ASIAN MORNING BRIEF 10/08: LME aluminium, nickel tumble; ThyssenKrupp expects raw materials volatility to continue; moly markets slip
The latest news and price moves to start the Asian day on Friday August 10.
The price movements of base metals on the London Metal Exchange were mixed at the close of trading on Thursday August 9, typified by sharp drops in the prices of aluminium and nickel, while copper found support despite two consecutive days of stock inflows. Read more here in our live futures report.
Here is how prices looked at the close of trading:
German steelmaker ThyssenKrupp expects prices to stay high in the commodity and material markets, although volatility in the raw materials markets and trade conflicts worldwide present potential issues.
Molybdenum markets have slipped approximately 3% this week, moving in tandem with domestic consumer demand.
US flat-steel import prices have fallen as buyers anticipate additional declines while they hold onto stocks.
Teck Resources has received environmental approval for the expansion of its Quebrada Blanca copper mine in the Tarapacá region of northern Chile.
ArcelorMittal Zenica said that it has restarted a 1.1-million tonnes-per-year blast furnace at its mill in Bosnia-Herzegovina following what the equipment provider called a “comprehensive rebuild.”
Pig iron in the CIS region has narrowed this week amid sliding scrap costs.