ASIAN MORNING BRIEF 14/12: LME base metals diverge; Comex copper rises; global copper market records surplus

The latest news and price moves to start the Asian day on Thursday December 14.

Base metals prices on the London Metal Exchange were again on divergent paths at the close on Wednesday December 13, with the market awaiting a Federal Open Market Committee (FOMC) decision on US interest rates. Read more in our live futures report.

Here are how prices looked at the end of the day on Wednesday.

Comex copper prices nudged higher in the US on Wednesday with the market still recovering from the latest bout of profit-taking and turning optimistic as the year draws to a close.

The global copper market recorded a tiny surplus in the first 10 months of the year, according to the World Bureau of Metal Statistics, with all other base metals in deficit.

Zinc premiums were largely flat in inactive spot markets across the globe as participants rushed to reach an agreement on annual contracts before seasonal holidays. Meanwhile, lead premiums edged up slightly in Taiwan in line with long-term contract terms that were pushed up by an anticipated rise in import demand from China.

Nickel premiums remained stable around the world this week while the market begins to slow due to the holiday season and quieter domestic trading. Meanwhile, two former executives at Anglo American have launched commodity technology firm Metalshub, a digital marketplace for the platform-based trading of metals and ferro-alloys.

In the steel market, mill offers for rebar in Northern Europe moved higher this week, sources told Metal Bulletin.

Europe’s domestic prices for cold-rolled coil (CRC) are expected to increase in the first quarter after mills increased offers, sources told Metal Bulletin.

Similarly, Europe’s domestic prices for hot-rolled coil (HRC) are expected to increase after mills increased official offers, sources said.

Domestic prices for wire rod in Northern Europe increased by €5 per tonne on the high end of the range this week, sources said.

In raw materials, Samarco has obtained preliminary and installation licenses to use the Alegria Sul caves to deposit tailings in its process of resuming iron ore pelletizing operations in Brazil’s southeastern Minas Gerais state.

Rising Turkish bulk import prices, brisk demand from global steelmakers and stronger domestic prices in December all worked to improve US ferrous scrap export prices.

What to read next
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets has corrected its alumina index inferred prices, which were published incorrectly on Tuesday July 15.
The United States' copper recycling industry is ramping up pressure on policymakers to impose some form of export controls on high-purity copper scrap, arguing that current trade dynamics – particularly with China – are distorting prices, weakening domestic capacity and undermining national security goals.
Fastmarkets launched two new price assessments for Indonesia’s domestic trade in nickel ore on Tuesday July 15. The two price assessments are for domestic trades of Indonesian laterite ores with 1.6% and 1.2% nickel content. Indonesia now accounts for 60% of the global nickel supplies and while there is an official government reference price, known […]
US copper scrap market participants are shifting from COMEX to LME pricing in response to extreme price volatility and a new 50% copper import tariff. The change is influencing discount formulas, export strategies and long-term trading dynamics across the sector.
The proposal follows preliminary discussions with the market and internal analysis of price usage, which suggests low market liquidity and a lack of demand. Specifically, Fastmarkets is proposing to discontinue: MB-CU-0410 Copper rod premium, ddp Midwest US, US cents/lbQuality: Purity of 99.95-99.99%. Thicknesses of 8 millimeters or 0.3125 inchesQuantity: Min 25,000 poundsLocation: Delivered US MidwestUnit: US […]