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

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.