ASIAN MORNING BRIEF 02/11: Comex copper, LME base metals rebound; Zinc logs widest backwardation since Oct 2017; ArcelorMittal completes Ilva buy, posts 41.8% jump in Q3 Ebitda
The latest news and price moves to start the Asian day on Friday November 2.
Comex copper prices in New York, like most base metals on the London Metal Exchange, mostly recovered on Thursday November 1, with a weaker dollar providing support to the complex. Read more in our live futures report.
Here are how prices looked at the close of trading:
A 10-year low in LME zinc stock volumes on Thursday prompted one of the metal’s widest cash/three-month backwardations since October 2017.
ArcelorMittal completed its acquisition of Italy’s Ilva on November 1, one of the many acquisition deals under negotiation by the steelmaker.
Meanwhile, ArcelorMittal reported a 41.8% year-on-year increase in third-quarter earnings before interest, taxes, depreciation and amortization, to $2.7 billion from $1.9 billion, due to more robust demand and higher steel prices.
A 1% increase in China’s hot-rolled coil export rebate rate will have little to no impact on spot activity in the country, Chinese traders said.
Brazilian multi-metals producer Nexa reported lower sales for the third quarter but has maintained its full-year 2018 production and sales estimates.
Ukrainian steelmaker Metinvest increased its output of sellable semi-finished product by 18% year on year, supported by favorable market conditions.