ASIAN MORNING BRIEF 26/09: Base metals prices mostly lower; Codelco offers $98-per-tonne premium to European customers; Physical aluminium prices pressured
The latest news and price moves to start the Asian day on Wednesday September 26.
Base metals prices on the London Metal Exchange were mixed at the close of trading on Tuesday September 25, with dollar weakness doing little to offset the market impact of further tariffs between the United States and China. Read more in our live futures report.
Here are how prices looked at the close of trading:
Codelco, the world’s largest copper producer, has offered customers in Europe copper cathode premiums of $98 per tonne for 2019 supplies - a four-year high and a sign of bullish sentiment in the physical market.
Prices in the physical aluminium market came under pressure this week from bearish sentiment arising from the extended winding-down period for US customers of Russian producer Rusal, a backwardation on forward spreads and weak demand.
Copper trader Pascal Larouche has left Geneva-based merchant Transamine, where he was responsible for the copper trading book, sources with knowledge of the matter told Metal Bulletin this week.
Metal Bulletin has raised the minimum tonnage in the assessments for its zinc premiums in European countries to 100 tonnes from 25 tonnes.
Global output of direct-reduced iron increased by only 1.5% year on year in August, according to statistics published this week by the World Steel Association.
Seaborne iron ore concentrate trading in China was muted in the week ended September 21, keeping prices largely stable although there was still some demand from mills.
Luxembourg trader Nizi International has recruited Luis Dedios, formerly of Cliveden, to help diversify the company’s refined-product focused portfolio into a raw materials business.