ASIAN MORNING BRIEF 12/09: LME base metals pressured by escalating China-US trade dispute; Comex copper prices slide on US dollar's strength; Turkish mills secure lower prices in deep-sea scrap market
The latest news and price moves to start the Asian day on Wednesday September 12.
Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Tuesday September 11, pressured by China's retaliatory pledge of about $7 billion in sanctions against the United States amid an escalating trade rift. Read more in our live futures report.Here are how prices looked at the close of trading:
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Comex copper prices retreated during the early trading hours in the US, with a resurgent dollar and trade worries casting a shadow over the entire base metals complex.
Turkish steel producers have broken their silence in the deep-sea scrap market with the news of fresh cargo sale at a lower price than the previous transaction.
Physical iron ore prices were rangebound amid rumors, and subsequent denials, that China would ease its production restrictions on steelmakers.
Steel slab prices will likely continue to fall through month-end due to the increasing availability of the semifinished product from major exporter sources in Brazil and the Commonwealth of Independent States (CIS).
Some flat steel import prices in the United Arab Emirates and Saudi Arabia have increased over the past week despite demand remaining poor, sources told Metal Bulletin.
Export billet prices from the CIS region were unchanged on Tuesday, with few deals done while end-users shunned higher offers.