EUROPEAN MORNING BRIEF 05/11: SHFE base metal prices down on dashed hopes of a US-China settlement; Ferro-chrome prices fall; Upcoming copper conference

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Monday November 5.

Most base metals prices on the Shanghai Futures Exchange fell during Asian trading hours on Monday November 5, as buoyant hopes last week over a possible resolution to the ongoing trade war between the United States and China were punctured by White House economic adviser Larry Kudlow stating a deal was not imminent.

Check Fastmarket MB’s live futures report here.

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For one week next week, Shanghai, China’s economic center, will become the center of the global copper industry - representatives from miners, consumers, banks and brokers will convene for the annual Cesco Week.

It has been a bearish week for ferro-chrome in China and Europe.

China’s domestic spot battery-grade lithium carbonate prices stabilized this week, after last week’s producer hikes brought an end to a year-long downturn.

A massive backwardation on copper forward price spreads on the London Metal Exchange has collapsed after market tightness was eased by a delivery of 44,950 tonnes of metal into exchange sheds, Fastmarkets heard on Friday November 2.

South Korea’s Public Procurement Service (PPS) has floated two tenders for the procurement of a total of 150 tonnes of nickel, according to a notice posted on its website.

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