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.

What to read next
Brazil's aluminium industry is further enhancing its sustainability by boosting renewable energy use and recycling, while mitigating risk from high-carbon imports
German copper producer Aurubis is among the least likely to consider reducing capacity despite record low treatment charges (TCs), according to its chief executive officer
European copper demand, particularly for wire rod, remains strong and seems to be outpacing broader macro-economic growth in the region, the chief executive officer of German producer Aurubis has said.
The process to place the smaller and less efficient of the two processing plants at Los Bronces on care and maintenance is expected to be completed by mid-2024 and comes as the company pushes value over volume, the chief executive officer of Anglo American Chile said
The near-term prospects for Chinese copper smelting capacity amid near-zero treatment charges (TCs) will, to a certain extent, depend on plants’ exposure to spot TCs, the chief executive officer of Rio Tinto’s copper division said on Tuesday, April 16
It will be very difficult for many Chinese copper smelters to compete with treatment and refining charges (TC/RCs) at record lows, according to the chairman of Chile’s state-owned copper producer Codelco