EUROPEAN MORNING BRIEF 08/08: SHFE base metals broadly positive; global ali wrap; US ali scrap prices weaken

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Wednesday August 8.

Base metals prices on the Shanghai Futures Exchange were broadly up during morning trading on Wednesday, with nickel leading the complex higher for the third consecutive trading day.

Check Metal Bulletin’s live futures report here.

Upward corrections of aluminium premiums worldwide have come to a stop – at least temporarily – due to slack demand for spot P1020 and the reintroduction of metal sourced from UC Rusal into company inventories.

Car production in Argentina increased by 8.6% year on year in July, on the back of a growth in exports, according to national automotive association Adefa.

Brazil’s domestic rebar prices rose last month after local producers were able to successfully apply price increases due to lower competition, increased transportation costs and a slight recovery in the construction sector.

Some secondary aluminium alloys and smelter-grade scrap prices in the United States have continued to step lower.

China’s imposition of a 10% tariff on US lead concentrate imports is likely to pose difficulties for its already beleaguered smelting industry, as well as its intended target, American miners.