ASIAN MORNING BRIEF 27/07: Base metal prices inch up following US-EU meeting; Novelis in deal to buy Aleris for $2.6 bln; Indonesia won’t own Grasberg share until 2023
The latest news and price moves to start the Asian day on Friday July 27.
Base metals prices on the London Metal Exchange were marginally higher at the close of trading on Thursday July 26, bolstered by an easing in trade tensions after the United States and European Union agreed to negotiate tariffs on industrial goods. Read more in our live futures report.
Here are how prices looked at the close of trading:
Aluminium automotive sheet producer Novelis has entered into an agreement to purchase competitor Aleris Corp for $2.6 billion, both companies confirmed following months of speculation.
Indonesia will have to wait until 2023 to see a share of copper from the Grasberg copper mine due to an agreement reached in 1995.
Teck Resources is seeking an additional partner to help develop a new resource at the Quebrada Blanca copper mine in Chile.
Russian steelmaker Evraz reported sales volumes fell by nearly 15% in the first half of 2018 due to lower crude steel output at one of its supplier plants.
German metals distributor Klöckner expects its 2018 earnings to be supported by higher demand and steel prices in both Europe and the US, the company’s two main markets.