ASIAN MORNING BRIEF 24/08: LME lead prices rally; Korea Resources opens talks to sell stake, offtake in First Quantum’s Cobre Panama copper mine; Chinese cobalt tetroxide prices under pressure
The latest news and price moves to start the Asian day on Friday August 24.
Lead prices were up by more than 2% at the close of trading on the London Metal Exchange on Thursday August 23, while nickel, copper and tin prices struggled to maintain the midweek relief rally amid a resurgence of US-Sino trade tensions. Read more in our live futures report.
Here are how prices looked at the close of trading:
Korea Resources Corp (Kores) has initiated a sale process for its 10% stake and offtake agreement in First Quantum’s Cobre Panama copper mine, four sources with knowledge of the matter told Metal Bulletin.
China’s cobalt tetroxide prices have been under pressure over the past few months from high inventories, weak spot demand and substitution by battery makers, market participants said.
Mining companies active in the Democratic Republic of the Congo have formed a new body to engage with the government on industry concerns about the country’s new mining code and any other material issue concerning the mining industry.
ArcelorMittal remains committed to its acquisition of Italian flat-rolled steel producer Ilva and to acting as a responsible owner and operator of the business, a company spokesman said on Thursday. A day earlier, Italian minister for economic development Luigi Di Maio said that the tender for the Ilva sale might be invalid.
The biggest steel producer in the United Arab Emirates, Emirates Steel, has rolled over offer prices for September-rolling rebar.