ASIAN MORNING BRIEF 11/05: Aurubis results; Eramet SLN recovery plan; mineral supply chains

The latest news from the world’s metal markets to start the Asian morning on Wednesday May 11.

The latest news from the world’s metal markets to start the Asian morning on Wednesday May 11.

Base metal prices were lower on the London Metal Exchange yesterday, though the base metals traded in narrow ranges in the official session as the markets struggled to find clear direction.

“Prices are off their highs but I’m not unduly concerned; the moves we’re seeing are still within the technical ranges,” a category one trader told Metal Bulletin.

Latest official settlements are below.

LME Official settlements
Settlement ($/t) Change (%) 5-day change Change month-to-date (%)
Copper 4,700 -0.57 -5.13 -6.63
Aluminium 1,562 -0.79 -5.28 -6.75
Zinc 1,855 -0.48 -2.42 -4.68
Lead 1,747 0.52 -1.85 -2.78
Nickel 8,685 -1.08 -9.30 -8.48
Tin 17,175 -0.89 -0.64 -0.72

Review yesterday’s activity on the LME and SHFE in our rolling price report.

Tight supply of copper scrap and low prices for sulphuric acid dented Aurubis’ earnings in the six months ended March 30, the company said yesterday.

French miner Eramet’s board of directors has agreed a recovery plan for the Société Le Nickel (SLN) mine in New Caledonia, including cost reductions, productivity improvements and a financing scheme.

And staying with the base metals, tin producer Malaysia Smelting Corp made a profit before tax of 32.8 million ringgit ($8.2 million) in the first quarter of 2016, against a loss in the same period of last year, thanks to higher volumes of refined tin sales.

The benchmark 62% iron index inched higher to settle above $55 per tonne yesterday. Sister title Steel First had the latest figures.

And finally, campaign groups have called on OECD member and non-member countries alike to bring in legal requirements for companies to carry out due diligence on mineral supply chains “that is robust and meaningful”. Claire Hack had the details.

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