The majority of London Metal Exchange base metals prices continued to trade up during the afternoon session on Tuesday May 21, with the complex largely following the equities markets on their upward trajectory.
The recent negative trend in European strip mill prices continued, in May. Reduced demand from the auto sector is still undermining the steelmakers’ ambitions for increased basis values. Moreover, general activity in the marketplace is below projections for this time of year. Global trade tensions and political uncertainties led to a lack of investment and […]
Base metals prices on the London Metal Exchange were predominantly higher during morning trading on Tuesday May 21, ignoring an uptick in the dollar index, while trade war concerns continue to keep liquidity levels low.
The global refined copper market recorded a surplus of 74,000 tonnes in February 2019, compared with a deficit of 33,000 tonnes in the prior month, according to preliminary data released by the International Copper Study Group (ICSG).
Base metals prices on the Shanghai Futures Exchange were on divergent paths during morning trading on Tuesday May 21, with the resumption of operations at the Alunorte refinery in Brazil putting pressure on aluminium prices, while nickel climbed after London Metal Exchange spreads moved into backwardation.
Konkola Copper Mines (KCM), the copper-producing arm of global miner Vedanta Resources in Zambia, is under threat from the president of the African country of a possible takeover of its copper assets amid disputes arising from the country’s new tax regime.
Aluminium’s three-month price on the London Metal Exchange dropped by nearly 2% at the close of trading on Monday May 20, falling below its nearby $1,800 per tonne support level on the news that Norsk Hydro’s Alunorte alumina refinery in Brazil has been allowed to resume full operations.
Brazilian aluminium producer Companhia Brasileira de Alumínio’s (CBA) net sales revenue grew by 13.9% on an annual basis in the first quarter, despite lower sales volumes and London Metal Exchange prices, thanks to higher value-added product and surplus energy sales, the company said on Friday May 17.