ASIAN MORNING BRIEF 09/10: Base metals prices split at start of LME Week in London; Stefan Boel joins Geneva’s Industrial Minerals Group; Bob Flynn to retire from Gerald effective January 1
The latest news and price moves to start the Asian day on Tuesday October 9.
Base metal prices on the London Metal Exchange were split at the close of trading on Monday October 8, with some metals caving in to pressure from a stronger US dollar while trade tensions continue to deter commodity investment. Read more in our live futures report.
Here are how prices looked at the close of trading:
To mark the start of LME Week 2018, which is being held at various locations across London this week, the London Metal Exchange’s analysis of the base metals market has begun, with an initial focus on zinc and lead.
Stefan Boel, who left German copper smelter Aurubis in July, has joined Industrial Minerals Group, a privately held integrated trading, mining and logistics company based in Geneva, Fastmarkets learned on October 8.
The most constructive supply development for aluminium prices thus far this year has been the large downgrade in Chinese primary aluminium production, JPMorgan executive director of global commodities research and strategy Natasha Kaneva said.
Bob Flynn, global head of refined copper at physical metals merchant Gerald, is set to retire on January 1, 2019.
A leading Japanese steel major will increase its offer price for November-shipment hot-rolled coil sold to major buyers in Southeast Asia by $5-10 per tonne cfr compared with October’s offers.
Import prices for rebar in Singapore were unchanged over the past week due to limited activity in the market, with China away for its Golden Week holiday.