ASIAN MORNING BRIEF 16/10: Lead defies drop in LME base metal prices; Impact of China-US trade talks on flows key, BHP exec says; Bismuth prices at lowest level this year
The latest news and price moves to start the Asian day on Tuesday October 16.
Base metal prices on the London Metal Exchange were mostly lower at the close of trading on Monday October 15 compared with Friday, with a softer United States’ dollar having little effect on prices but trade tensions and weak stock markets keeping investors cautious. Read more in our live futures report.
Here are how prices looked at the close of trading:
The biggest question facing miners when planning for trade cycles is how the flow of material will be redirected or constrained due to discussions between China and the US, BHP president of marketing and supply Arnoud Balhuizen said.
Bismuth prices were under pressure in Europe during the week ended October 12, with prices reaching their lowest level so far this year on surplus production and weak demand.
Adam Slater, deputy group chief executive officer of CWT Ltd and managing director of commodity logistics business CWT Commodities, will be leaving the company on October 16, Fastmarkets has learned.
The European Commission’s imposition of tariff rate quotas on 23 steel products earlier this year is severely threatening non-integrated downstream wire rod consumers who have become increasingly reliant on imports over the past few years, the European Non-Integrated Wire Rod Processors Association said.
The need for investment in new lithium projects creates a need for risk management tools but the market’s immaturity creates challenges, panelists said at an LME focus session during this year’s annual LME Week.
First Cobalt Corp is in discussions with various feedstock suppliers and potential offtake parties who could finance an eventual restart of its cobalt refining facility in Ontario, Canada.
Aqua Metals has overcome the technical hurdles of scaling up to commercial production volumes and has begun production of lead ingots at its recycling facility in the Tahoe Reno Industrial Complex, in the US state of Nevada.
The need for investment in new lithium projects has also created a need for risk management tools but the market’s immaturity has brought challenges, panelists said at an LME focus session during this year’s annual LME Week.