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
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets has corrected its alumina index inferred prices, which were published incorrectly on Tuesday July 15.
The United States' copper recycling industry is ramping up pressure on policymakers to impose some form of export controls on high-purity copper scrap, arguing that current trade dynamics – particularly with China – are distorting prices, weakening domestic capacity and undermining national security goals.
Fastmarkets launched two new price assessments for Indonesia’s domestic trade in nickel ore on Tuesday July 15. The two price assessments are for domestic trades of Indonesian laterite ores with 1.6% and 1.2% nickel content. Indonesia now accounts for 60% of the global nickel supplies and while there is an official government reference price, known […]
US copper scrap market participants are shifting from COMEX to LME pricing in response to extreme price volatility and a new 50% copper import tariff. The change is influencing discount formulas, export strategies and long-term trading dynamics across the sector.
The proposal follows preliminary discussions with the market and internal analysis of price usage, which suggests low market liquidity and a lack of demand. Specifically, Fastmarkets is proposing to discontinue: MB-CU-0410 Copper rod premium, ddp Midwest US, US cents/lbQuality: Purity of 99.95-99.99%. Thicknesses of 8 millimeters or 0.3125 inchesQuantity: Min 25,000 poundsLocation: Delivered US MidwestUnit: US […]