ASIAN MORNING BRIEF 15/08: LME base metals broadly lower; Escondida union delays strike; MJP aluminium stocks rise
The latest news and price moves to start the Asian day on Wednesday August 15.
The latest news and price moves to start the Asian day on Wednesday August 15.Base metals prices on the London Metal Exchange were broadly lower at the close of trading on Tuesday August 14, under pressure from a continued surge in the US dollar index while a tendency toward risk-aversion continued to work its way through the commodities landscape. Read more here in our live futures report.
Here is how prices looked at the close of trading:
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The main union at Escondida copper mine has delayed a scheduled strike and agreed to extend talks with mine owner BHP.
Primary aluminium stocks at the three main Japanese ports (MJP) of Yokohama, Nagoya and Osaka rose 1.1% month on month in July, according to data from Marubeni Corp.
Australian zinc miner New Century Resources has started zinc concentrate production at its newly refurbished Century zinc mine.
Warehouse queues emerged at LME-listed sheds in July after a surge in cancellations last month, especially in the exchange's aluminium inventory, according to LME data.Swedish state-owned iron ore producer LKAB has restarted pellet deliveries after a fire on the railway line connecting its Kiruna mine in northern Sweden to the Norwegian port of Narvik forced deliveries to be suspended, a company spokesman told Metal Bulletin.
Turkish steel producers extended their absence from the deep-sea scrap markets while the political crisis between their country and the United States continued.
And finally, steel mills in Russia's central region around Moscow intend to impose another increase in prices for hot-rolled and cold-rolled steel sheet due to the weakness of the national currency, Metal Bulletin heard.