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.

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