EUROPEAN MORNING BRIEF 15/01: Most SHFE base metals prices weaker; Sherritt raises Ambatovy nickel, cobalt guidance; ABI smelter lockout pressures US Midwest Ali premium

Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Monday January 15.

January 15, 2018

Base metals prices on the Shanghai Futures Exchange were mostly lower during Asian morning trading on Monday after consolidation set in following last week’s gains, with only aluminium and nickel prices moving higher so far in the morning.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03.04am London time
Latest three-month LME Prices
	Price ($ per tonne)	Change since previous session’s close ($)
Copper	7,195	85
Aluminium	2,238	24
Lead	2,557.50	22.5
Zinc	3,415	31.5
Tin	20,290	15
Nickel	12,835	110

SHFE snapshot at 11.04am Shanghai time
Most-traded SHFE contracts
	Price (yuan per tonne)	Change since previous session’s close (yuan)
Copper (March)	54,700	-100
Aluminium (March)	15,180	90
Zinc (March)	26,285	-90
Lead (February)	19,120	-130
Tin (May)	145,300	-100
Nickel (May)	99,900	330

Sherritt International Corp expects finished nickel and cobalt production at its Ambatovy mine in Madagascar to rise in 2018, the company said last Friday.

News of the lockout at Aluminerie de Bécancour Inc’s (ABI’s) aluminium smelter in the Canadian province of Quebec appears to be the catalyst of the US Midwest P1020 premium’s push into double-digit territory, market participants told American Metal Market.

The US International Trade Commission has voted to allow a self-initiated Commerce Department anti-dumping and countervailing duty investigation into imports of Chinese common alloy aluminium sheet to continue, the agency said on Friday.

Price trends in the global billet market diverged in the week ended Friday January 12 because of a number of factors.

Export prices of steel billet from Latin America increased last week, amid higher global prices, Metal Bulletin has learned.