ASIAN MORNING BRIEF 24/10: LME base metals prices mixed; Comex copper hit by equities downturn; Trafigura to set up joint-venture smelter-refinery in Saudi Arabia

The latest news and price moves to start the Asian day on Wednesday October 24.

Base metal prices on the London Metal Exchange were mixed at the close of trading on Tuesday October 23, with tin’s strong performance leading gains across half of the complex despite a strong US dollar index and broadly risk-averse investors. Read more in our live futures report.

Here are how prices looked at the close of trading:

Comex copper prices were dragged lower by a downturn in equity markets in morning trading, after beginning the week on solid footing.

Trafigura plans to set up an integrated copper, zinc and lead smelting-refining complex via a joint venture in Saudi Arabia, the commodities trading house said.

Chilean national economic development agency Corfo, which owns the lithium-rich Salar de Atacama, has opened a dispute with US-based lithium producer Albemarle to seek an interpretation of a contract between the two parties by the International Chamber of Commerce.

Ferro-vanadium prices continued to firm in the US and Europe last week, but both of those major markets still lag behind the price in the premium Chinese market.

Brazil’s domestic flat steel sales volumes from distributors fell by 2.8% year on year in September, with the market losing momentum, national flat steel distributors’ association Inda said.

Brazilian steelmakers held back from further price increases in the domestic market due to falling Chinese prices and a stronger exchange rate for Brazil’s Real, Carlos Loureiro, president of national distributors’ association Inda, said.

What to read next
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
Low supply, strong demand to spur scrap prices higher in Feb, market says
US deep-sea ferrous export prices from the East Coast to Turkey have plateaued, with a Turkish mill purchasing a cargo at prices stable from the last-reported sale
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.