ASIAN MORNING BRIEF 09/03: Aluminium prices recover on LME; retaliation to US Section 232 tariffs said almost certain; Tiberius returning to base metals trading
The latest news and price moves to start the Asian day on Friday March 9.
The London Metal Exchange’s three-month aluminium contract recovered above $2,100 per tonne at the 5pm close on Thursday March 8, with all eyes on the United States’ tariff announcement. Read more in our live futures report.
Here are how LME prices looked at Thursday’s close:
The US announcement of a 10% tariff on aluminium imports and 25% on steel due to its Section 232 investigation is almost certain to spark retaliatory measures from other nations and trade blocs.
Swiss rader Tiberius Group is making a return to base metals trading under the helm of former TMT Metals AG head trader Arefe Khosravi, Metal Bulletin has learned.
Noranda Income Fund (NIF) has entered into a four-year deal to buy Glencore zinc concentrate, with Glencore purchasing all of NIF’s zinc metal through April 30, 2022.
Both high- and low-grade cobalt metal hit the $40-per-lb mark, with transactions showing growth in larger-tonnage inquiries.
Offers for European domestic steel beams rose slightly this week, helped by an uptick in scrap prices and more interest from customers.
Prices for hollow steel sections in Europe are expected to rise due to the low availability of steel coil, market sources told Metal Bulletin.