ASIAN MORNING BRIEF 25/07: LME base metals supported by weaker dollar index; Comex copper jumps in US; Norilsk to continue legal action over African asset sales
The latest news and price moves to start the Asian day on Wednesday July 25.
Base metal prices on the London Metal Exchange finished higher on Tuesday July 24, finding support from a weaker dollar index and easing tensions related to the trade spat between the United States and China. Read more in our live futures report.
Here are how prices looked at the close of trading:
The copper price on Comex surged to a multiweek high in morning trading in the US amid a bout of technical buying and a softer dollar.
Norilsk Nickel plans to continue its legal action against the government of Botswana after a ruling that it cannot take the case to the London Court of International Arbitration.
Noranda Income Fund said its main challenge currently is for its zinc processing facility to continue to operate profitably amid current low treatment charges.
Outokumpu has blamed its weaker year-on-year financial results for the second quarter on lower European base prices, higher input costs and increased freight rates in the US market.
ArcelorMittal has informed the Extraordinary Commissioners responsible for Italian steelmaker Ilva that it “accepts all the substantive requests for additional commitments with respect to the lease and purchase contract signed in June 2017,” the company said.
Hot-rolled and cold-rolled steel sheet suppliers to Russia’s central region around Moscow have not cut prices further this week despite low demand levels.
Turkish steel producers went quiet again in the deep-sea scrap market after booking a number of deep-sea cargoes late last week and at the beginning of this week, sources said on July 24.