ASIAN MORNING BRIEF 13/07: Base metals post modest recovery on LME; Switzerland joins growing list of nations filing complaints against US 232 at WTO; Indonesia’s PT Inalum to buy majority stake in Grasberg
The latest news and price moves to start the Asian day on Friday July 13.
With the exception of aluminium, base metals prices on the London Metal Exchange staged a modest recovery at the close of trading on Thursday July 12, led by a 2.2% surge in nickel prices, while the market continues to adjust to the escalating trade rift between the United States and China. Read more in our live futures report.
Here are how prices looked at the close of trading:
Switzerland has requested dispute consultations with the US at the World Trade Organization, joining a growing group of countries to seek such talks regarding US duties on certain imported steel and aluminium products.
PT Inalum will become a 51% shareholder in Indonesia’s Grasberg - the world’s second-largest copper mine - by buying shares from Rio Tinto and Freeport-McMoRan.
Molybdic oxide prices in Europe have added to gains made on Friday amid more buying interest thus far this week.
World’s largest steelmaker ArcelorMittal SA has announced higher prices for its coil products in northern Europe.
Commonwealth of Independent States’ sales of pig iron have been reported from the Baltic Sea region, but the Black Sea market has stayed quiet this week.
UK’s Sheffield Forgemasters has tapped BAE Systems’ David Bond to become chief executive officer of the company effective August 1.