(MB) Base metals prices on the London Metal Exchange rebounded in late trading after ending mostly lower at the 5 pm close on Tuesday June 26, weakened by volatile trade relations between the United States and other major economies.
Comex copper prices traded at the lowest level since March 2018 on June 26, with threats of a growing trade war weighing on the metals complex.
Metal Bulletin is running a one-month consultation to seek feedback on whether to keep excluding certain origins in the assessment of its spot main Japanese ports (MJP) aluminium P1020 cif premium.
There have been more deals for third-quarter cif MJP aluminium supply agreed at a premium of $132 per tonne between several buyers and more than one producer, sources involved in the quarterly negotiations said on Tuesday.
In ferrous news, Brazilian iron ore pellet producer Samarco has reached a final agreement with Brazilian authorities and the company’s shareholders – Vale and BHP – to settle legal actions that stemmed from a 2015 tailings dam disaster.
China’s push to enhance its environmental protections has reached a tipping point, with the nation’s new target of implementing a full ban of all scrap imports by the end of 2020 leaving US recyclers in a lurch.
China’s ferrous futures tumbled in the first hour of trading on June 26 but went on to recover most of those losses before the conclusion of the morning session.
Major Chinese steel mills’ daily crude steel output rates moved up in early June, along with their finished steel inventory levels.