EUROPEAN MORNING BRIEF 15/06

(MB) Base metals prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Friday June 15, pressured by a strengthening US dollar. Anglo American has sold a 21.9% equity interest in Quellaveco SA (AAQSA) for $600 million to Mitsubishi Corporation, and will use the money as capital expenditure for the development of the copper project in Peru, the company said in an announcement on June 14. A gap between the three-month prices of zinc and lead on the London Metal Exchange could generally narrow and become more settled in the coming weeks after an extended period of flux, market participants suggested. Chinese electrolytic aluminium production reached 2.79 million tonnes in May, up 1.5% from the same period last year, according to data released by the National Bureau of Statistics (NBS) on Thursday June 14.  European spot prices for molybdic oxide have decreased so far this week on lower deals done in Europe and in Asia, with ferro-molybdenum tracking the move while there is relatively low buying interest, sources said.  Tharisa has acquired a 26.8% stake in Karo Mining Holding, a platinum group metals (PGM) and base metals project in Zimbabwe, for $4.5 million, the South African chrome miner has announced.