ASIAN MORNING BRIEF 12/06: Lead, zinc outlook positive in mixed LME trading; physical cobalt prices drop; Aqua Metals produces first commercial AquaRefined lead
The latest news and price moves to start the Asian day on Tuesday June 12.
Base metals prices on the London Metal Exchange closed mostly lower at the end of trading on Monday June 11, with copper, nickel and tin prices recording losses while lead and aluminium made marginal gains. Read more in our live futures report.
Here are how prices looked at the close of trading:
Following a turbulent first half of the year marked by outbreaks of price volatility, forecasts suggest market sentiment toward LME zinc and lead are set to improve on brighter supply dynamics.
Physical cobalt prices fell again on June 8, faced with cheaper metal supplies, seasonally weaker spot demand and poor sentiment, market sources told Metal Bulletin.
Aqua Metals Inc has begun commercialization of its non-polluting electrochemical lead recycling technology with the production of pure AquaRefined lead.
Seaborne coking coal prices have risen to a more than two-month high, with Metal Bulletin’s fob Australia Premium Hard Coking Coal Index up 35% year on year on Monday, while supply concerns emerged as a key factor affecting the outlook for the market.
Saudi Arabian state-owned steel producer Hadeed Sabic has registered with Egypt’s General Organization for Export and Import Control to export rebar to the country, Egyptian sources told Metal Bulletin on Sunday.
Import prices for rebar in Singapore increased slightly over the past week amid improved spot demand.
China’s car production and sales extended their year-on-year growth in May but were both down month on month, the China Association of Automobile Manufacturers said on Monday.