ASIAN MORNING BRIEF 13/11: Lead price drops 2% on LME; Chinese copper premiums lower; Fastmarkets launches daily HRC index

The latest news and price moves to start the Asian day on Tuesday November 13.

The three-month lead price dropped almost 2% during the London Metal Exchange closing trade session on Monday November 12. Read more in our live futures report.

Here are how prices looked at the close of trading:

Sluggish demand could lead to softer spot copper premiums in China next year, Arc Resources general manager Milton Li said.

Fastmarkets launched its daily US Midwest Hot-Rolled Coil Index on November 12.

China’s auto output fell by 10.1% year on year in October, leading to annual contractions in output and sales for the first 10 months of the year and causing prices to drop for upstream steel goods such as cold-rolled coil.

Seaborne iron ore concentrate prices eased during the week ended November 9  amid limited demand from major buyer China due to the availability of cheaper domestic alternatives.

China’s hot-rolled coil price plunged on November 12 after sellers made big cuts to secure bookings.

China’s exports of unwrought aluminium and aluminium products increased by 37.7% year on year in October but fell by 4.9% compared with the previous month, preliminary Chinese customs data released on November 8 show.

ICBC Standard Bank expects the price of copper to recover toward $7,000 per tonne because investors have overstated their worries about the effects on demand stemming from trade tensions between the United States and China.

What to read next
Fastmarkets proposes to amend the name of the MB-AL-0231 Aluminium P1020A all-in price, delivered Midwest US, US cents/lb to clarify that the price is based on the London Metal Exchange cash aluminium price.
Read more from senior analyst Andy Farida on how the price action in LME nickel has played out in the first half of 2024
Tight aluminium scrap availability, the increase in container costs, sluggish demand in the US and the US market’s current indifference to rising premiums in Europe and Asia were the top subjects discussed during the Harbor Aluminum Summit that took place in Chicago on June 4-6
Germany-based copper recycling and non-ferrous metal provider Aurubis has started commissioning their secondary smelter in Augusta, Georgia, and could eventually introduce black mass recycling to the facility
Base metals on the London Metal Exchange were mixed in morning trading on Monday June 10, with three-month prices lacking direction amid thin traded volumes due a public holiday in China, the largest market for base metals
Copper concentrate treatment and refining charges have repeatedly fallen to record-low levels over the first five months of 2024