ASIAN MORNING BRIEF 03/08: LME base metals pressured; record-low ali stocks could leave spreads open for backwardation; EC investigating Aurubis sale of rolled copper products business
The latest news and price moves to start the Asian day on Friday August 3.
Base metals prices on the London Metal Exchange posted split moves at the close of trading on Thursday August 2, with half of the complex ending lower amid pressure from the re-emergence of trade tensions between the United States and China in addition to a seasonal summer slowdown. Read more in our live futures report.
Here are how prices looked at the close of trading:
Record-low aluminium stocks in LME warehouses have left spreads vulnerable to increased volatility and more backwardations.
The European Commission (EC) is now investigating German copper giant Aurubis’ proposed sale of its rolled-copper products business to Wieland-Werke due to competition concerns.
Five companies under major Japanese steelmaker Nippon Steel & Sumitomo Metal Corp will integrate and reorganize their welded stainless steel pipe and tube businesses.
Merger and acquisition activity in the battery metals sector has begun to accelerate, with companies looking to capitalize on future demand for electric vehicles.
Brazilian steelmaker Gerdau has concluded the sale of two hydroelectric plants to mining company Kinross Brasil Mineração for $222 million.
Spain-based stainless steel producer Acerinox has said that the company is encouraged by the safeguarding measures announced by the EC last month.
Nornickel has submitted an appeal against a Botswanan ruling made in June 2018, designed to prevent the company from defending itself in the London Court of International Arbitration.