EUROPEAN MORNING BRIEF 08/06: Nickel leads SHFE base metals downward; demand prospects supportive for copper; copper mine development becoming more difficult

Good morning from Metal Bulletin’s office in Singapore as we bring you the latest news and pricing stories on Friday June 8.

Base metals prices on the Shanghai Futures Exchange were down across the board during Asian morning trading on Friday, with nickel prices, under pressure from the weakening buyer sentiment seen in the stainless steel sector and bouts of profit-taking, leading the decline.

Check Metal Bulletin’s live futures report here.

LME snapshot at 2.53am London time
Latest three-month LME Prices
Price
($ per tonne)
Change since Thursday’s close ($)
Copper 7,243 -4
Aluminium 2,292 7
Lead 2,487 -9
Zinc 3,153 -10
Tin 21,210 -10
Nickel 15,460 40

SHFE snapshot at 9.58am Shanghai time
Most-traded SHFE contracts
Price
(yuan per tonne)
Change since Thursday’s close
(yuan)
Copper 53,940 -220
Aluminium 14,895 -190
Zinc 24,365 -95
Lead 20,385 -260
Tin 152,280 -1,180
Nickel 115,940 -2,070


Healthy copper demand will persist, supported by growth in emerging economies and the metal’s application in the growing electric vehicle market, according to panelists at Metal Bulletin’s fourth annual copper seminar on Wednesday.

Copper mine development is becoming increasingly difficult due to a range of factors, according to industry participants, and during a time when more supply is needed to meet a looming deficit.

China’s environmental checks to damp copper output in Jiangxi province as primary copper smelting capacities have been partly suspended, sources told Metal Bulletin on Thursday.

Assertions that cobalt could soon be eliminated altogether from electric vehicles (EVs) are simply wrong, according to the chief executive officer of First Cobalt.

The European Commission is to introduce new trade defense rules that will come into force on June 8, it said on Thursday.

What to read next
Luxembourg-based recycler Befesa’s facility in Mooresboro, North Carolina, is the first in the world to manufacture special high-grade (SHG) zinc solely from recycled zinc
Lower aluminium premiums in Europe risk deterring imports amid falling freight rates, with some market participants now looking at the availability of material for 2023 in light of the various smelter cuts on the continent
Anglo American and Germany-based Aurubis have signed a memorandum of understanding (MoU) to jointly develop a solution that will ensure copper, a key commodity in energy transition, is traceable and sustainably produced, the London-based miner announced on Thursday, November 24
Recent disruptions to Peruvian mines have raised concerns about social tensions reducing the attractiveness of the industry to investors, but market participants told Fastmarkets that they still rate Peru highly as a copper mining hub
Codelco, the world’s biggest copper producer, will halve its refined copper sales to China in 2023, citing major production challenges at its Chuquicamata complex and closure of the Ventanas smelter, both in Chile
Baoshan Iron & Steel (Baosteel) will begin to supply steel made with sharply reduced carbon emissions to Beijing Benz Automotive (BBAC) from next year, the Chinese steel giant said on Tuesday November 22
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed