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

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.