EUROPEAN MORNING BRIEF 08/05: SHFE base metals prices up, except tin; US Ali imports reach new highs in March; copper market logs small surplus in Jan
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Tuesday May 8.
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Tuesday, albeit with marginal gains amid renewed dollar strength. Tin bucked the general positivity, however, with prices dipping by 0.6%.
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US imports of unwrought aluminium soared to new highs in March, coinciding with Section 232 steel and aluminium tariffs signed into law by US President Donald Trump that month.
The global copper market remained balanced at the start of 2018, with a refined surplus of 33,000 tonnes in January, according to International Copper Study Group (ICSG) data.
Copper market participants throughout the United States converged this week at the American Copper Council’s spring conference in the US state of Colorado, which comes during the industry’s peak seasonal demand period and could set the stage for a rise in the US premium.
Exports of Brazilian copper ore rose 20.2% year on year in April, boosted by increased shipments from the region where Vale’s Sossego mine is located.
Brazil’s bauxite export volumes dropped 30.6% year on year to 545,986 tonnes in April, according to data released by Brazilian foreign trade ministry MDIC late on May 4, reflecting lower shipments from the city in which Mineração Rio do Norte operates.
MMG’s Dugald River zinc mine in Australia achieved commercial production on May 1, the company said on Monday May 7.