ASIAN MORNING BRIEF 15/02: Most base metals move higher on LME; moly prices fall due to absence of Chinese traders; Boliden to expand Finnish copper-nickel production sites
The latest news and price moves to start the Asian day on Thursday February 15.
Base metals prices on the London Metal Exchange took advantage of the weakening dollar to close higher almost across the board on Wednesday February 14, with nickel leading the charge to a fresh 2018 high. Read more in our live futures report.
Here are how LME prices looked at Wednesday’s close:
Molybdic oxide and ferro-molybdenum spot prices have fallen due to the absence of Chinese traders, which has dampened activity on international markets.
Swedish metals producer Boliden said that it will invest $308 million over the next two years to expand its copper-nickel production sites in Finland.
Low-grade cadmium prices have risen by nearly 5% in Metal Bulletin’s latest pricing session, driven largely by “huge” demand for the material in India.
European prices for hot-rolled coil, cold-rolled coil and hot-dipped galvanized coil rose this week, with market participants telling Metal Bulletin that delivery times are getting longer and demand ticking up.
Meanwhile, European beam prices have fallen for the first time since November amid caution over declining ferrous scrap prices.
Tata Steel UK appears set to extend the production life of one of its blast furnaces at its Port Talbot facility in Wales, ensuring that the furnace will be able to produce steel beyond its previous expiration date of 2021.
Indian iron ore producer NMDC has reported a nearly 3% rise in iron ore production for the nine months spanning April to December 2017.
Turkish steel mills have resumed their deep-sea ferrous scrap bookings for March, with prices relatively stable.