ASIAN MORNING BRIEF 12/10: Aluminium defies downtrend in LME base metals; SGX to launch contract based on Fastmarkets MB’s 65% Fe iron ore index; Canada, Egypt may launch steel safeguard cases
The latest news and price moves to start the Asian day on Friday October 12.
Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin. Read more in our live futures report.
Here are how prices looked at the close of trading:
The Singapore Exchange (SGX) announced on Thursday that it would launch a high-grade iron ore derivative product settled against the daily Fastmarkets MB 65% Fe iron ore index.
Canada and Egypt will likely start safeguard cases for steel products in order to enhance the protection of their own domestic markets, speakers said at Eurometal Hamburg 2018.
The LME benefitted from this year’s “economic turbulence” in the growth of its volumes but overall a return of investor confidence to the exchange can be seen as the reason for growth, the LME’s chief executive officer said.
German copper giant Aurubis’ proposed sale of its rolled-copper product business to Wieland-Werke might not proceed with the current terms following a preliminary assessment by the European Commission, the company said.
Tungsten miner Wolf Minerals’ UK subsidiary has failed to secure funding for its Drakelands mine in Hemerdon, Devon.
Import prices for Southeast Asian steel billet edged down on Thursday due to the region’s sustained weakness in buying interest.
Turkish long steel buyers are awaiting the effect of a court decision to determine the direction of the market.