EUROPEAN MORNING BRIEF 07/12: SHFE copper edges higher; second Q1 MJP ali deal done at $103/t; CME Shanghai copper premium contract trades for first time
Good morning from Metal Bulletin’s office in Shanghai, bringing the latest news and pricing stories on Thursday December 7.
Copper prices on the Shanghai Futures Exchange edged higher during Asian morning trading on Thursday, with the red metal’s weakness of late seeming to attract some dip buying.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 02.16am London time|
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|Change since yesterday’s close ($)|
|SHFE snapshot at 10.15am Shanghai time|
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A major end-user has concluded a deal for aluminium supply to main Japanese ports (MJP) in the first quarter of 2018 at a premium of $103 per tonne with a producer for a total of 2,000 tonnes, the consumer told Metal Bulletin on Thursday. This marks the second deal concluded at this level.
Initial trades on the CME’s copper cif Shanghai futures contract have pegged physical premiums for Grade A cathodes at $65 per tonne for the first quarter of 2018.
The spot gold price was flat to weaker during Asian morning trading on Thursday, with a persistent risk-on tone in the market and a firmer dollar keeping the yellow metal under pressure.
Metal Bulletin looks at the past seven years of warehousing, highlighting key developments and reflecting on changes, including the London Metal Exchange’s reform and the Vlissingen journey, and changes yet to come, such as higher interest rates and increased volatility in LME spreads.
Read the special warehousing report here.
The US Commerce Department’s affirmative ruling in duty-circumvention cases targeting cold-rolled and coated flat-rolled steel from Vietnam could be a “game-changer” for the domestic steel industry, according to some industry analysts.
Demand for steel billet in Egypt is expected to increase over the next several years because of favorable market conditions, Metal Bulletin has learned during its 21st Middle East Iron & Steel Conference in Dubai.