This morning in metals news, copper and aluminum prices drop, Japanese steel exports fall and the U.S. and Canada still remain without a new deal vis-a-vis North American Free Trade Agreement (NAFTA) renegotiation efforts.
Copper, Aluminum Prices Fall on Scaledown of China’s Winer Cuts
Copper and aluminum prices were both down Friday, partially stemming from news in China regarding its regimen of winter capacity cuts (aimed at reducing rampant pollution in the country).
According to Reuters, China’s decision to shy away from blanket winter cuts saw to a drop in copper and aluminum prices.
MetalMiner’s Take: LME copper prices decreased slightly this week.
However, LME copper prices have shown strength in September. Copper prices breached the $6,000/mt ceiling, back to July levels.
Meanwhile, LME aluminum prices traded more sideways this month.
China’s environmental curbs may create upward movement for the base metal, despite the decrease SHFE aluminum showed yesterday.
Winter cuts may reduce aluminum availability in a supply-concerned market.
Japan’s Steel Exports Drop
Japan’s August steel exports were down 0.9% compared with August 2017, according to S&P Global Platts.
However, exports were up 3.9% compared with July totals, according to the report.
NAFTA Standstill Continues
The U.S. and Canada have continued without having reached a deal on NAFTA, a month after the U.S. touted a preliminary deal with Mexico.
According to Reuters, the U.S. plans on releasing the text of its trade agreement with Mexico, one that largely excludes Canada, according to lawmakers briefed on the text Thursday.