EUROPEAN MORNING BRIEF 03/12: SHFE base metals prices broadly higher on postive rhetoric from G20 summit; UMK declares force majeure on Mn ores shipment; US Al premium falls
Good morning from FastMarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Monday December 4.
All base metals prices on the Shanghai Futures Exchange moved higher during Asian morning trading on Monday December 3, benefiting from the positive sentiment after the agreement by Chinese President Xi Jinping and US President Donald Trump to find a solution to the trade war between the two nations at the Group of Twenty (20) summit in Argentina over the weekend.
Check Fastmarkets MB live futures report here.
South African manganese ore miner United Manganese of Kalahari (UMK) has declared force majeure on manganese ore shipments from the port of Saldanha, Fastmarkets MB understands.
US A380.1 and A413.1 prices edged lower on Thursday November 29, with some producers discounting offers to capture additional sales for December while others were keeping offer levels steady during ongoing contract discussions.
The P1020 aluminium premium edged lower in the United States on Friday November 30, with sellers lowering offer levels in an effort to attract disinterested buyers.
Manganese miners have reported a sharp drop in demand from manganese alloy smelters in China due to their preference for buying ore from Chinese ports in a bid to keep costs and inventories low ahead of the end of the year.
Open interest in the CME’s aluminium European duty-paid premium contract hit an all-time high at the end of November, boosted by efforts to lock in premiums given wide forward spreads.
Cobalt price fell gain pace on year-end sales pressure; meanwhile China’s battery-grade lithium carbonate prices held steady on slow buying activities in the run up to the end of the year. Click here for the latest battery raw materials market report.