EUROPEAN MORNING BRIEF 02/10: LME base metals prices soften; cobalt prices capped by cautious sentiment, slow trading; Metalshub closes financing round
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Tuesday October 2.
Three-month base metals prices on the London Metal Exchange slumped during early trading on Tuesday, with the complex under pressure from a slew of disappointing data releases from the United States and China.
Check Fastmarket MB’s live futures report here.
Cobalt prices stabilized in late September, underpinned by tight supply of broken cathodes, but kept in check by the possibility of Chinese suppliers resuming or ramping up exports to Europe.
Metalshub, the digital platform for buyers and sellers of ferro-alloys and metals, has just closed a €3 million ($3.5 million) financing round with the proceeds to be used to expand its software development team and further improve its platform.
US regulators may be given powers to conduct oversight and investigate price reporting and price setting entities within the aluminium markets if recently-introduced legislation becomes law.
The Chinese ferro-silicon market fell in the week ended September 28, with prices dropping as suppliers sought to secure profits ahead of the country’s Golden Week holiday.
Aluminium Association of Canada president and chief executive officer Jean Simard hopes the new United States-Mexico-Canada Agreement (USMCA) reached on Sunday September 30 will lead to a swift resolution of the dispute over 10% US tariffs imposed beginning June 1.
Copper concentrate treatment and refining charges (TC/RCs) rose at the end of September after smelters in China cherry-picked deals and traders bid on nearby tenders at higher numbers.