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Base metals on the London Metal Exchange edged higher at the close of trading on Tuesday August 7, with lead prices climbing by 1.5% amid a bout of positivity across the commodities landscape. Read more here in our live futures report.
Here is how prices looked at the close of trading:
Comex copper prices recovered Tuesday morning in the United States, with supply concerns outweighing fears over a global trade war. US copper participants are supposed to be in the midst of the calmest time of the year, but another round of tariffs in the US-China trade war and supply disruptions out of South America are keeping the market focused on new developments.
The US Midwest aluminium premium has stayed flat to start this week – while sellers have attempted to push the premium over 21 cents per lb, buyers are not in need of spot P1020.
Import prices for steel billet in Southeast Asia were unchanged amid sluggish trading activity due to sustained weak demand, while cheaper induction-furnace materials were on offer to the region.
Brazil’s domestic rebar prices rose last month after local producers were able to successfully apply price increases due to lower competition, increased transportation costs and a slight recovery in the construction sector.
Prices for imported rebar in the United Arab Emirates decreased, with demand limited for seasonal reasons, sources told Metal Bulletin.
There was some upward movement in flat steel import prices in the United Arab Emirates and Saudi Arabia this week, but demand remains poor, sources told Metal Bulletin.
CIS export billet prices remained unchanged when there was almost no trading activity in the Black Sea market.
Turkish steel producers went quiet again in the deep-sea scrap market after a sharp decline in the exchange value of the country’s currency.
Physical iron ore traded at steady or higher prices, with seaborne activity limited amid buyer caution over the 62% Fe price approaching $70 per tonne.