This Morning in Metals: Anglo American signs 10-year deal for LNG-fueled vessels

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LNG vessel

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This morning in metals news: miner Anglo American has signed a 10-year contract to add vessels fueled by liquefied natural gas, or LNG, to its fleet; jobless rates fell in 37 states in October; and copper prices retraced slightly.

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Anglo American welcomes new vessels fueled by LNG

Earlier this month, miner Anglo American hailed the future addition to its fleet of four new vessels fueled by LNG.

“The new build LNG vessels offer significant environmental benefits, including a c.35% cut in CO2 emissions compared to standard marine fuel, while also using new technology to eliminate the release of unburnt methane, or so-called ‘methane slip,'” the miner said in a release.

Shanghai Waigaoqiao Shipbuilding in China will build the fleet, which is expected to be delivered in 2023.

Jobless rates down in 37 states

Aside from the Anglo American LNG news, jobless rates in October fell in 37 U.S. states, according to the Bureau of Labor Statistics.

Furthermore, the national unemployment rate fell by 1.0 percentage point to 6.9%. However, the rate marked a 3.3-percentage-point increase from the October 2019 rate.

Copper falls slightly

The LME three-month copper price has been on a relentless rise since late March.

After taking somewhat of a breather in September, copper continued its ascent in October and the first half of November.

Copper closed Thursday at $7,046 per metric ton, or up 3.07% month over month. However, the price dipped a little over 1% this week after opening the week at $7,128 per metric ton.

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