EUROPEAN MORNING BRIEF 08/12: SHFE base metal prices up; Zinc, lead post high deficits; Nickel scrap, alloys spooked
Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Monday December 18.
Base metal prices on the Shanghai Futures Exchange continued to rise during Asian morning trading on Monday December 18 amid positive market sentiment, with the red metal reaching its highest in three weeks.
Check Metal Bulletin’s live futures report here.
|SHFE snapshot at 11:09am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since previous session’s close (yuan)|
|LME snapshot at 03:10am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since previous session’s close ($)|
|Changjiang spot snapshot on December 18|
|Range (yuan per tonne)||Change (yuan)|
The global refined zinc and lead markets both posted high supply deficits in the first 10 months of the year, according to the International Lead and Zinc Study Group (ILZSG).
Nickel scrap and high nickel-content alloy prices in the United States have been deeply impacted by thenegative trend in the primary nickel market.
Global steel billet prices continued to rise in most markets in the week to Friday December 15 as customers continued to show interest in importing material.
US cold-rolled coil and galvanized steel base prices are moving higher due to mill increases and bullish sentiment on first-quarter pricing.
Spot copper concentrate treatment and refining charges (TC/RCs) and volumes were flat over the past two weeks, and while the vast majority of smelters remain out of the market traders are aggressively bidding on 2018 tonnage.