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.

What to read next
Is the ‘green’ advantage held by steel companies in the US at risk as the market adopts a more rigorous approach to reducing Scope 3 emissions?
Spot demand for aluminium is softening and Rotterdam premiums now, at the end of September 2022, are at a nine-month low, so market participants are considering whether Europe remains an attractive destination for imports
Hydro will partially curtail aluminium production at Hydro Karmøy and Hydro Husnes in Norway, the company announced on Tuesday, September 27.
Conversations and panel discussions at the Institute of Scrap Recycling Industries Roundtables in Chicago on September 14-16 largely centered around market uncertainty and navigating complex geopolitical landscapes during a time of energy transition and low domestic demand
The copper market faces macro-economic-related headwinds from the turmoil currently affecting economies worldwide, multinational commodities trader Concord Resources’ research manager, Duncan Hobbs, told delegates at the Fastmarkets Copper Conference in Barcelona, Spain, this month
What does the launch of Outokumpu new sustainable stainless steel line, Circle Green, mean for the industry’s green transition?
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.