ASIAN MORNING BRIEF 17/08: Nickel top gainer among LME base metals; cobalt prices show signs of turnaround; Antofagasta share prices tumble
The latest news and price moves to start the Asian day on Friday August 17.
The prices of base metals on the London Metal Exchange were higher across the board at the close of trading on Thursday August 16, with nickel prices topping broad complex gains. Read more here in our live futures report.
Here is how prices looked at the close of trading:
Increased cobalt demand among buyers suggests that cobalt prices have possibly hit their bottom.
Antofagasta says that its share prices have fallen 4% since the publication of its financial report, which detailed short-term copper demand and lower earnings.
The UK steel industry has raised “major concerns” regarding the country’s exit from the European Union, stating that new and different rules may lead to a divergence in regulatory standards between companies.
A crackdown in antimony smuggling along the China-Vietnam border has injected worry into the Asian market, with consumers on edge that their contracts may not be filled.
Workers at Chile’s Caserones copper mine will not strike this week, the union confirmed.