ASIAN MORNING BRIEF 10/07: Most LME base metals rebound; Codelco workers mull next steps; Recylex hot commissioning lead reduction furnace

The latest news and price moves to start the Asian day on Tuesday July 10.

Base metals prices on the London Metal Exchange made a notable recovery from recent lulls at the close of trading on Monday July 9, with only zinc and lead finishing lower. Read more in our live futures report.

Here are how prices looked at the close of trading:

The Federation of Copper Workers in Chile has rejected copper producer Codelco’s response to a threatened strike at its Chuquicamata copper mine and will form a new group to meet next week and discuss its next steps, the federation’s board of directors said on July 9.

Lead-zinc producer Recylex has started the hot commissioning phase of the new reduction furnace at its lead smelter at Nordenham in northern Germany, operated by Weser-Metall.

Electralloy will raise base prices on all stainless steel products by 3-8% effective with non-contract orders beginning on July 16, the company said in a letter to customers.

Julián Gonzalez has left his position as global head of refined zinc and lead trading at Trafigura. He is being replaced by Kyen Resources’ European chief Matt Hadfield who will start next week, sources close to the company told Metal Bulletin.

Singapore rebar import prices dropped over the past week due to weaker demand from end-users.

China’s export prices for hot-rolled coil continued to drop on July 9 with Chinese mills shifting their focus overseas following the yuan’s recent depreciation, although the domestic market recovered some losses during the day.

Joe Raia has joined Chicago-based futures brokerage and clearing firm RJ O’Brien & Associates as managing director of global commodity futures.

Slab export prices from the Commonwealth of Independent States jumped by $15-20 per tonne for the week ended July 9, with mills increasing their offers on August-rolling material following the positive trend in the finished flat steel segment in recent weeks.

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