ASIAN MORNING BRIEF 20/11: Nickel futures hit hard; Shanghai copper premiums may rise; Antofagasta targets record output
The latest news and price moves to start the Asian day on Tuesday November 20.
Nickel futures on the London Metal Exchange continue to trade at their lowest level since December 2017 while supply disruptions from Indonesia are helping boost tin prices back toward $20,000 per tonne. Read more here in our live futures report.
Here is how prices looked at the close of trading:
Unwavering demand for refined copper following China’s ban of category 7 copper scrap imports and tighter refined copper cathodes supply from overseas may lead to higher spot copper premiums cif Shanghai in the first half of 2019, Awin Resources deputy general manager Danny Ju told Fastmarkets in a recent interview.
Antofagasta will target record copper output in 2019 while expecting the market to head into a small deficit next year, boosting copper prices, chief executive officer Ivan Arriagada said in an interview with Fastmarkets.
Commonwealth of Independent States export slab prices continued to decline in the week ended November 19, spurred by the weakening in the finished flat steel sectors both in the CIS and in the global markets, Southeast Asia in particular.
Fastmarkets summarizes five key points we learned from the 2018 International Chromium Development Association Conference in Baotou, China’s Inner Mongolia Autonomous Region, over November 6-8.
London-listed NQ Minerals plc has signed an additional marketing and offtake agreement with Traxys Europe SA, adding to an arrangement signed with the commodities firm in August.
Ross Miles has joined Viant Commodities as a trader based in London after leaving Kyen Resources following the latter’s recent financial troubles.