EUROPEAN MORNING BRIEF 01/08: Contango boosts Chinese Cu premiums; global ali wrap; Orocobre’s lithium production, prices up in Q2
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Wednesday August 1.
Base metals prices on the Shanghai Futures Exchange were split into two camps at the end of morning trading on Wednesday, with nickel, zinc and copper edging higher, while the rest weakened.
The base metals markets remained choppy ahead of major data releases later today, which include the US Federal Reserve’s rate decision and statement.
Check Metal Bulletin’s live futures report here.
Copper cathode premiums in China rose in the week to Tuesday with a stable contango in London Metal Exchange forward price spreads boosting sellers’ resolve to deal at higher levels.
An upward correction in aluminium premiums at the Dutch port of Rotterdam got underway in the week to Tuesday after a persistent contango in London Metal Exchange forward price spreads fueled bullish sentiment in the market.
Orocobre has confirmed a quarter-on-quarter increase in output of lithium carbonate at its Olaroz Lithium unit by 28% to 3,596 tonnes in the second quarter of 2018 from 2,802 tonnes.
Tawana Resources NL does not rule out the production of lithium spodumene for hydroxide production at its flagship Bald Hill lithium mine in Australia in the future.
East China’s Shagang has increased the prices for its long steel products for shipment in early August.