ASIAN MORNING BRIEF 11/07: LME base metals consolidate lower, led by zinc; Comex copper dips; Intek subsidiary acquires MKM

The latest news and price moves to start the Asian day on Wednesday July 11.

Base metals prices on the London Metal Exchange ended predominantly lower on Tuesday July 10, led by a more than 2% drop in zinc prices while ongoing uncertainty around Sino-US trade relations hampers the complex. Read more in our live futures report.

Here are how prices looked at the close of trading:

Comex copper prices slipped in morning trading, with the threat of further tit-for-tat tariffs between the United States and China exacerbating concerns about demand for metals. Intek Group announced that copper producing subsidiary KME has reached an agreement to take over Germany’s Mansfelder Kupfer und Messing (MKM), another major participant in the European copper industry.

FTSE 250 company TP ICAP, the parent of London Metal Exchange member Tullett Prebon, parted ways with chief executive officer John Phizackerley amid increasing operating costs.

Mark Homer has returned to Gerald Metals as an exclusive consultant to the refined copper trading department, with a particular focus on Africa and the Middle East, Metal Bulletin has learned.

Michael Lillja will leave his position as head of marketing at Finnish specialty alloys company Afarak on September 1.

Italian reroller Marcegaglia terminated its membership in national steel association Federacciai on July 5, the company said.

India’s JSW Steel increased its crude steel production by 5% in April-June this year, producing 4.11 million tonnes versus 3.91 million tonnes in the same period last year.

The physical iron ore market was range bound while steel prices rose amid more concerns over potential restrictions on blast furnaces in China’s steelmaking hub of Tangshan.

What to read next
Fastmarkets proposes to extend the shipment window of its alumina index inferred, fob Brazil, to allow for greater inclusion of reported liquidity, and to increase the frequency of publication to weekly.
Following a month-long consultation period, Fastmarkets has amended the methodology for the bi-weekly assessment of the aluminium P1020A main Japanese ports (MJP) spot premium, to include domestic tenders and deals from the Japanese market.
Fastmarkets proposes to discontinue its ferrous scrap consumer buying price for cast iron borings in Pittsburgh due to a lack of liquidity.
Fastmarkets is proposing a realignment of its consumer buying price for ferrous scrap No1 busheling in Cincinnati and Pittsburgh, effective from the May 2023 monthly settlement.
A drive by electric vehicle (EV) manufacturers to improve the affordability of their cars may upend an expectation by some market observers that future EV dominance of automotive production will sharply reduce demand for special bar quality (SBQ) steel
The publication of Fastmarkets’ US rebar prices took place earlier than scheduled on Wednesday March 22 due to a reviewer error.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.