ASIAN MORNING BRIEF 20/04: Base metals drift lower on LME; Novelis no longer purchasing aluminium from Rusal; China to ban Category 7 copper scrap imports by year-end

Base metal prices on the London Metal Exchange were lower at the close of trading on Thursday April 19 despite aluminium volumes reaching a record-high of 41,000 lots. Read more in our live futures report.

Here are how prices looked at Thursday’s close:

Novelis has said it is no longer purchasing fresh aluminium produced by UC Rusal and it will continue to use pre-sanctioned metal, a company representative told Metal Bulletin via email on Thursday.

A complete ban on China’s imports of Category 7 copper scrap will be implemented by year-end, the country’s government said on April 19.

Alumina prices stabilized at higher levels on April 19 while the market digested recent sharp gains and awaited the results of two spot tenders in the Pacific.

China-based cathode supplier Easpring believes demand for battery materials will be driven by the rapid expansion of the new energy vehicles sector worldwide.

Rusal’s Kubal smelter in Sweden was suspended from trading on the Nord Pool energy trading market on Wednesday.

South Korea’s Public Procurement Service has floated a tender to procure 500 tonnes of copper cathode, the state agency said on April 17.

Chilean steel and iron ore producer Compañía de Acero del Pacífico plans to invest $1.6 billion over the next five years to achieve organic growth and business diversification.