EUROPEAN MORNING BRIEF 02/02: SHFE nickel prices strengthen; Goldman raises copper price projection; copper concs TC/RCs dive

Good morning from Metal Bulletin’s offices in Shanghai as we bring you the latest news and pricing stories on Friday February 2.

Nickel prices on the Shanghai Futures Exchange were the standout performers during Asian morning trading on Friday, benefiting from follow-through strength after a strong performance by the metal on the London Metal Exchange in the previous session as well as supply concerns in the market.

Check Metal Bulletin’s live futures report here.

LME snapshot at 02.00 am London time
Latest three-month LME Prices
Price ($ per tonne)  Change since yesterday’s close ($)
Copper 7,119 0
Aluminium 2,225 0
Lead 2,671 6
Zinc 3,542 -15
Tin 21,500 100
Nickel 13,920 -80

SHFE snapshot at 10.00 am Shanghai time
Most-traded SHFE contracts
Price (yuan per tonne)  Change since yesterday’s close (yuan)
Copper (March) 53,040 60
Aluminium(March) 14,365 30
Zinc(March) 26,750 80
Lead(March) 19,685 115
Tin (May) 148,920 -350
Nickel (May) 105,060 2,970

Investment bank Goldman Sachs raised projections for the price of copper in 2018 from $7,050 per tonne to $8,000 per tonne, with a growing gap expected between supply and demand.

Treatment and refining charges (TC/RCs) for spot market copper concentrates dropped significantly during the second half of January, with smelters coming to the market for tonnages below benchmark rates and mine sales going at aggressive numbers.

Novelis has touted the earnings results for its fiscal third quarter 2018 as a solid baseline for considering future growth options, top executives said during a conference call on Thursday.

The aluminium market in the United States is in the crosshairs of outside political pressure and a natural deficit in primary supply, and is seeking a source of clarity and transparency with its premium assessments, American Metal Market has learned.

Aggressive overseas demand is putting the heat on brass ingot makers in the US and has propelled some brass scrap prices to a nearly three-and-a-half-year high.

Slowing spot demand caught up with the molybdic oxide and ferro-molybdenum markets this week, with prices dropping after suppliers cut their offer prices to book profits following a strong rally in recent weeks.

What to read next
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
Fastmarkets’ 2025 outlook for key raw materials and ingredients used in the production and distribution of fast-moving consumer goods.
Vale Base Metals plans to boost annual copper production to 700,000 tonnes by 2035, aiming to become a top-five global producer of nickel and copper. CEO Shaun Usmar highlights a focus on productivity, cost optimization and sustainable growth. With strong assets in Canada and Brazil, Vale is well-positioned to meet rising global demand.
Fastmarkets has corrected its fob Australia alumina index, which was published incorrectly on Monday June 2 and Tuesday June 3 due to a back-end calculation error. Fastmarkets has also corrected all the related inferred indices. On June 2 the following prices were published incorrectly: Fastmarkets’ MB-ALU-0002 Alumina index, fob Australia, was published in error as $375.59 per […]
Mexico’s strategic role in automotive nearshoring is fueling demand for recycled aluminium, with investment in scrap-intensive sectors boosting its non-ferrous secondary markets. Despite tariff uncertainties, USMCA compliance and EV production growth continue to attract global manufacturers.
Goldcorp founder Rob McEwen is back in the spotlight with a bold bet on copper in Argentina. The $2.5 billion Los Azules project, set to become Argentina’s first major copper mine in over 30 years, is reshaping the country’s mining industry while raising sustainability standards. Positioned as a key player in addressing a global copper shortage, the project highlights innovation, persistence and a commitment to meeting the growing demand from global electrification.