ASIAN MORNING BRIEF 05/06: Base metals rise, tin defies trend; global solution needed to solve aluminium overcapacity after 232; Québec vows to help Canadian aluminium sector maintain employment levels
The latest news and price moves to start the Asian day on Tuesday June 5.
Base metals on the London Metal Exchange ended trading mostly higher on Monday June 4, with tin the only metal to trade negatively amid strong performances in three-month copper, lead and nickel prices. Read more in our live futures report.
Here are how prices looked at the close of trading:
A global solution is needed to combat global aluminium overcapacity in the wake of the Section 232 tariffs instituted by US President Donald Trump, according to trade experts who gathered in Montreal for a pre-G7 conference.
During the same conference, the deputy premier of Quebec said that the region will support the Canadian aluminium industry in efforts to preserve jobs following the implementation of tariffs by the US.
The North American division of the China National Certification and Inspection Group (CCIC) will resume inspections of scrap shipments following the end of a one-month suspension, CCIC said on June 1.
CME Group aluminium premium futures saw an uptick in volume in May in reaction to the US sanctions on Russian companies owned by Russian oligarch Oleg Deripaska - which includes UC Rusal Plc.
Russian flat-rolled steel prices have slipped due to poor demand, following repeated rises since January.
Cobalt prices continued to fall during the second half of last week, and prices for high- and low-grade material converging amid continuing profit-taking and slower demand from consumers.