Most base metals prices on the Shanghai Futures Exchange staged a recovery during Asian morning trading on Thursday, with only lead weakening.
Nickel led the rebound with a 3.8% gain, while copper jumped by 1.2%. The other metals also logged gains in the early session, albeit at a more moderate pace, while lead bucked the general strength to fall by 0.2%.
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The US Senate voted overwhelmingly in favor of a resolution that would check the President of the United States’ tariff-wielding power, signaling growing discomfort with an escalating trade war ignited by President Donald Trump’s tariff actions.
Tin premiums in Europe have softened over the week to Tuesday after dwindling demand began to take root over the summer period, while premiums in the US and China held steady on abundant supply and minimal spot activity.
An open import arbitrage in China helped support nickel premiums in the week to Tuesday, while premiums were unchanged in Europe and the United States.
The Avebury nickel mine, in Australia’s island state of Tasmania, is set to restart after almost ten years of inactivity, because of the current high price for nickel and healthier prospects for demand,
Michael Lillja will leave his position as head of marketing at Finnish speciality alloys company Afarak on September 1.
Premiums for zinc and lead ingots were unchanged globally over a week in which exchange prices for both metals continued to fall, breaking to fresh one-year lows.