EUROPEAN MORNING BRIEF 04/05: SHFE zinc prices spooked by LME weakness; China suspends US non-ferrous scrap exports; copper market outlook darkens
Good morning from Metal Bulletin’s office in Singapore as we bring you the latest news and pricing stories on Friday May 4.
Base metal prices on the Shanghai Futures Exchange diverged during Asian morning trading on Friday, with zinc prices spooked by the overnight weakness on the London Metal Exchange.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 03.48 am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since previous session’s close ($)|
|SHFE snapshot at 10.47 am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since previous session’s close (yuan)|
US non-ferrous scrap exports to China have been brought to a screeching halt on news that the Chinese government has implemented a 30-day suspension on its North America customs inspections division.
The global copper market could be in for a turbulent second half of the year due to continued uncertainty surrounding a potential trade war between the United States and China, according to INTL FCStone analyst Edward Meir.
South Africa and New Zealand’s non-exemption from the United States’ Section 232 import tariffs is likely to have limited impact on Asian aluminium supply, and hence premiums, market participants told Metal Bulletin.
Tesla is cutting its reliance on cobalt in its electric vehicle (EV) batteries while raising nickel content in order to increase the energy density of the units.
Nyrstar’s earnings before interest, taxes, depreciation, and amortization (Ebitda) for the first quarter of 2018 fell by €3 million ($3.6 billion) or 5.5% year on year to €54 million, the company said on Thursday.