ASIAN MORNING BRIEF 06/03: Copper, tin up while other base metals retreat on LME; NOLA sees massive zinc deposit; European aluminium premiums drop
The latest news and price moves to start the Asian day on Tuesday March 6.
Copper and tin bucked the trend as base metals closed lower on the London Metal Exchange on Monday March 5. Read more in our live futures report.
Here are how LME prices looked at Monday’s close:
The largest zinc delivery in nearly five years into LME-approved warehouses in New Orleans has swung the zinc cash/three-month spread into contango for the first time in 2018.
European aluminium premiums have dipped below $100 per tonne in recent days due to a prolonged tightness in LME spreads but could rebound now that the market is back in contango despite the prospect of import duties being implemented by the United States, market participants said.
Plate prices continued to skyrocket in the US due to concerns that limited supplies - and potential shortages - could result from President Donald Trump’s decision to set a 25% tariff on steel imports under Section 232.
The first deal for aluminium supply to main Japanese ports in the second quarter of 2018 was concluded at a premium of $129 per tonne on Monday, up 25% from the previous quarter’s settlement, Metal Bulletin has learned.
The Chinese ferro-silicon market dropped on Friday, with one major tender signaling a slower return in demand from Chinese consumers after the recent national holiday.
Hydro chief financial officer Eivind Kallevik has been appointed interim head of bauxite and alumina amid the company’s disrupted operations and a force majeure at its Alunorte alumina refinery in Pará, Brazil.
Chinese silicon metal export prices edged higher on Friday amid renewed buying interest from Japanese buyers last week.