ASIAN MORNING BRIEF 25/01: LME base metals bolstered by weaker dollar; Comex copper bounces back; copper premiums stable in US, Europe
The latest news and price moves to start the Asian day on Thursday January 25.
Base metals prices on the London Metal Exchange put in a strong performance during the afternoon of Wednesday January 24, supported by the weaker dollar as the complex closed in positive territory across the board. Read more in our live futures report.
Here are how prices looked at the end of the day on Wednesday.
In the United States, Comex copper prices bounced back from the one-month low hit earlier this week, a reflection of the dollar hitting its lowest point since December 2014.
Moreover, copper premiums in the US and Europe were little changed this week, although US participants are gaining more confidence as the year progresses, while premiums in China have again come under downward pressure due to sluggish demand.
Chilean miner Antofagasta produced 704,300 tonnes of copper in 2017, down 0.7% from a year earlier, mainly due to lower grades at the Los Pelambres and Centinela mines.
Chinese cobalt metal prices rose slightly at midweek, closely following the trend in international cobalt prices.
Derek John Benham, who had more than 40 years of experience in the metals industry - mostly in cobalt and nickel - died earlier this month at the age of 65.
Manganese flake prices surged above $2,000 per tonne due to ongoing environmental inspections in China, with further production disruptions adding fresh impetus to this year’s rally.
US silicon metal prices are expected to find limited support from President Donald Trump’s decision to impose hefty duties on imported solar panels, industry sources said.
In the steel market, Pakistani flat steel roller and coater International Steels plans to set up service centers in Karachi and Lahore, the company said.