Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Wednesday, with risk sentiment deteriorating amid confusion over whether much progress was made during US-China trade talks this past weekend.
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Global aluminium premiums found no respite from the bearish impact of the backwardation in London Metal Exchange forward price spreads, which widened further this past week, pressuring suppliers to offer discounts to liquidate stocks
and minimize risk exposure before the end of the year.
China Molybdenum Co will take direct control of metals trader IXM
in a $495-million buyout of a fund it set up to originally purchase the firm from Louis Dreyfus, according to a notice issued on the Hong Kong Stock Exchange on Tuesday.
The price for A380.1 aluminium alloy softened in the United States on Monday
, tightening the spread between the benchmark secondary aluminium alloy and nonferrous auto shred while some alloy producers lowered offers to lure diecasters into the spot market.
The aluminium mill-grade scrap market in the United States is showing further signs of wear
, with prices shrugging off steep gains on the London Metal Exchange due to ample supply and limited demand.
Global ferro-vanadium prices weakened last week
due to trader profit-taking amid sluggish spot market demand.
Market participants held back on trading low-grade manganese ore on fears of further price drops in the run-up to year end
, Fastmarkets learned in the latest pricing session in the week ended November 30.