ASIAN MORNING BRIEF 29/08: LME base metals climb; buyer interest bumps up Chinese ferro-silicon prices; softer yuan lifts Chinese manganese prices
The latest news and price moves to start the Asian day on Wednesday August 29.
Base metals prices on the London Metal Exchange were broadly higher at the close of trading on Tuesday August 28, lifted by continued stock drawdowns and increased trade optimism over renewed terms in the North American Free Trade Area agreement. Read more here in our live futures report.
Here is how prices looked at the close of trading:
Chinese domestic ferro-silicon prices have edged up due to increased buying interest, but the European and US markets were stagnant.
Semi-carbonate manganese price have risen due to the softer yuan, amid an improved sentiment and expectations of stronger demand in China.
The cash/three-month swing of swing of tin prices on the LME into contango has left the physical market in a comfortable place, counter to the generally volatile month for base metals.
Tungsten prices have slid due to lackluster demand amid readily available supply.
Vanadium prices have narrowed in the European Union and United States, while Chinese vanadium export prices have remained stable.
And spot cobalt prices have fallen despite signs that material is not as readily available for purchase as it had been.