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Base metals prices on the Shanghai Futures Exchange were split into two camps during Asian morning trading on Friday, with copper, zinc and lead edging higher, while the rest were little changed to weaker.
The mixed performance by the base metals comes amid heightened risk-off sentiment in the market with the public consultation in respect of the United States’ plans to implement tariffs on a further $200 billion worth of Chinese goods coming to an end on Thursday.
Check Metal Bulletin’s live futures report here.
The copper bull market has been one of the main casualties this year of the onset of the trade war between the United States and China, and there is no sign that the conflict will be resolved anytime soon.
The molybdenum markets in Europe moved up in the middle of the week that began on Monday September 3, with values being pushed up by increased prices for ferro-molybdenum and signs of stronger deals in Asia, sources told Metal Bulletin this week.
US domestic rebar prices remain robust in the face of a softening scrap market, while the forecast for imported material has remained in limbo ever since the US doubled the Section 232 tariffs on Turkish steel on Friday August 10.
German steel conglomerate ThyssenKrupp is planning to build a new hot-dipped galvanizing line in Dortmund, Germany, the company said earlier this week.
The London Metal Exchange’s senior vice president of business development, Marko Kusigerski, has left the exchange after more than four years, Metal Bulletin has learned, while Mario Quonils has joined the bourse as chief technology officer.
Investors keen to tap into the electrification of the world’s transport networks should look upstream to the battery metals market instead of buying shares in automakers, according to Ulrich Ernst, the chief executive officer of Blackstone Resources.