ASIAN MORNING BRIEF 17/10: LME base metals mixed; LME suspending delivery on Sterlite Tuticorin cathode from Jan 16; Rio Tinto lowers aluminium guidance

The latest news and price moves to start the Asian day on Wednesday October 17.

Base metals prices on the London Metal Exchange recorded mixed moves at the close of trading on Tuesday October 16, broadly supported by a weaker dollar index in the United States and a marginal recovery in global equity markets. Read more in our live futures report.

Here are how prices looked at the close of trading:
The London Metal Exchange suspended delivery of Sterlite Copper’s STERLITE T copper cathode brands for delivery from January 16, 2019.

Rio Tinto lowered its 2018 guidance for aluminium by more than 4% to reflect the impact of the ongoing lockout at the Becancour smelter in Quebec, Canada.

The December-settlement Comex copper price was slightly lower in morning trading, with the market unable to sustain the momentum it gained after LME Week in London earlier this month.

World’s largest mining company BHP has increased its stake in Ecuador-focused copper junior miner SolGold to 11.2% from 6%, it said in a notice late on Monday.

The US might agree to relax Section 232 tariffs on steel from Canada and Mexico by the end of November, American Iron & Steel Institute president and chief executive officer Thomas Gibson said.

The Mexican government will request an exemption from a 25% duty that Canada plans to impose on imports of steel products from the country.

What to read next
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
Low supply, strong demand to spur scrap prices higher in Feb, market says
US deep-sea ferrous export prices from the East Coast to Turkey have plateaued, with a Turkish mill purchasing a cargo at prices stable from the last-reported sale
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.