Base metal prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Wednesday amid a rise in risk-off sentiment stemming from weakness in global equity markets and a collapse in oil prices. Members of the European Parliament and the European Union Council of Ministers have reached a provisional agreement on a limit for cadmium content in phosphate fertilizers sold within the EU.
Chinese buyers have been reluctant to commit to long-term contracts for cobalt raw materials for 2019 during this year’s mating season, Fastmarkets MB has learned. Turkish steel mills have continued to hold back from making deep-sea scrap purchases due to fear of product outflow from China, sources said on Tuesday. Vedanta unit Sterlite Copper intends to ship a portion of its copper concentrate inventories accrued before it declared force majeure in April, sources with knowledge of the situation told Fastmarkets MB.
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