Base metals prices on both the London Metal Exchange and Shanghai Futures Exchange were generally weaker this morning, Tuesday August 3, with LME copper and SHFE aluminium bucking the trend, but the drop in US ten-year treasury yield hints of a pick-up in haven buying.

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Base metals prices on the London Metal Exchange were generally trending higher this morning, Monday August 2, with copper the metal that seems to be struggling the most. Base metals trading on the Shanghai Futures Exchange gave a mixed performance, however.

Most base metals registered declines in inventories at Shanghai Futures Exchange-registered warehouses during the week to Friday July 30, although lead was up by 6.5% and nickel rose by 1.5%.

China will cancel more rebates of value-added tax for some steel exports from August 1, its Ministry of Finance said on Thursday July 29.

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The Turkish steel mills continued to limit their deep-sea scrap bookings in the week ended Friday July 16 due to weak finished steel sales, while the downturn in the country had a knock-on effect on prices in the global markets.

The Vietnam Steel Association (VSA) is leading an industry-wide pushback against the country’s proposed export tax of 5% on steel billet, it said on Friday July 23.

Fastmarkets’ Asia ferro-silicon prices were published early today due to an editor error.

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