ASIAN MORNING BRIEF 05/09: Nickel leads LME base metals downward; US beer industry reps call for end to 232 tariffs; Elevated alumina prices put pressure on aluminium producers
The latest news and price moves to start the Asian day on Wednesday September 5.
Nickel prices on the London Metal Exchange fell to their lowest point since January at the close of trading on Tuesday September 4, with prices down by 2.5% amid sharp drops in copper, zinc and lead while strength in the United States dollar continued to put pressure on base metals. Read more in our live futures report.
Here are how prices looked at the close of trading:
Comex copper prices fell to a multiweek low during morning trading in the US due to a stronger dollar and persistent fears that tariffs will spread globally.
The organization representing the US beer industry has called for the end of Section 232 tariffs on imports of aluminium from all countries and quotas on imports from Canada.
With alumina prices at extremely high levels and supply tightness showing no signs of easing, market participants are starting to question when downstream aluminium prices and premiums will begin to react.
Lithium producers’ share prices have been under pressure all year and some investors are no doubt wondering whether that marks the end of the lithium boom.
Turkish steel producers have continued to book scrap from the deep-sea market for September deliveries, with prices slightly firmer.
ArcelorMittal’s Veriña long products mill in the Asturias region in northwest Spain will supply India’s Delhi Metro Rail Corp with 6,350 tonnes rail steel.
First Cobalt has acquired the Iron Creek property in Idaho, in the US, and eliminated its outstanding royalty, the company said.