EUROPEAN MORNING BRIEF 26/07: SHFE base metals prices broadly down; M&A activity down in Q2; COBC gets cobalt, Cu export trading license
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday July 26.
Base metals prices on the Shanghai Futures Exchange were broadly down during morning trading on Thursday, with investors’ concerns over the ongoing trade war keeping the complex under pressure.
Check Metal Bulletin’s live futures report here.
Deal activity in the metals sector was lower in the second quarter due to heightened trade conflicts in North America, Asia, and Europe, according to a report by consultancy PwC.
Cobalt Blockchain Inc (COBC) has received final approval for its application for a cobalt and copper export trading license in the Democratic Republic of the Congo (DRC).
Members of the main union at the Escondida copper mine in Chile are currently holding meetings to counter BHP’s latest contract offer, a source close to the situation told Metal Bulletin.
Early negotiations are under way on a labor contract at the Cerro Verde mine in Peru, the country’s largest copper operation, according to majority owner Freeport-McMoRan.
The European titanium alloy market strengthened slightly over the past week amid reports of difficulty accessing ferro-titanium supply due to issues securing material from Russia. Check Metal Bulletin’s latest titanium snapshot here.