A round-up of the London Metal Exchange three-month base metals price movements following the outbreak and subsequent spread of the novel coronavirus (2019-nCoV).

Chilean copper miner Codelco will reduce its operations to comply with a state of emergency announced by the government in an attempt to curb the spread of the novel coronavirus (2019-nCoV), the state-owned company said on Wednesday March 18.

Reductions to shipping and port fees comprise the latest weapon for Chinese steel exporters amid their country’s efforts to cushion the effects of the 2019-nCoV coronavirus outbreak.

Despite massive rescue packages announced by governments around the world, equity indices are still falling - as are most of the base metals - this morning, Wednesday March 18.

Base metals prices on the Shanghai Futures Exchange were down across the board at the close of morning trading on Wednesday March 18, with the complex still under the influence of heightened risk aversion stemming from the spread of the novel coronavirus (2019-nCoV) and its impact on the global economy.

China will raise the export rebate to 13% from 10% for a large number of steel products from March 20, according to a notice released by the Ministry of Finance late on Tuesday March 17.

The European Commission (EC) has published guidelines for border management measures including goods transport during the outbreak of 2019-nCoV coronavirus now that logistics issues have begun to bite, the EC said on Monday March 16.

Newmont will "ramp down" mining at its Yanacocha asset in Peru after the country moved to restrict travel amid global contagion over the Covid-19 coronavirus (2019-nCoV) spread, it said.

After a drop of 12.93% in the Dow Jones Industrial Average (DJIA) on Monday March 16, the futures in the pre-market are up by 4.96% this morning - close to the 5% limit.

The publication of Fastmarkets China Domestic Coking Coal price estimate for Monday March 16 was delayed due to an administrative error.