ASIAN MORNING BRIEF 30/05: Most LME base metals rise; Sterlite’s Tuticorin copper smelter ordered to permanently close; temporary power outage leads Alcoa to shut potline at Warrick aluminium smelter
The latest news and price moves to start the Asian day on Wednesday May 30.
Tin prices on the London Metal Exchange climbed 1.3% to lead most of the complex higher at the close of trading on Tuesday May 29. Read more in our live futures report.
Here are how prices looked at the close of trading:
Sterlite’s 400,000-tonne-per-year Tuticorin refined copper smelter, located in the Thoothukudi district of India’s Tamil Nadu state, has been ordered to shut permanently by the Tamil Nadu government, parent company Vedanta Resources confirmed.
Alcoa has shut down one of the three potlines that are part of the Warrick aluminium smelter restart due to a temporary power outage at the operations near Evansville, Indiana, in the United States, the company said on May 29.
Russian aluminium producer UC Rusal has offered the light metal for July-September delivery to main Japanese ports (MJP) on a cif basis at a $160-per-tonne premium to the LME cash price, according to six trader sources familiar with the matter.
A second producer has offered aluminium for July-September delivery to MJP on a cif basis at a $159-per-tonne premium to the LME cash price, several trade sources told Metal Bulletin.
In ferrous news, the Brazilian steel industry continues to face logistics and production issues due to a nationwide strike of truck drivers, several sources said on May 28.
The strike over recent increases in the country’s fuel prices has had a minor effect on Vale’s mining operations, according to chief executive officer Fabio Schvartsman.
Egyptian Iron & Steel (Hadisolb) has signed a development contract with Tata Steel England, Hadisolb said on Egypt’s Stock Exchange last week.
Pricing for alumina and silica contents in seaborne iron ore underlines Chinese buyers’ increasing sensitivity toward alumina content in their shipments compared with the usual pickiness about silica.