Aluminium prices on the London Metal Exchange moved higher during morning trading on Tuesday July 24, after a fresh cancelation exceeding 50,000 tonnes resulted in total on-warrant stock falling by more than 8% this week.

Three-month base metals prices on the London Metal Exchange were mixed on the morning of Tuesday July 24; while copper prices were up by 0.4% at $6,154 per tonne, aluminium and tin prices were down by 0.4% and the rest were little changed.

China has launched an anti-dumping investigation into imports of stainless steel billet and slab, as well as stainless hot-rolled plate and coil produced in the European Union, Japan, South Korea and Indonesia, according to a notice by the country’s Ministry of Commerce on Monday July 23.

Malaysia-origin wire rod is fighting against Chinese cargoes with the smaller country trying to take a slice of the Southeast Asia market.

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Tuesday July 24.

Base metals prices on the Shanghai Futures Exchange were split into two camps during morning trading on Tuesday July 24, with nickel, zinc and tin weakening, while the rest ticked higher – led by a 0.7% increase in copper.

The latest news and price moves to start the Asian day on Tuesday July 24.

US Treasury Secretary Steven Mnuchin’s conciliatory comments on Friday July 20 further validated aluminium market participants’ expectations of sanctions relief for UC Rusal, which some analysts said is evidenced by the descent in prices and global premiums since April’s price rally.

Three-month base metals prices on the London Metal Exchange were up across the board by an average of 0.5% on the morning of Monday July 23. Gains were ranged between 0.1% for aluminium and 1.2% for zinc, with copper up by 0.3% at $6,172 per tonne.

Chinese cobalt prices have stabilized recently, against a persistent downswing in international cobalt prices that made market participants believe the blue metal and its downstream salts’ prices have bottomed out in China, creating mixed views in the market.