The majority of base metals prices on the Shanghai Futures Exchange ended the morning trading session on Monday in positive territory, with only copper and lead bucking the general strength. The US Midwest aluminium premium has clawed its way back to higher ground, although market participants are concerned that another US government move on trade tariffs could potentially derail the correction.
Earnings at Brazilian flat steel and iron ore producer Usiminas dropped by 30.8% year on year in the second quarter of 2018, on lower steel production volumes and higher expenses.
Optimism is fading in the secondary aluminium scrap market in the United States, with mounting supplies and thin demand leading to continued erosion in prices.
