ASIAN MORNING BRIEF 09/08: Big jump for LME aluminium; Alcoa workers strike in Australia; LME tightens warehousing rules
The latest news and price moves to start the Asian day on Thursday August 9.
Aluminium prices on the London Metal Exchange soared by more than 3% at the close of trading on Wednesday August 8, buoyed by strike action at Alcoa's Pinjarra alumina refinery, while tit-for-tat tariffs continue to limit confidence in commodity investment. Read more here in our live futures report.Here is how prices looked at the close of trading:
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Alcoa workers have gone on strike in western Australia due to a breakdown between the company and Australian Workers' Union officials representing the workers.
The London Metal Exchangehas undertaken areview of its warehousing network and tightened up rules surroundingthird-party landlords following the delisting of warehousing company WorldwideWarehouse Solutions (WWS).
Domestic prices for hot-rolled coil in Europe have moved up over the pastweek, supported by the effects from the recent regional safeguard case, sourcestold Metal Bulletin.
Domestic prices for steel beams in Europe remained stable this week while tradingmaintained usual seasonal summer levels, sources told Metal Bulletin.
Domestic prices for mesh-quality wire rod produced and delivered in Europe remainedunchanged over the week as market activity weakened during the summer holidays.
Brazilianautomotive production grew by 9.3% year on year in July, driven by anincrease in domestic sales.
Swiss special and stainlesssteel producer Schmolz + Bickenbach expects further growth "in terms of both sales volumesand product value" in the second half of 2018, it said after reporting strongresults for the second quarter of the year.
Fintech firm Autilla has received a High Court notice of a petition to wind up the company under the corporateinsolvency act.