EUROPEAN MORNING BRIEF 07/11: SHFE base metal prices down on skepticism over US-China trade settlement; cobalt hydroxide supply rise causes slowdown

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday November 7.

Base metals prices on the Shanghai Futures Exchange were down across the board during Asian trading hours, as skepticism once again washed over previous positive sentiment brought by Chinese President Xi Jinping’s promise to open the country’s economy to the world.

Check Fastmarket MB’s live futures report here.

Long-term contracts for cobalt hydroxide supply in 2019 have been heavily weighted towards lower payables year on year, with discussions centered around increasing availability of intermediates.

Chinese export prices for ferro-vanadium and vanadium pentoxide have held steady over the past week due to lackluster activity, with domestic prices remaining more favorable, while the European markets continued to gain strength on increased activity.

Secondary aluminium alloy prices were flat across the board in the United States on Monday November 5 due to weak spot activity and a slight narrowing in the A380.1-twitch spread.

Copper prices are projected to range from $6,000-6,500 per tonne in November, according to INTL FCStone analyst Edward Meir.

China has lost its status as the top buyer of copper scrap from the United States for the first time in at least 16 years, US Census Bureau data show, which breaks down monthly volumes by country dating only to 2002.