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%.

Check Metal Bulletin’s live futures report here.

LME snapshot at 04.17am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session’s close ($)
Copper 6,856 -30
Aluminium 2,355 5
Lead 2,332 14
Zinc 3,109 53.5
Tin 21,065 -165
Nickel 14,060 35

SHFE snapshot at 11.17am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (June) 51,470 130
Aluminium (July) 14,780 45
Zinc (July) 23,910 80
Lead (June) 18,945 80
Tin  (Sept) 146,550 -890
Nickel  (July) 105,730 1,170

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.

What to read next
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
Fastmarkets’ 2025 outlook for key raw materials and ingredients used in the production and distribution of fast-moving consumer goods.
Vale Base Metals plans to boost annual copper production to 700,000 tonnes by 2035, aiming to become a top-five global producer of nickel and copper. CEO Shaun Usmar highlights a focus on productivity, cost optimization and sustainable growth. With strong assets in Canada and Brazil, Vale is well-positioned to meet rising global demand.
Fastmarkets has corrected its fob Australia alumina index, which was published incorrectly on Monday June 2 and Tuesday June 3 due to a back-end calculation error. Fastmarkets has also corrected all the related inferred indices. On June 2 the following prices were published incorrectly: Fastmarkets’ MB-ALU-0002 Alumina index, fob Australia, was published in error as $375.59 per […]
Mexico’s strategic role in automotive nearshoring is fueling demand for recycled aluminium, with investment in scrap-intensive sectors boosting its non-ferrous secondary markets. Despite tariff uncertainties, USMCA compliance and EV production growth continue to attract global manufacturers.
Goldcorp founder Rob McEwen is back in the spotlight with a bold bet on copper in Argentina. The $2.5 billion Los Azules project, set to become Argentina’s first major copper mine in over 30 years, is reshaping the country’s mining industry while raising sustainability standards. Positioned as a key player in addressing a global copper shortage, the project highlights innovation, persistence and a commitment to meeting the growing demand from global electrification.