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Base metals prices on the Shanghai Futures Exchange had a mixed start on Tuesday, with market participants remaining cautious ahead of a major speech by Chinese President Xi Jinping.
Copper prices were little changed, aluminium and zinc prices edged up, while the rest of the base metals complex weakened.
Check Fastmarket MB’s live futures report here.
Ferro-chrome, chrome ore prices in China managed to halt their recent decline last week despite bearish sentiment.
Both European and Chinese antimony prices were unchanged in the pricing week ending on Friday December 14 amid thin trading activities and persistently weak demand from downstream markets.
Alumina prices hitting a record high this year has changed the market’s outlook for 2019, with traders adapting a cautiously bullish approach.
Copper smelters across Asia are following concentrate treatment and refining charge terms agreed by Antofagasta and Jiangxi Copper, which are serving as a benchmark in contracts, sources taking part in the negotiations told Fastmarkets.
China’s recycled copper production is expected to reach 3.5 million tonnes per year by 2020, up 9% from 2017, according to Zhang Xizhong, vice president of the recycling branch of China’s non-ferrous metals association CNMIA.