The recent surge in copper prices might not lead to swathes of scrap being suddenly released into the market, as happened after a similar situation nearly a decade ago, sources told Fastmarkets this week.

Base metals prices on the London Metal Exchange were once again mainly stronger this morning, Tuesday December 1, helped by strong Chinese Caixin manufacturing purchasing managers’ index (PMI) data, but Shanghai Futures Exchange prices were more polarized.

Base metals prices were mainly stronger this morning, Monday November 30, helped by strong Chinese manufacturing purchasing managers’ index (PMI) data and a weaker dollar, but some of the metals are starting to look tired.

Deshnee Naidoo has been appointed as director, finance & business development, base metals, at Brazilian miner Vale, Fastmarkets understands.

The base metals remain buoyant on good volumes this morning, Friday November 27, but equity indices were looking mixed.

Markets were generally buoyant this morning, Thursday November 26, with more certainty on the horizon than of late, helped by US president-elect Joe Biden’s transition to the White House and with a rollout of the vaccines now insight, if things go according to plan.

Base metals prices on the London Metal Exchange were mixed this morning, Wednesday November 25, as were those on the Shanghai Futures Exchange, but overall they seem to be consolidating in high ground, with copper having set a fresh high for the year at $7,360 per tonne earlier this morning.

The three-month copper price on the London Metal Exchange rose to a peak not seen since June 2018 this morning, Tuesday November 24, pulling the rest of the complex higher after a day of correction on Monday.

The base metals on the London Metal Exchange were firmer across the board this morning, Tuesday November 24, although those on the Shanghai Futures Exchange were mixed following the weakness seen on the LME on Monday.

The base metals were mixed this morning, Monday November 23, but the underlying trends remain bullish following recent fresh highs in most of the metals.