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Base metals prices on the London Metal Exchange were all higher during Asian morning trading on Thursday amid hopes that talks between the United States and China could avert a global trade war.
The LME three-month copper price was at $6,747 per tonne as of 03.29am London time, up by $23 per tonne from Wednesday’s closing price.
The Shanghai Futures Exchange is closed on Thursday and Friday to mark the Qing Ming Festival, or tomb-sweeping day.
Check Metal Bulletin’s live futures report here.
Copper premiums in Shanghai rose to a 17-month high with market participants hoping for declining import costs following a cut in value-added tax (VAT).
South Korea’s Public Procurement Service (PPS) has floated a tender to procure 500 tonnes of grade A copper cathode, according to a notice from the state agency published late on Wednesday.
Teck Resources Ltd has increased its stake in Compañía Minera Teck Quebrada Blanca SA through the purchase of private Chilean firm Inversiones Mineras SA, the Canada-headquartered company said.
Zorba prices are beginning to fall in the US, with fears of mounting supplies rippling through the market due to China’s 25% tariff on US aluminium scrap imports.
Despite this week’s statement from the US Environmental Protection Agency announcing plans to revise greenhouse gas and corporate average fuel economy standards, experts who spoke to American Metal Market expect automotive lightweighting to continue.
Metal Bulletin is hosting a free web seminar at 9am London time today to discuss the key drivers of the battery raw materials markets, including substitution risk, electric vehicle policy, and supply of lithium, nickel and cobalt. Click here to register.