ASIAN MORNING BRIEF 11/10: LME base metals broadly lower; alumina prices likely to tumble; moly oxide prices rise
The latest news and price moves to start the Asian day on Thursday October 11.
Base metals prices on the London Metal Exchange were broadly lower at the close of trading on Wednesday October 10, with three-month lead at multi-year lows. Read more here in our live futures report.
Here is how prices looked at the close of trading:
The reversal of the decision to shut down Hydro’s Alunorte refinery means alumina prices will quickly break below the $500 per tonne level, traders said.
The molybdenum oxide market has risen in Europe amid signs of higher offer prices in Asia, although overall European trading has been quiet due to LME Week.
An oversupply situation in steel billet was helping to continue the weakness in the export market for such material from the Commonwealth of Independent States.
Domestic prices for hot-rolled coil in Southern Europe inched down due to competitive import offers and slow trading.
Import volumes of both flat and long steel products into Brazil fell in September 2018, while local producers tried to impose several price increases for domestic materials.
Export prices for semi-finished steel products from Iran were stable over the week ended Wednesday October 10, after no new deals were reported in the market.