ASIAN MORNING BRIEF 07/09: Copper rises, aluminium falls in LME trading; Cobalt prices stabilize as inquiries resume; Executive changes at LME
The latest news and price moves to start the Asian day on Friday September 7.
Copper prices on the London Metal Exchange rose at the close of trading on Thursday September 6, propelled by a raft of fresh buying and a softer dollar index. Meanwhile, a downswing in aluminium prices came amid escalating trade tensions between the United States and China. Read more in our live futures report.
Here are how prices looked at the close of trading:
Cobalt metal prices stabilized during the second half of August after inquiries resumed when market participants returned from the summer break, while sulfate prices continued to slide.
London Metal Exchange senior vice president of business development Marko Kusigerski has left the exchange after more than four years, Metal Bulletin has learned, while Mario Quonils has joined the bourse as chief technology officer.
Investors keen to tap into the electrification of global transport networks should look upstream to the battery metals market instead of buying shares in automakers, according to Ulrich Ernst, chief executive officer of Blackstone Resources.
Barrick is highly likely to partner with at least one Chinese entity to pursue growth in its copper business, according to the company’s chairman.
Domestic long steel prices in European Union markets are expected to remain largely stable in September with the revival of demand after the summer break and a recovery in ferrous scrap prices, market sources told Metal Bulletin this week.
ArcelorMittal reached an agreement with Italian trade unions over its proposed buy of Italian flat steel producer Ilva on Thursday, according to media reports.
Import prices for steel billet in Southeast Asia were flat on September 6, with buyers staying on the market sidelines amid uncertainty about price trends and their depreciating domestic currencies.
Demand for flat steel in Turkey is expected to remain slow throughout September but prices are not expected to fall because there is strong export demand, market participants told Metal Bulletin on Thursday.