EUROPEAN MORNING BRIEF 04/12: Most SHFE base metals prices retreat; Glencore lowers cobalt production forecast at Katanga; Chinese FeSi price extends gains

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Tuesday December 4.

Base metals prices, bar those for tin, on the Shanghai Futures Exchange were all down during Asia morning trading on Tuesday, with investors taking profits following the strong performance by the complex on Monday.

Check Fastmarkets MB’s live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

United Kingdom-listed miner and commodities trader Glencore has revised downward by 8,000 tonnes its forecast for cobalt production in 2019 from its Katanga mine in the Democratic Republic of Congo, following a suspension of exports.

The Chinese ferro-silicon market has added to recent price increases amid persistent demand from steel mills in the week ended Friday November 30, while in Europe prices are under pressure after reports of new deals, with long-term delivery negotiations in focus.

Ferro-chrome spot prices in China were unchanged in the week ended Friday November 30 after the drop in tender prices to December from November was smaller than expected.

Brazil’s primary aluminium production continued to slow in October, according to local aluminium association Abal.

Chile’s state-owned copper producer Codelco has reached an agreement with workers from its Ministro Hales division for wage raises, the company stated on Saturday December 1.

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