ASIAN MORNING BRIEF 23/10: Base metal prices climb; LME clarifies strategy; Cliveden opening Singapore office

The latest news and price moves to start the Asian day on Tuesday October 23.

Base metals prices on the London Metal Exchange were higher across the board by the close of trading on Monday October 22, with prices elevated despite a slightly weaker stock market opening in the United States and a strong US dollar index. Read more in our live futures report.

Here are how prices looked at the close of trading:

The LME has clarified its forward-looking clearing strategy in the face of a raft of looming regulatory hurdles, in addition to outlining a move away from its current margin model, it told delegates at this year’s LME Week.

Metal concentrates trading house Cliveden will open an office in Singapore and bring in two new traders, the company said.

Production by Brazilian steelmakers increased by 2.5% year on year in September, while national apparent consumption rose by 3.2% in the same month, figures published by local steel association Aço Brasil on October 19 show.

Export prices for flat steel from the Commonwealth of Independent States fell on October 22 due to weak demand in the key outlet regions.

A sudden reduction in published estimates of chrome ore stocks in China has contributed to a recovery in the price for the steelmaking raw material since September after earlier high estimates had weighed on prices, market sources told Fastmarkets MB.

The import price for re-rolling-grade hot-rolled coil in Vietnam dipped further over the past week on persistently thin demand among re-rollers.