ASIAN MORNING BRIEF 30/10: LME base metal prices fall; Cobalt prices rise due to bullishness in market; Concord sues Kyen for $1.1mln
The latest news and price moves to start the Asian day on Tuesday October 30.
Base metal prices on the London Metal Exchange were lower at the close of trading on Monday October 29, with strong consumer spending figures from the United States fueling broad strength in the US dollar index and adding downward pressure to the market. Read more in our live futures report.
Here are how prices looked at the close of trading:
Cobalt spot market prices for both high- and low-grade material increased week on week on October 24 due to bullish sentiment that was fueled by supply tightness in the US, arising from sanctions against Chinese metal, Fastmarkets has heard.
Seaborne iron ore pellet prices dipped for the third consecutive week on Friday due to limited demand from China, market participants said.
International trading house Concord Resources is suing rival merchant Kyen Resources for $1.1 million, making it the third company to file a lawsuit against the embattled metals trader at the Singapore High Court.
South Korean zinc smelter Young Poong is facing a 20-day shutdown at its Sukpu refined zinc smelter after a court rejected the company’s appeal against a closure order.
Vietnam’s Southern Steel Sheet Co (SSSC) is targeting a larger share of the coated coil market by adding a third galvanizing line to its Nhon Trach operations in the country’s Dong Nai province.
Brazilian flat steel producer Usiminas is analyzing whether to request an investigation into possible dumping of imported cold-rolled coil, chief executive officer Sergio Leite told Fastmarkets on Friday.