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.

December 18, 2017

By Echo Ma

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)
Copper (February)	53,520	600
Aluminium (February)	14,480	30
Zinc (February)	25,460	105
Lead (February)	19,175	190
Tin (January)	135,990	1,600
Nickel (May)	93,310	3,200

LME snapshot at 03:10am London time
Latest three-month LME Prices
	Price ($ per tonne)	Change since previous session’s close ($)
Copper	6,875	-11
Aluminium	2,062	-4
Lead	2,517	-10
Zinc	3,199.50	-5.50
Tin	19,070	-80
Nickel	11,545	-30

Changjiang spot snapshot on December 18
	Range (yuan per tonne)	Change (yuan)
Copper	53,360-53,380	830
Aluminium	14,160-14,200	120
Zinc	25,640-25,690	140
Lead	19,250-19,450	300
Tin	137,000-137,500	1,000
Nickel	93,800-94,100	3,850

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.