ASIAN MORNING BRIEF 04/12: Base metal prices rise on LME; Glencore copper marketing head retiring; Codelco reaches labor deal at Ministro Hales mine
The latest news and price moves to start the Asian day on Tuesday December 4.
Base metal prices on the London Metal Exchange were higher at the close of trading on Monday December 3, with broadly positive market sentiment emerging from the weekend’s G20 Summit in Argentina, while the United States and China agreed to limit further use of trade tariffs. Read more in our live futures report.
Here are how prices looked at the close of trading:
Glencore head of copper marketing Aristotelis Mistakidis will retire at year end, the commodity trading house said on December 3.
Brazil’s primary aluminium production slowed further in October, local aluminium association Abal said.
Diverted tonnages have been flowing into the spot copper concentrate market following unplanned outages at major smelters, boosting treatment charges (TCs) in the final two weeks of November.
Chilean state-owned copper producer Codelco reached a labor agreement with workers at its Ministro Hales mine for wage increases, the company said on December 1.
Treatment charges (TCs) for zinc concentrates continued to rise sharply in November, hitting highs not seen since November 2015.
The Singapore Exchange (SGX) launched the world’s first high-grade iron ore derivatives on Monday, ushering in what has been described as the next stage of evolution for the steelmaking raw materials market.
The new 65% Fe iron ore derivatives launched by the SGX registered 150,000 tonnes of cleared trades on their first day of trading, the exchange said on December 3.