EUROPEAN MORNING BRIEF 30/04: SHFE closed for holidays; LME base metals prices up except for nickel; copper market to rebound in 2018, ICSG says

Good morning from Metal Bulletin’s office in Singapore as we bring you the latest news and pricing stories on Monday April 30.

Base metal prices on the London Metal Exchange were broadly up during Asian morning trading on Monday, following the release of positive Chinese economic data and an easing in geopolitical tensions.

The Shanghai Futures Exchange is closed on April 30 and May 1 due to public holidays in China.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03.19 am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session’s close ($)
Copper 6,811.50 14.5
Aluminium 2,235.50 12.5
Lead 2,347 1
Zinc 3,137.50 16.5
Tin 21,010 110
Nickel 13,760 -125

The global refined copper market is expected to rebound from last year’s 163,000-tonne deficit to record a modest 40,000-tonne surplus in 2018 before falling back to a 330,000-tonne deficit in 2019, according to the International Copper Study Group (ICSG).

The US aluminium market has found little relief from high premiums despite the extension of the deadline for US companies to unwind dealings with sanctioned Russian aluminium producer UC Rusal.

Despite healthy economic fundamentals across metals markets, Sucden Financial forecasts further volatility on the horizon for aluminium. 

Southern Copper Corp increased its core earnings in the first quarter of 2018, with higher metals prices giving a positive boost to sales revenues despite a decline in copper production.

The US government’s easing of sanctions on Rusal benefits the Russian aluminium producer’s employees, US consumers of the metal – and any potential buyers of Oleg Deripaska’s shareholding, writes Lord Copper.

What to read next
Fastmarkets has launched MB-AL-0424 Aluminium P1020A premium, fob Indonesia, $/tonne on July 9 due to an expected increase in Indonesia-origin aluminium exports. MB-AL-0424 Aluminium P1020A premium, fob Indonesia, $/tonneQuality: P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) in line with LME specifications. Ingot, T-bar, sowQuantity: Min 500 tonnesLocation: FOB IndonesiaTiming: […]
To increase the transparency of our methodology, Fastmarkets clarifies that the quotation period of the MHP nickel payable indicator is the month of delivery, or the month M. Any data points Fastmarkets received otherwise will be normalized to the M month based on the monthly spreads of the prevailing exchange-traded Class-1 nickel reference price, or […]
'Probably miscalculated’ assumptions at Kakula mine force Ivanhoe to overhaul entire Kamoa-Kakula complex, explains CEO Marna Cloete.
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
Fastmarkets’ 2025 outlook for key raw materials and ingredients used in the production and distribution of fast-moving consumer goods.
Vale Base Metals plans to boost annual copper production to 700,000 tonnes by 2035, aiming to become a top-five global producer of nickel and copper. CEO Shaun Usmar highlights a focus on productivity, cost optimization and sustainable growth. With strong assets in Canada and Brazil, Vale is well-positioned to meet rising global demand.