ASIAN MORNING BRIEF 04/07: LME base metals take hit; Comex copper prices slide on weak market activity; BP buy of Chargemaster highlights oil-sector move into EV charging arena
The latest news and price moves to start the Asian day on Wednesday July 4.
Zinc prices on the London Metal Exchange struggled at the close of trading on Tuesday July 3, falling by 1.1% during the afternoon and dipping below $2,800 per tonne for the first time since August 2017 amid broadly bearish trading conditions. Read more in our live futures report.
Here are how prices looked at the close of trading:
Comex copper prices were slightly lower the morning of July 3 in the United States, with trade shallow ahead of the country’s Independence Day holiday.
BP Plc’s announcement last week that it would buy Chargemaster, the United Kingdom’s largest charging company for electric vehicles, highlights the latest move by oil and gas companies to tap into the electromobility revolution.
Following extensive market engagement, Metal Bulletin has decided to extend the consultation period for the proposed launch of a battery-grade lithium ex-works China index to provide additional time for market participants to submit feedback.
The purchasing managers’ index for the eurozone manufacturing sector has fallen for a sixth month in a row, data supplier IHS Markit said on July 2.
In ferrous news, an industry source said that Norwegian ferro-silicon producer Finnfjord Smelteverk will cut about 3,500 tonnes of production between July and August of this year because of planned maintenance to one of its furnaces.
A leading Japanese steel producer has raised offers for August-shipment hot-rolled coil to $660-665 per tonne cfr Southeast Asia after market sentiment turned bullish.