EUROPEAN MORNING BRIEF 12/10: Codelco’s Chuquicamata operates at reduced rate; LME volumes grow in 2018; Molybdenum oxide price edges up
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday October 12.
Base metals prices on the Shanghai Futures Exchange were mostly up during Asian morning trading on Friday October 12, with the weakening dollar supporting investor confidence.
Check Fastmarket MB’s live futures report here.
Codelco’s Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.
The London Metal Exchange benefitted from 2018’s “economic turbulence” and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said.
The molybdenum oxide market has risen in Europe amid signs of higher offer prices in Asia, although overall European trading has been quiet due to a metals industry event in London, sources told Fastmarkets MB on Wednesday October 10.
German copper giant Aurubis’ proposed sale of its rolled-copper product business to counterpart Wieland-Werke may not proceed with the current terms following a preliminary assessment by European Commission (EC), the company said on Wednesday October 10.
Tungsten miner Wolf Minerals’ UK subsidiary has fallen into administration after failing to secure funding, the company said on Thursday October 11.