NORTH AMERICAN MORNING BRIEF 06/08: LME base metals struggle against firm US dollar; Vietnam to use domestic HRC to avoid more US duties; Rusal aluminium sales down 19.2%
The latest metal markets news and price moves to start the North American day on Monday August 6.
Base metals on the London Metal Exchange were lower across the board during morning trading on Monday August 6, limited by a firm uptick in the dollar index while the market continues to adjust to intensifying United States-China trade relations.
Edging lower over the morning, zinc’s three-month price continued to exhibit high volatility around $2,550-$2,650 per tonne, dropping 2.5% since Friday’s close but continuing to trade within range.
Here is how the LME base metals complex looked at 10:55am London time:
For a snapshot of exchange news, check out our live futures report.
Vietnamese re-rollers are looking toward domestic hot-rolled coil in order to avoid more anti-dumping duties that could be imposed by the United States.
Rusal’s sales of primary aluminium and alumina fell by 19.2% and 11.4%, respectively, in the second quarter of 2018 from the previous quarter due to US sanctions against the Russian producer.
Import prices for re-rolling-grade hot-rolled coil sold into Vietnam narrowed upward slightly over the past week on stable demand.
Singapore rebar import prices weakened over the past week following the issuance of low offers from a Turkish mill.
And finally, seaborne iron ore concentrate prices continued to soften last week, with environmental protection measures impacting pelletizing plants in China.