ASIAN MORNING BRIEF 21/06: Zinc, copper prices fall on LME; EU takes rebalancing measures in response to US 232; aluminium premium under pressure in Europe
The latest news and price moves to start the Asian day on Thursday June 21.
Zinc prices on the London Metal Exchange settled at their lowest level in nine months at the close of trading on Wednesday June 20, while copper prices continued to edge lower on a surging United States dollar index. Read more in our live futures report.
Here are how prices looked at the close of trading:
The European Union has introduced rebalancing measures in response to the US tariffs on aluminium and steel, the European Commission said on Wednesday.
European aluminium premiums are taking a bearish turn thanks to an LME backwardation, falling from levels seen earlier this year.
A lingering backwardation has placed pressure on previously high zinc prices, with stocks of the metal steadily rising in LME warehouses despite a shortage of zinc units.
Noble Group has revised its proposed financial restructuring, which will see shareholders have an increased 20% equity share in the company - earning the support of major shareholder Goldilocks Investment Co.
Ferroglobe Plc has entered into a joint development agreement with BioSolar Inc to pursue opportunities in the lithium-ion battery market, it said.
The upward trend in Chinese ferro-chrome prices is persisting on power supply worries in South Africa.
Turkish long steel producer Kroman Celik is upgrading its steel wire rod mill to produce a greater range of sizes and premium grades targeting the automotive industry, although the new line will not increase the company’s capacity.
Brazilian steel tire cord producer Belgo Mineira Bekaert, a joint venture between ArcelorMittal and Bekaert, will invest $28.6 million to expand its facility in Itaúna city, in the country’s southeastern Minas Gerais state.