ASIAN MORNING BRIEF 23/08: LME base metals get boost; Trade assn calls for China-US ali overcapacity talks; Steel safeguard case started to protect Russia from Ukraine imports, sources say
The latest news and price moves to start the Asian day on Thursday August 23.
Base metals on the London Metal Exchange were mostly higher at the close of trading on Wednesday August 22, with zinc and tin posting sizable gains while the complex benefited from positive market sentiment on US-Sino trade talks. Read more in our live futures report.
Here are how prices looked at the close of trading:
The Aluminum Association wants US and Chinese officials to address the issue of Beijing’s aluminium overcapacity at meetings on August 22-23 with an eye toward reaching a long-term solution.
A safeguard investigation by the Eurasian Economic Commission was started primarily to protect the Russian market from imports originating from Ukraine, market sources told Metal Bulletin.
In the battle between macro and fundamental copper price drivers, copper bears hold the strongest of all trump cards – trade war.
Domestic cold-rolled coil prices in the European Union will remain stable until late August to the beginning of September, when the market will start to recover from a seasonal market slowdown.
International metals group Liberty House is “among the front runners” to buy ArcelorMittal’s Galati plant in Romania and its Ostrava site in the Czech Republic, market sources told Metal Bulletin on Wednesday August 22.