ASIAN MORNING BRIEF 28/03: LME base metals mostly higher; Comex copper rebounds after tumble; Newcrest restarts operations at Cadia project
The latest news and price moves to start the Asian day on Wednesday March 28.
Aluminium and nickel bucked the trend of mostly higher base metals prices on the London Metal Exchange on Tuesday March 27. Read more in our live futures report.
Here are how LME prices looked at Tuesday’s close:
Comex copper prices recovered Tuesday morning in the United States after collapsing the previous day to the lowest level since September 2017 while the market mostly ignored possible trade tensions between the US and China.
Copper-gold miner Newcrest has restarted mining operations at its Cadia project in Australia, two weeks after a tailings spill caused a shutdown.
The higher consumption of manganese alloys witnessed globally in 2017 is likely to spur increased production of silico-manganese this year, according to the International Manganese Institute’s executive director.
A proposal by Philippine politicians to ban the export of unprocessed mineral ores to boost domestic processing has yet to make further progress, according to Patricia Bunye, senior partner at law firm Cruz Marcelo & Tenefrancia in the Philippines.
In the steel market, European steel association Eurofer has called for a quick decision in the region’s safeguard case investigating imported steel.
Steel traders in the central region of Russia, around Moscow, have not resumed active purchasing of hot-rolled and cold-rolled sheet this week despite a gradual pickup in demand in the secondary market, Metal Bulletin has been told.
Costa Rica has launched a safeguard investigation into imports of alloy and non-alloy rebar in an attempt to protect its local steel industry, Metal Bulletin has learned.
In raw materials, Rio Tinto has entered into a binding agreement with a consortium comprising private equity manager EMR and PT Adaro Energy, an Indonesian-listed coal company, for the sale of its 80% interest in the Kestrel underground coal mine in Queensland, Australia, for $2.25 billion.
Seaborne iron ore prices and trading remain lackluster, although futures and steel markets have experienced a rebound.