers have rejected a contract offer by Canada’s Teck for its copper mine in Chile, which allows the workers to strike if no deal is reached after government-mediated talks.

Spot alumina prices have fallen this week in the Pacific, struggling to resist the price weakness in the aluminium market.

The United States has quadrupled the preliminary anti-dumping duty on imports of wire rod from South Korea, according to a US Federal Register notice.

Meanwhile, large-diameter line pipe mills in the US are said to be almost ready to file an anti-dumping and countervailing duty trade petition with the US Department of Commerce, American Metal Market has been told.

Italian steelmaker Ilva faces the threat of closure if an Italian court accepts a complaint lodged by two senior politicians within the country, according to Italy’s minister of economic development.

Brazilian steel institute Aço Brasil has revised its forecast for the country’s steel consumption, based largely on the association’s belief that a “timid” market rebound is expected in December.

What to read next
Own-sourced copper output from Glencore’s African copper assets — KCC and Mutanda in the Democratic Republic of Congo — surged by 68% year on year to 67,900 tonnes over the same period, while Glencore’s cobalt production fell by 39% year on year amid the DRC’s export quota system.
Copper’s long-term outlook is constrained by the industry’s limited ability to bring new supply online fast enough to meet rising demand, with permitting delays, higher capital costs and policy risks slowing project development, industry executives said at the FT Commodities Global Summit on Wednesday April 22.
Capital is flowing back into junior mining, but selectively. Investment is increasingly favouring development‑stage assets with clearer paths to production, supported by government funding and strategic partnerships. While demand for critical minerals underpins the cycle, early‑stage explorers continue to struggle for capital as investors prioritise discipline, ESG alignment and near‑term cash flow.
Copper in concentrate production from Ivanhoe Mines' Kamoa-Kakula complex in the Democratic Republic of Congo (DRC) fell to 61,906 tonnes in the first quarter, down by 54% from 133,120 tonnes a year earlier, with the company now evaluating local third-party concentrate purchases to advance the ramp-up of its on-site smelter, according to an April 13 production release as the market focused its attention on the impact of global sulfuric acid shortages during CESCO Week in Chile from April 13-17.
China's planned sulfuric acid export ban from May 1, historic lows for copper concentrates treatment and refining charges (TC/RCs) and a fragmenting 2026 benchmark system dominated CESCO Week 2026 in Santiago from April 13-17.
The proposal would align the index more closely with physically traded volumes in the region, and enable it to adjust to evolving market conditions. This proposal follows an observed widening of the spread between trader and smelter purchase components of the index and is aligned with a majority of market feedback. Additionally, Fastmarkets seeks feedback […]