ASIAN MORNING BRIEF 30/01: Zinc prices rise nearly 2% on LME; EU trade defense instruments welcomed; Nevada Copper launches project
The latest news and price moves to start the Asian day on Tuesday January 30.
Zinc was the best performer on the London Metal Exchange at the close on Monday January 29, rising nearly 2% while the other metals diverged. Read more in our live futures report.
Here are how LME prices looked at Monday’s close:
European non-ferrous metals industry association Eurometaux welcomed the release of new details about European Union controls on the dumping of cheap metal and ore on the trading bloc’s markets.
The commodities market is a fickle beast, and few know that better than Giulio Bonifacio, chief executive officer and president of Nevada Copper, which has given its Pumpkin Hollow project the green light.
Chinese ferro-silicon prices have been steady over the past week, stabilizing losses made throughout the month when idled production was restarted. Meanwhile, the price for the metal in Europe set another record high and those in the United States climbed after a period of inactivity due to strong overseas prices.
On Monday, major Chinese stainless steel mill Tsingshan Group raised its high-carbon ferro-chrome tender price for February delivery due to tight supplies both domestically and overseas after Baosteel and Taiyuan Iron & Steel last week increased ferro-chrome tender prices for February.
Treatment charges for spot market zinc concentrates dropped to multiyear lows while Chinese smelters re-entered the market for tonnages in January.
Chrome ore and alloy prices rose in China late last week after tight domestic supply in the East Asian country prompted leading stainless steel mills to increase February bid prices.
Codelco has reached an early wage deal with unionized workers at its Andina division, the Chilean copper producer said on January 27.
Fortescue Metals Group has changed the price adjustment for its 58.3% iron Fortescue Blend fines to 33% for February shipments, Chinese mill and trading sources told Metal Bulletin on January 29.
Despite limited spot trades, Chinese silicon prices continued to inch higher on Friday due to a tightening in the domestic market supply, while the European market was stable due to muted activity.