ASIAN MORNING BRIEF 17/07: Aluminium defies drop in LME base metals

(basemetals) Pressured by ongoing trade tensions, base metals on the London Metal Exchange ended mostly lower at the close of trading on Monday July 16, with aluminium the only metal to trade in positive territory. China imported 448,000 tonnes of unwrought copper and copper products in June compared with 390,000 tonnes in the same month last year, according to preliminary China Customs data on July 16. China’s hot-rolled coil prices were mixed on Monday amid thin trading, with buyers taking a wait-and-see approach before most mills release their offers on Tuesday. Discussions with representatives of unionized workers at the Mount Polley copper mine are scheduled to resume this week in a bid to resolve a nearly two-month strike, according to mine owner Imperial Metals Corp. Singapore rebar import prices were stable this week, with buyers resisting higher offers in the spot market. Italian anti-corruption authority ANAC began an investigation last week into the intended sale of steelmaker Ilva, a tender that was won by a consortium led by steelmaker ArcelorMittal in June 2017. CIS export billet prices continued to decline in the week ended Monday July 16 amid reduced buying activity in the major sales outlets.