Base metals traded on the Shanghai Futures Exchange took divergent paths during Asian morning trading on Tuesday, with copper consolidating after its push higher over the past week.
The most-traded copper contract on the SHFE was at 50,550 yuan ($8,048) per tonne as of 10.53am Shanghai time, up by 160 yuan per tonne from Monday’s closing price. Around 145,000 lots of the contract have traded so far.
Check Metal Bulletin’s live futures report here.
As trade wars heat up, China has dealt the US aluminium scrap industry a serious blow and created mayhem by officially slapping a blanket 25% tariff on recycled aluminium from the United States, effective Monday April 2.
Spot alumina prices soared 27.8% over the course of March, with buyers forced to pay up for units while Hydro’s Alunorte refinery operates at 50% of its capacity.
In ferro-alloys, Chinese ferro-silicon prices continued their downward trend over the past week, pressured by ample stocks and a negative outlook for the market due to weakness in the country’s steel sector.
Meanwhile, import prices for rebar and wire rod in Southeast Asia slumped further over the past week amid bearish sentiment among buyers, subdued trading activity and fluctuations in China’s steel futures market.