ASIAN MORNING BRIEF 22/12: Aluminium leads LME gains; Peru instability threatens copper mine sale; China’s copper premiums fall
The latest news and price moves to start the Asian day on Friday December 22.
Base metals prices on the London Metal Exchange were mostly higher at the close on Thursday December 21, with quiet trading conditions setting in. Read more in our live futures report.
Here are how prices looked at the end of the day on Thursday.
Peru has postponed the auction of the Michiquillay copper project until February 20 because the country’s political crisis is turning companies that are interested in developing the project cautious.
Shanghai copper premiums moved slightly lower this week on arbitrage losses and tighter credit, while those in Europe and the United States were flat ahead of the Christmas holiday break.
Metro Mining has signed a four-year supply deal with Chinese state-owned enterprise SPIC Aluminium and Electric Power Investment for 6.5 million tonnes of bauxite.
Global crude stainless steel production totaled 36.08 million tonnes in the first nine months of 2017, according to figures released by the International Stainless Steel Forum.
Swiss special and stainless steel producer Schmolz + Bickenbach has put in a bid to acquire a substantial part of Asco Industries, joining two other official bids for the French specialty steelmaker.
India’s Tata Steel is planning to increase its steel capacity to 18 million tonnes per year by expanding its Kalinganagar operations in the country.
The Chinese market has flagged robust demand for seaborne pulverized coal injection cargoes amid a surge in prices for domestic and imported coking coal as well as for locally produced coke.