ASIAN MORNING BRIEF 18/12: Base metals prices generally trend down on LME; Alumina outlook cautious for 2019; China’s recycled Cu output forecast to hit 3.5 mln tpy by 2020
The latest news and price moves to start the Asian day on Tuesday December 18.
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday December 17, capped by broad strength in the US dollar index while investors remain cautious ahead of the the forthcoming Federal Reserve meeting in the United States. Read more in our live futures report.
Here are how prices looked at the close of trading:
The alumina market outlook has changed for 2019 due to prices hitting a record high this year, with traders adapting a cautiously bullish approach.
China’s recycled copper production is expected to reach 3.5 million tonnes per year by 2020, up by 9% from 2017, Zhang Xizhong, vice president of the recycling branch of Chinese non-ferrous metals association CNMIA, said.
The Ontario Securities Commission is due to hold a hearing on December 18 to consider the approval of a settlement following an investigation into Katanga Mining Ltd and several of its executives.
Christian Keidel joined downstream aluminium product producer Aludium at the start of December in the role of metal management director, Fastmarkets MB understands.
Fastmarkets MB organized a North Africa Steel Summit on Thursday December 13 in Dubai, which immediately followed the Middle East Iron and Steel Conference.
Almost two years ago, Dutch banking group ING began work on an initiative to successfully complete two proof of concepts for commodities trade finance using blockchain: the first in energy, and the second in agriculture.
US-based specialty chemicals company Albemarle Corp has signed a deal that creates a joint venture with Mineral Resources Ltd (MRL) to develop a battery-grade lithium hydroxide plant in Western Australia.
South Korea’s Public Procurement Service (PPS) has floated a tender to procure 1,000 tonnes of good western primary aluminium, according to a notice posted on the state-run agency’s website on December 13.