ASIAN MORNING BRIEF 11/09: Aluminium among LME gainers; fresh queues develop at LME warehouses; low-grade cobalt prices rise

The latest news and price moves to start the Asian day on Tuesday September 11.

Aluminium prices on the London Metal Exchange were higher at the close of trading on Monday September 10, supported by continued uncertainty about supply flows, while US sanctions against Russian producer Rusal keep investors cautious. Read more here in our live futures report.

Here are how prices looked at the close of trading:

Fresh queues to take delivery of base metals from listed warehouses in the London Metal Exchange system emerged last month in Europe, reflecting a continued trend of fresh cancellations.

Turkish steel producers are expecting the country’s export volumes to increase in the next few months because they will be offered at competitive prices due to the weakness of the country’s lira, the Turkish Steel Producers’ Association (TCUD) said last week.

Benchmark low-grade cobalt prices rose for the first time since April last week when consumers working with reduced stock levels came back to the spot market.

Global crude steelmaking capacity fell for the second consecutive year to 2.25 billion tonnes per year in 2017, but the decrease “still falls short of alleviating global excess capacity,” the Organisation for Economic Cooperation & Development said in a report released on Monday September 10.

The growth in nickel demand from the stainless steel and electrical vehicle (EV) sectors was the main topic of discussion at the Anglo American nickel seminar in Shanghai on Thursday September 6.

Germany-based steel scrap recycling group ELG Haniel has reported strong earnings for January-June 2018, benefiting from “higher commodity prices and improved scrap availability.”

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