ASIAN MORNING BRIEF 13/06: LME base metals sink on sell-off; Nizi makes push into metal concentrates; Brazil long steel imports down 37.2% in May

Base metals prices on the London Metal Exchange retreated on Tuesday June 12 amid a bout of selling, with a lack of fresh catalysts to drive the market. Read more in our live futures report.

Here are how prices looked at the close of trading:

Comex copper prices softened in morning trading in the United States, with supply issues easing after BHP Billiton and unions at its Spence copper mine in northern Chile reached a new labor agreement.

Luxembourg trader Nizi International is planning to diversify into metal concentrates with a number of new hires, including former MRI chief executive officer Mark Lowe.

In the steel market, Brazil’s long steel import volumes fell by 37.2% year on year in May amid reduced shipments from China and South Korea, the country’s two biggest sources of such products.

At the same time, Brazil’s flat steel import volumes declined by 4.4% year on year last month, mainly due to reduced shipments from China.

In raw materials, Brazilian iron ore shipments to China dropped by nearly 1.8% year on year in May, but this was offset by higher sales to the European Union and Egypt.

Turkish steel mills resumed deep-sea ferrous scrap transactions for July deliveries following a downturn in prices.

Seaborne coking coal prices were stable but trading activity in the second-tier segment is picking up, market sources said.