Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Wednesday November 14, boosted by a steady rebound in global benchmark crude oil futures and a marginal retreat in the dollar index.
The first deals for special high-grade zinc supply in 2019 in Europe point to a decline in annual zinc premiums compared with this year's levels, but Nyrstar's financial troubles are complicating negotiations and raising concerns that supply may turn out to be tighter than anticipated.
The tin premium in Europe remains at a 21-month high amid continued uncertainty over Indonesian supply, while thin spot activity and a closed import arbitrage window kept premiums firm in the United States and China.
Comex copper prices moved higher on Wednesday November 14 despite a stronger dollar due to growing optimism that a bilateral trade agreement between the United States and China could be reached in the next few months.
Brazilian alumina refinery Alunorte’s solid waste deposit (DRS2) had irregular environmental permits and could be built on ecological reserves, a local House of Representatives report concluded on Tuesday November 13.
A series of Chinese policies aimed at restricting imports of copper scrap is not expected to significantly alter the supply/demand balance in the world’s largest copper consuming country, industry executives said during a panel discussion at Asia Copper Week in Shanghai.
Base metals on the London Metal Exchange were mostly lower during morning trading on Wednesday November 14, with prices weakened by a prolonged sell-off in crude oil markets while continued strength in the US dollar index increased downward pressure.