EUROPEAN MORNING BRIEF 01/06: Nafta talks under threat after Trump imposes metal duties; global Mn ore output falls 2.8% in April, SiMn production down 8.1%

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday June 1.

Base metals prices, with the exception of zinc, on the Shanghai Futures Exchange were all up during Asian morning trading on Friday.

Nickel prices outperformed, tracking the recent strength of prices on the London Metal Exchange, while aluminium prices were supported by news that the United States will impose Section 232 tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03:29am London time
Latest three-month LME Prices
($ per tonne)
 Change since yesterday’s close ($)
Copper 6,854.50 2.5
Aluminium 2,294.50 2.5
Lead 2,457 -1
Zinc 3,118 18
Tin 20,760 160
Nickel 15,490 270

SHFE snapshot at 10:47am Shanghai time
Most-traded SHFE contracts
(yuan per tonne)
 Change since yesterday’s close (yuan)
Copper  51,460 80
Aluminium 14,615 25
Zinc 24,300 -120
Lead 19,960 20
Tin  155,270 280
Nickel  117,480 2,660

The prospects of a successful conclusion to the ongoing talks to renew the North American Free Trade Agreement (Nafta) have taken a heavy blow from US President Donald Trump’s decision on Thursday to impose duties on steel and aluminium products from Canada and Mexico at 25% and 10%, respectively.

The latest data from the International Manganese Institute showed world manganese ore supply totaled 1.68 million dry metric tonnes in April, down 2.8% compared with March, while silico-manganese production fell 8.1% globally in the same comparison.

East China’s Shagang has increased the prices for its long steel products for shipment in early June.

Cobalt prices fell midweek amid slower spot demand and easing immediate supply concerns, Metal Bulletin heard on Thursday.