EUROPEAN MORNING BRIEF 25/10: SHFE lead prices up, rest down; Hydro expects 4% drop in Q4 alumina output; Enami targets 12% Cu production increase in 2019
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Thursday October 25.
Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Thursday after the dollar strengthened once more, with only lead prices rising due to continued supply tightness in China.
Check Fastmarket MB’s live futures report here.
The shutdown of Brazilian alumina refinery Alunorte for a few days in October could bring its production volume down by 20,000-30,000 tonnes in the fourth quarter, according to Eivind Kallevik, chief financial officer of the unit’s owner, Norsk Hydro.
Chile’s copper producer Empresa Nacional de Minería (Enami) is confident that its Paipote smelter will comply with stricter environmental regulations from December 12 and plans to increase its copper output by 12% in 2019, according to company executives.
Antofagasta’s copper production jumped by 15.4% in the July-September quarter, the company said on Wednesday.
Traders in China are increasingly switching their attention from manganese ore to chrome ore, predicting better upside potential, market sources told Fastmarkets this week.
Molybdenum prices have bounced back in Europe this week after a mixed tender for around 500 tonnes of oxide and ferro-molybdenum was mostly settled in Asia to major consumer Posco, sources said.