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Although rate cut expectations encouraged the London Metal Exchange three-month base metals prices to move higher yesterday, they have started to weaken in early trading today, Thursday July 11, and been unable to attract follow-through buying.
Base metals prices on the Shanghai Futures Exchange were mostly up in morning trading on Thursday July 11 amid US dollar weakness following dovish comments by US Federal Reserve Chair Jerome Powell, while nickel rallied on reports of a possible ore ban by Indonesia.
Here are five Fastmarkets MB stories you might have missed on Wednesday July 10 that are worth another look.
High production costs and a lack of national protective trade measures resulted in Ezz Steel reporting a loss in the first quarter of 2019, Egypt’s biggest steel producer said on Tuesday July 9.
Market participants seem to be waiting for something to provide direction and that impetus is likely to come from the testimony of the United States Federal Reserve chairman later today.
Base metals prices on the Shanghai Futures Exchange were on divergent paths in morning trading on Wednesday July 10 amid US dollar strength and macroeconomic uncertainties.
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