ASIAN MORNING BRIEF 10/04: LME base metals mostly higher; LME volumes up after sanctions against UC Rusal; Irepas warns of likely steel quotas
The latest news and price moves to start the Asian day on Tuesday April 10.
Base metals prices on the London Metal Exchange were mostly higher at the close of trading on Monday April 9, with only lead and zinc bucking the trend. Read more in our live futures report.
Here is how prices looked at Monday’s close:
Volume traded on the London Metal Exchange has soared since the United States Treasury sanctioned and froze the assets of Oleg Deripaska and UC Rusal. Meanwhile, the Asian aluminium market is considering the impact on aluminium premiums after the sanctions, with responses mixed among Asian industry participants so far.
The safeguard investigation by the European Commission into steel product imports is likely to result in quotas being applied instead of tariffs, according to the International Rebar Producers & Exporters Association (Irepas).
Italian flat steel distributor ArcelorMittal CLN Distribuzione Italia (AM CLN) and special steel producer Industeel last week acquired majority ownership of European stainless and alloy steel distributor Centro Servizi Metalli (CSM), AM CLN said.
Anglo American is in negotiations that will result in its shareholding in the Quellaveco project in Peru falling as low as 51%, according to the chief executive officer of the company’s copper business.
An environment of improved copper prices is unlikely to lead to the irrational exuberance of the previous commodities bull run, with harsh lessons learned and still at the forefront of minds, the head of Anglo American’s copper business said.