ASIAN MORNING BRIEF 07/12: Copper logs small gain on LME; MB launches new aluminium arb tool; CME Shanghai copper premium contract trades for first time
The latest news and price moves to start the Asian day on Thursday December 7.
Three-month copper on the London Metal Exchange made a mild comeback on Wednesday December 6 but the red metal still looks a bit weak after posting the largest single-day loss in more than two years during the prior session. Read more in our live futures report.
Here are how prices looked at the end of the day on Wednesday.
Metal Bulletin has launched a new tool that provides a monthly indication of the differential between the all-in cost to deliver aluminium purchased via LME clearing from registered warehouses in Asia to the US Midwest.
Initial trades on the CME’s copper cif Shanghai futures contract have pegged physical premiums for Grade A cathodes at $65 per tonne for the first quarter of 2018.
Demand for steel billet in Egypt is expected to increase over the next several years due to favorable market conditions, Metal Bulletin learned during its 21st Middle East Iron & Steel Conference in Dubai.
Vale is increasing its iron ore pellet production to respond to strong market demand, ferrous minerals and coal executive director Peter Poppinga said at the Brazilian miner’s annual investor day at the New York Stock Exchange. The company also expects its profits to rise by $1.2-2 billion by 2020 as part of its focus on improved competitiveness.
Saudi Arabian flat steel reroller and coater Unicoil is focused on fair trade both within the country and other Gulf Cooperation Council member states, the company’s chief executive officer said.
Vietnamese cold-rolled and coated flat steel products made from China-origin substrate is circumventing duties payable in the United States, the US Department of Commerce said in a preliminary determination on December 5, with cash deposits set as high as 522.23%.
Global copper premiums were largely unchanged on Tuesday, with activity in the spot market minimal while participants finalize 2018 annual supply contracts before the holiday season arrives.
Nickel premiums rose globally on a positive import arbitrage in China, tight supply in Europe and increased demand in the United States.
Family owned Verbrugge Terminals is expanding its standalone presence in base metals warehousing with a new terminal in Vlissingen, southwestern Netherlands, for handling and storing copper, lead and zinc concentrates, director Anton Verbrugge told Metal Bulletin.
Macquarie has appointed Thomas Price as head of commodities research effective January 2, 2018.
The takeover of Worldwide Warehouse Solutions was not a completely smooth transition but new chairman Ben Dunn is positive the company is on the right track.