ASIAN MORNING BRIEF 09/11: Tin leads LME gainers; Alunorte curtailment to continue; European moly markets drop
The latest news and price moves to start the Asian day on Friday November 9.
London Metal Exchange prices for tin. lead and zinc stepped higher at the close of trading on Thursday November 8, with tin the most significant gainer. Read more in our live futures report.
Here is how prices looked at the close of trading:
Hydro’s Alunorte alumina refinery in Brazil will continue to run at 50% capacity following a federal court ruling, Fastmarkets understands.
The European molybdenum markets have dropped this week amid quiet business while dealers prepared for more active trading at the Fastmarkets MB ferro-alloys conference in Lisbon, Portugal, this weekend, sources said.
Cobalt demand from the consumer electronics industry will continue to grow, with no shift away from lithium-cobalt-oxide (LCO) batteries on the cards, according to battery manufacturer ATL’s procurement director, Xu Shihui.
Engelhart Commodities Trading Partners (ECTP) has been reducing its physical base metals book in recent weeks to focus more on financial trading, with new hires including former CCI trader Saurabh Sharma expected to start in early 2019, Fastmarkets has learned.
The LME’s total average daily volumes rose by 15% year on year in October, with aluminium and aluminium alloy sales growing by 40% and 89% respectively. Meanwhile, the LME has adjusted its fee structure after feedback was received from a market-wide consultation begun in August, issuing amendments to existing product fees in addition to its new services, it said in a note to members on Monday November 5.
It is unlikely that there will be any spot-market activity in 2019 for direct-reduction grade iron ore pellets, according to Saudi Arabian steelmaker Rajhi Steel.