ASIAN MORNING BRIEF 14/03: Lead logs biggest rebound on LME; early start to labor talks at Chilean copper mines may help mitigate supply risks, Antofagasta CEO says; cobalt prices gain further ground
The latest news and price moves to start the Asian day on Wednesday March 14.
Lead was the strongest performer on the London Metal Exchange on Tuesday March 13, closing 2.2% higher at the 5pm close. Read more in our live futures report.
Here are how LME prices looked at Tuesday’s close:
Early starts to the multitude of labor negotiations due at Chilean copper mines this year could mitigate the risks to supply, Antofagasta chief executive officer Iván Arriagada said on Tuesday.
Low- and high-grade cobalt prices converged and continued to rise last week amid heightening tightness for broken cathode and sellers’ reluctance to offer spot inquiries.
The United Kingdom’s trade department has said it will work with industry to try to convince the United States to exempt British products from the Section 232 tariffs.
Despite the Chinese government’s better than expected 2018 subsidy policy on electric vehicles (EVs), the country’s domestic cobalt demand is likely to be subdued after a transitional period specified in the new policy expires in June, market participants told Metal Bulletin.
Traders in China are playing a key role in the continuing rally in manganese ore prices, nearly two weeks after end-users met to agree to a price ceiling, market sources told Metal Bulletin.
Shorter lead times, smaller volumes and less onerous financing arrangements have seen portside iron ore trading grow in popularity over the past three to four years.