ASIAN MORNING BRIEF 18/07: LME zinc climbs; Lundin submits new offer for Nevsun; Lehner resigns as chairman of TK board
The latest news and price moves to start the Asian day on Wednesday July 18.
Zinc prices on the London Metal Exchange climbed by 1.5% at the close of trading on Tuesday July 17, staging a marginal recovery over the afternoon while the rest of the complex continues to feel the effects of escalating global trade tensions. Read more in our live futures report.
Here are how prices looked at the close of trading:
Comex copper prices were little changed in early-morning trading, with market participants awaiting new monetary information before settling on a new direction.
Canadian miner Lundin Mining has submitted a second offer to buy compatriot company Nevsun Resources, changing its approach by offering a straight cash deal to shareholders, the company said.
The London Metal Exchange will implement an implied pricing functionality from July 30, extending it from the existing LME precious service to base metals contracts, the bourse said in a note to members. Read more in HOTTER ON METALS.
Ulrich Lehner, the chairman of German steelmaker ThyssenKrupp’s supervisory board, has resigned, the steelmaker said.
Steel product suppliers in Russia and Kazakhstan are to stop exporting materials to Iran after hearing news of the scheduled reimposition of trading sanctions against the country by the United States in early August, Metal Bulletin learned.
Semi-finished steel sales at Russia’s largest steelmaker, Novolipetsk Steel (NLMK), rose by 31% year-on-year in the second quarter of 2018 to 1.65 million tonnes.
Shipment volumes of steel products to foreign outlets from Russia’s Magnitogorsk Iron & Steel Works (MMK) continued to decline in the second quarter of 2018, with volumes being redirected to the domestic market, the company said.
China’s HRC prices changed slightly, with mills insisting on offering at high prices despite low demand, sources told Metal Bulletin.
The construction segment continued to boost steel demand in Japan in May, according to statistics released by the Japan Iron & Steel Federation (JISF) this week.