Base metal prices on the London Metal Exchange rebounded in morning trading on Wednesday November 28 after having suffered heavy losses at the start of the week.
The LME's three-month copper contract rallied up by $33.5 per tonne to $6,155 per tonne; this morning news broke that Indonesian copper smelter Gresik will be out of the market until December.Aluminium prices, meanwhile, have failed to be spurred by the news that winter shutdowns will lead to closures at some sizeable Chinese smelters. China's Hongqiao will close 550,000 tonnes of capacity this winter period in order to keep within pollution limits."The shutdowns that have been ordered are considerably lower than last winter season... as they affect only 8.5% of...