ASIAN MORNING BRIEF 08/06: Copper rises while most LME metals end lower; EU updates trade defense rules, allows 25% duties on US steel and aluminium; WWS loses five LME-listed warehouses
The latest news and price moves to start the Asian day on Friday June 8.
Copper prices on the London Metal Exchange continued to drive higher at the close of trading on Thursday June 7, climbing by 1.5% to finish the day above $7,300 per tonne for the first time since January 2014. Read more in our live futures report.
Here are how prices looked at the close of trading:
The European Commission has introduced new trade defense rules to allow higher anti-dumping duties as well as a 25% tariff on steel and aluminium imports from the United States in response to that country’s Section 232 tariffs.
Worldwide Warehouse Solutions (WWS) has lost five London Metal Exchange-registered warehouses over the past month amid plummeting stocks and liquidity issues.
US steel imports plunged in May due to the implementation of the 25% Section 232 tariff on steel imports in April.
Cobalt will not be eliminated altogether from electric vehicles, contrary to speculation among industry experts, the top executive for First Cobalt said.
Battery cell maker Northvolt has received an environmental permit to build Europe’s largest lithium-ion battery cell factory, with the initial phase of construction for the plant set to begin on June 8.
Environmental checks by the Chinese central government are dampening primary copper smelting capacity in important regional Chinese hubs, such as Jiangxi province.
A crackdown on smuggling and exports of steel waste and scrap might limit exports of ferrous scrap from China, the country’s General Administration of Customs said this week.
Czech steel producer Trinecke Zelezarny has made an offer to purchase fellow Czech steel producer ArcelorMittal Ostrava, Trinecke Zelezarny confirmed to Metal Bulletin.