ASIAN MORNING BRIEF 14/11: LME base metal prices recoup some losses; Novelis to increase aluminium output in South America; Gécamines seeking emergency meeting on KCC cobalt suspension
The latest news and price moves to start the Asian day on Wednesday November 14.
Base metal closing prices on the London Metal Exchange were mixed on Tuesday November 13, with lead showing the biggest positive move of the day while zinc failed to close above its nearby support level amid record-low LME inventories for both metals. Read more in our live futures report.
Here are how prices looked at the close of trading:
Novelis will spend $175 million to expand aluminium production at its Pindamonhangaba plant in South America, with aluminium sheet rolling output to grow by 100,000 tonnes to 680,000 tonnes per year and recycling by 60,000 tonnes to 450,000 tpy.
Gécamines has requested an emergency meeting over the decision last week to suspend the export and sale of cobalt from Kamoto Copper Co in the Democratic Republic of Congo, in which it is a stakeholder.
BMO Capital Markets is bearish on the benchmark copper treatment and refining charge for next year, with the Canadian financial services provider indicating that it might show a small fall in 2019 because of the tightening supply of concentrates.
The Comex copper price recovered modestly in the US on Tuesday morning, with the dollar index showing some weakness and allowing the price to climb.
The domestic Chinese ferro-silicon market was stable during the week ended November 9, with suppliers focusing on the domestic market. Meanwhile, the European price stabilized after the prior week’s drop and the US ferro-silicon spot market was steady week on week.
The United Arab Emirates’ domestic steel rebar price fell over the past week, along with low bids from customers, while the price for imported rebar was stable.