ASIAN MORNING BRIEF 07/12: LME base metals pressured downward by slide in equities, oil; Vale to buy Brazil’s Ferrous Resources; Comex copper price retreats
The latest news and price moves to start the Asian day on Friday December 7.
Base metal prices on the London Metal Exchange were collectively lower at the close of trading on Thursday December 6, with downward pressure emerging across global equity indices in addition to a sharp downturn in oil futures, which trickled through to metals. Read more in our live futures.
Here are how prices looked at the close of trading:
Vale will buy Brazil’s privately owned Ferrous Resources Ltd as part of its “bolt-on acquisitions” strategy, the world’s largest iron ore producer said.
Comex copper prices sank to a multi-week low in the United States, with the recent equity market downturn suppressing the entire base metals group.
The European hot-rolled coil market has been under pressure due to slow trading, and prices are likely to reach “bottom” soon, sources told Fastmarkets.
The European ferro-molybdenum market climbed by almost 2.5% in trading by the midweek pricing session, tracking a previous increase in the oxide market. Alloy prices are now back to a level last seen on September 14.
In Egypt, no decision on new duties has left steel billet import and domestic rebar prices stable over the past week amid poor demand.
The Turkish deep-sea scrap import market was quiet on Thursday, with mills watching the market’s direction following a sharp price drop the day before.