ASIAN MORNING BRIEF 06/02: LME base metals end mostly higher; Peru’s copper production rises; Chinese ferro-silicon prices fall
The latest news and price moves to start the Asian day on Tuesday February 6.
Base metals prices on the London Metal Exchange were mostly higher at the 5pm close on Monday February 5, although lead again bucked the trend. Read more in our live futures report.
Here are how LME prices looked at Monday’s close:
Peru’s copper production grew nearly 4% in 2017 thanks to higher output at the MMG’s Las Bambas and Chinalco’s Toromocho mines.
Chinese ferro-silicon prices have edged down in line with tender purchase prices over the past week, with the European market easing amid reports of deals heard below the current range.
The United States’ domestic plate price jumped to the highest point since 2014 due to higher demand and supply pressures.
Tungsten prices have climbed higher in both Europe and China over the past week due to tightening availability of raw material ahead of the week-long national holiday in China in mid-February.
ThyssenKrupp workers belonging to German trade union IG Metall have voted to support the collective wage agreement for the merger of the German company’s European flat steel division with those of Tata Steel, the union said on February 5.
Manganese ore prices have climbed over the past week, extending a run higher due to relatively tight spot availability and consumer demand in China ahead of the week-long national holiday.
With the Chinese economy slowing and steel margins squeezed by higher raw materials costs and lower finished steel prices, the prospects for 2018 do not exactly look rosy.
Tightening supply in China pushed prices up for chrome ore and domestic and imported charge chrome during the week ended February 2, while the European market dipped and the US price range widened.
Chinese silicon export prices rose again last week due to continuing dollar weakness and tightening spot availability of material.