EUROPEAN MORNING BRIEF 02/01: Copper prices fall; High-grade manganese ore price dip; CSPT members agree to 2018 TC/RCs

Good morning from Metal Bulletin’s offices in Asia, bringing the key news and market stories on Tuesday January 2.

January 2, 2018

By Ellie Wang

Copper prices on the Shanghai Futures Exchange (SHFE) fell during the Asian morning session on the first trading day of 2018 after China’s official Purchasing Managers’ Index (PMI) came in below market expectations.

Check Metal Bulletin’s live futures report here.

LME snapshot at 0251 London time
Latest 3M LME Prices
	Price ($/t)	Change since yesterday’s close ($)
Copper	7216.5	-35
Aluminium	2262	-18
Lead	2396.5	-101.5
Zinc	3296	-20
Tin	20000	5
Nickel	12520	-125

SHFE snapshot at 0251 Shanghai time
Most traded SHFE contracts
	Price (yuan/t)	Change since yesterday’s close (yuan)
Copper (Feb)	54970	-500
Aluminium (Feb)	15065	-160
Zinc (Feb)	25760	35
Lead (Feb)	18970	-200
Tin (Jan)	143240	440
Nickel (Jan)	97400	1000

High-grade manganese ore prices edged lower on Friday December 29 as fresh customs data showed rising imports to China and silico-manganese futures prices looked weaker.

All members of the China Smelters Purchase Team (CSPT) have agreed to adopt $82.25 per tonne and 8.225 cents per lb as the benchmark for treatment and refining charges (TC/RCs) in 2018, the CSPT told Metal Bulletin on Friday December 29.

Market participants continue to hold a positive view on Asian aluminium premiums heading into 2018, with premiums in the region expected to stay relatively well-supported, although some note that large upside gains may be checked by ample supply.

Turkey’s imports of flat steel increased by 25.09% year on year in November 2017, according to the Turkish Statistical Institute (TUIK).

The Turkish deep-sea scrap market remained quiet at the end of last week due to the New Year holiday period.