ASIAN MORNING BRIEF 09/02: Base metals mostly recover in LME trading; cobalt, lithium consumers prepaying for metal in expectation of strong EV sector demand; selenium prices jump due to tightness
The latest news and price moves to start the Asian day on Friday February 9.
Base metals prices on the London Metal Exchange mostly recovered from early morning lows at the close on Thursday February 8, but copper prices remained downbeat. Read more in our live futures report.
Here are how LME prices looked at Thursday’s close:
Consumers of cobalt and lithium are expecting strong demand from the electric vehicle market, which is why they are prepaying for metal, Metal Bulletin has learned.
Selenium prices are at their highest level since May 2017, reportedly due to continued material tightness and a healthy appetite from Asian consumers.
Brazilian copper products producer Paranapanema has returned to profitability from a year-earlier loss.
Meanwhile, Brazilian bauxite exports are down nearly 50% year on year, largely due to lower shipments from Mineração Rio do Norte.
CME Group’s US Midwest No. 1 busheling futures contract reached 1,425 lots - 28,500 gross tons - on Wednesday, up from 575 lots the previous day.
European steel association Eurofer is concerned that definitive anti-dumping duties set on corrosion-resistant steel from China will not stop shipments of dumped material.
Dana Steel is installing a hot-dipped galvanized line and pre-painted galvanized coil line in Dubai, which is expected to add 400,000 tonnes per year of coated steel output, a company executive told Metal Bulletin.
Vedanta is attempting to assess “the financial and operational impact” of the Indian Supreme Court’s decision to cancel all iron ore mining leases in the southern state of Goa.