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.