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Nickel prices on the Shanghai Futures Exchange (SHFE) tracked those on the London Metal Exchange (LME) higher during Asian morning trading on Friday May 25 as the US dollar weakened overnight.
Check Metal Bulletin’s live futures report here.
Copper and brass scrap markets held mostly steady in the United States over the past week, with market participants anxiously waiting to see if China’s North America inspections division will resume operations in early June.
The Indian government has launched a disputes proceeding at the World Trade Organisation (WTO), protesting the United States’ imposition of duties of 25% on imports of India-made steel and 10% duties on aluminium products.
Chinese customs agents have impounded 16,000 tonnes of lead concentrates they allege is secondary waste material shipped into the country by Swiss miner-trader Glencore, sources with knowledge of the matter told Metal Bulletin.
A freezing order on copper-cobalt assets held by Katanga Mining in the Democratic Republic of Congo (DRC) has not so far had any material effect on the Glencore subsidiary’s operations, it said last week.
The London Metal Exchange is expected to publish its white paper on responsible sourcing of metal by around the start of July and is planning to publicly name companies that do not formally respond to a producer survey on standards by the end of the year, the exchange’s chief executive officer said.
A sharp increase in manganese ore market liquidity over the past two weeks reflects renewed consumer interest after price falls and fresh position-taking by traders, according to market participants.
Veteran cobalt trader Tony Southgate will leave his role as head of strategic cobalt marketing at ERG within the next three months, Metal Bulletin understands.