EUROPEAN MORNING BRIEF 19/01: SHFE aluminium, lead prices strengthen; zinc, lead markets log deficits in Oct-Nov 2017; Hudbay exceeds copper output guidance

Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Friday January 19.

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Base metals prices on the Shanghai Futures Exchange gave a varied performance during Asian morning trading on Friday, with aluminium and lead prices pushing higher, while the rest were little changed to weaker.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03.13am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session's close ($)
Copper 7,093 16.5
Aluminium 2,197 -6
Lead 2,600 -10.5
Zinc 3,384 7.5
Tin 20,470 40
Nickel 12,370 -100

SHFE snapshot at 10.56am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since previous session's close (yuan)
Copper (March) 53,650 -20
Aluminium (March) 14,730 110
Zinc (March) 25,975 -20
Lead (February) 19,485 155
Tin  (May) 144,550 780
Nickel  (May) 96,080 -700

The global refined zinc and lead markets posted steep supply deficits in the first 11 months of 2017, according to preliminary data from the International Lead and Zinc Study Group.

HudBay Minerals Inc surpassed its 2017 copper production guidance but expects production to decline this year, the company said on Wednesday January 17.

Some copper scrap suppliers are shifting their focus overseas due to spotty demand in the US domestic market and more aggressive foreign offers.

Exporters of Commonwealth of Independent States-origin pig iron have held high prices on low material availability, while buyers are in wait-and-see mode amid high stocks.

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