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.