EUROPEAN MORNING BRIEF 07/12: SHFE base metals mixed; US No2 copper scrap price tightens; European ferro-moly price tracks oxide market higher
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Friday December 7.
Base metals prices traded on the Shanghai Futures Exchange exhibited mixed movements during Asian morning trading on Friday, with concerns over trade tensions between China and the United States continuing to dampen sentiment.
Check Fastmarkets MB’s live futures report here.
Offshore competition for No2 copper scrap is continuing to put upward pressure on the price in the US market, while some brass scrap prices softened.
The European ferro-molybdenum market has climbed almost 2.5% in trading by the midweek pricing session on Wednesday, tracking a previous increase in the oxide market, with alloy prices now back to a level last seen on September 14.
Lower lithium prices than a year ago have led to differing price expectations between producers and consumers of lithium compounds in their negotiations for 2019 supply contracts.
Chinese lithium producer Tianqi Lithium has purchased 23.77% of A shares in Sociedad Quimica y Minera, which were previously owned by Canada’s Nutrien.