ASIAN MORNING BRIEF 31/05: LME base metals carry momentum; Comex copper dips in US; Peru’s Volcan suspends ops at Animón and Islay mines
The latest news and price moves to start the Asian day on Thursday May 31.
Base metals prices on the London Metal Exchange rose further on Wednesday May 30, with nickel climbing 1.4% at the close and copper volumes trading at their highest level since April 19. Only aluminium bucked the trend with a slight decline. Read more in our live futures report.
Here are how prices looked at the close of trading:
Comex copper prices eased in morning trading in the United States, presenting a dip-buying opportunity for the market.
Peruvian zinc and lead miner Volcan has suspended mining at its Animón and Islay mines, part of its Chungar subsidiary, the company said in a release to the Peruvian stock exchange.
Zinc concentrate treatment charges (TCs) rose in May to their highest level this year, with smelters refraining from purchasing spot tonnages. The upward trend in lead concentrate TCs reversed after an import arbitrage opened up in China.
In the steel market, Egyptian Steel has started commercial production at its fourth steel plant in Al Ain Al Sokhna, the company said.
In raw materials, all pig iron production facilities in Brazil came to a halt this week due to a truck drivers’ strike over recent fuel price increases, Metal Bulletin was told.
China is likely to take an economic hit from its crackdown on scrap imports, prompting it to adopt a more pragmatic approach in the future, panelists of the Bureau of International Recycling’s International Trade Council said at the association’s conference in Barcelona, Spain.