ASIAN MORNING BRIEF 28/11: LME tin price hits more than two-year low; BHP finds copper in Australia; Aurubis shuts three of four copper smelters for maintenance
The latest news and price moves to start the Asian day on Wednesday November 28.
Base metal prices on the London Metal Exchange were lower at the close of trading on Tuesday November 27, with the three-month tin contract hitting its lowest point since August 2016 due to strength in the dollar index. Read more in our live futures report.
Here are how prices looked at the close of trading:
BHP has found what it claims is a potential new copper mineralized system near its existing Olympic Dam mine in Australia, the company said.
Shares in Aurubis, Europe’s largest copper smelter, dropped after the company acknowledged it has shut three of four copper smelters for unplanned maintenance.
The refined tin market, worth around $7.5 billion per year, could benefit from the electric vehicle boom, leading industry specialists who attended the 7th annual International Tin Association (ITA) investor day in London said.
Global miner Anglo American is optimistic about its copper production in Chile for the coming years, the company said, also raising or tightening upward its output guidance figures through 2020.
A lack of sufficient alumina supply has caused European aluminium producer Trimet to cut alumina input at its plants in Germany and France by 10%, the company told Fastmarkets.
Steelmakers in Colombia earlier this month requested that their government conduct a safeguarding investigation into imports of rebar from all origins.