Shares in Nyrstar NV, the world’s second-largest zinc smelting company, fell by more than 30% on Friday September 21 after the company flagged that “adverse market conditions” would hit its third-quarter earnings, prompting a credit downgrade from ratings agency Moody’s.
Three-month base metals prices on the London Metal Exchange were once again higher across the board by an average of 0.5% on the morning of Friday September 21. This follows Thursday’s generally bullish performance that saw the base metals complex close with gains averaging 0.7%.
South Korea’s state-run Public Procurement Service (PPS) has purchased 2,000 tonnes of grade-A copper cathode through a tender that closed on Thursday September 20, according to a notice posted on the stockpiling agency’s website.
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Friday September 21, with the complex supported by fresh buying amid a weaker dollar and easing trade tensions between the United States and China.