ASIAN MORNING BRIEF 18/10: Zinc defies downtrend in LME base metals; concerns grow over potential halt of Indonesian tin exports; US senator adds to call for more oversight on Al pricing
The latest news and price moves to start the Asian day on Thursday October 18.
Base metals prices on the London Metal Exchange were mostly trading lower at the close on Wednesday October 17, with sentiment in the market weakening although zinc continued to outperform. Read more in our live futures report.
Here are how prices looked at the close of trading:
Concerns are mounting over the potential halt in tin exports from Indonesia - the world’s second-largest producer - for weeks to come after the suspension of PT Surveyors Indonesia, one of the country’s key smelter inspectors.
A United States senator has introduced bipartisan legislation in the country’s senior legislative body, the Senate, that would allow more oversight of price reporting and price-setting entities that operate in the aluminium markets.
Iranian exporters of steel billet and slab continued to cut prices during the week ended October 17 in an attempt to win deals under the currently unfavorable market conditions.
The number of new passenger car registrations in the EU dropped 23.5% year on year to 1,091,220 units in September 2018, the European Automotive Manufacturers Association said on Wednesday.
The market for hot-rolled and cold-rolled steel sheet in Russia’s Central Federal District around Moscow softened further this week, reflecting the pessimistic mood on exports.