EUROPEAN MORNING BRIEF 24/08: SHFE base metals prices all up; Kores to sell stake, offtake in Cobre Panama; international miners in DRC form new body
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday August 24.
Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Friday, with the complex largely ignoring a resurgence of US-Sino trade tensions.
Check Metal Bulletin’s live futures report here.
Korea Resources Corp (Kores) has initiated a sale process for its 10% stake and offtake agreement in First Quantum’s Cobre Panama copper mine, four sources with knowledge of the matter told Metal Bulletin.
Mining companies active in the Democratic Republic of Congo (DRC) have formed a new body to engage with the government on industry concerns about the country’s new mining code and any other material issue concerning the mining industry.
Brass scrap prices in the United States have plummeted and most copper and brass scrap discounts have widened over the past week, driven by ample domestic supply - exacerbated by China’s 25% tariff on copper scrap imports - exceeding US demand.
The aluminium market has been thrust into a period of uncertainty that has become a feature of the trade in recent months because of tariffs and sanctions, a situation that seems unlikely to change, the head of Norwegian producer Norsk Hydro said.
China’s cobalt tetroxide prices have been under pressure in the past few months from high inventories, weak spot demand and substitution by battery makers, market participants told Metal Bulletin.