EUROPEAN MORNING BRIEF 04/10: LME base metals prices rebound; Asian zinc premiums stay elevated; Largo reaches new V2O5 output heights
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Thursday October 4.
Three-month base metals prices on the London Metal Exchange were broadly up during early trading on Thursday following the release of positive economic data from the United States overnight.
Check Fastmarket MB’s live futures report here.
Premiums for zinc remained high in Asia over the past week, with elevated rates in China drawing units from elsewhere in the region as well as from Europe and the United States. In lead, Indian premiums received a boost with Iranian material once again absent from the spot market.
Largo Resources Ltd continued to reach new production heights at its Maracas Menchen Mine during the third quarter of this year, with the company achieving record vanadium pentoxide (V2O5) production and record vanadium recovery rates.
Long queues, expensive financing rates and strong demand continued to push premiums for cut nickel cathodes higher in Europe, while US nickel premiums continued to flat-line in the absence of spot-market demand.
Fastmarkets MB pricing reporters and analysts provide their minor ores and alloys commentaries, along with a summary of the market news likely to dominate contractual discussions, while negotiations gather pace ahead of LME Week 2018.
Chinese futures brokerage firm Nanhua Futures has taken steps to attain category II clearing membership on the LME, with a particular focus on trading LME warrants, Fastmarkets understands.