EUROPEAN MORNING BRIEF 09/07: SHFE base metals prices correct; global silicon wrap; EGA to ship bauxite to Vedanta
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Monday July 9.
Base metals, with the exception of lead, were all up on the Shanghai Futures Exchange during Asian morning trading on Monday, with copper leading a corrective rally after weeks of selling.
Check Metal Bulletin’s live futures report here.
The depreciation of the yuan against the dollar coupled with persistently weak demand has pushed Chinese silicon export prices to their lowest level since August 2017. Meanwhile, the European market has stabilized following its recent decline. Read Metal Bulletin’s latest global silicon wrap here.
Emirates Global Aluminium (EGA) will supply bauxite produced by its Guinea Alumina Corp (GAC) subsidiary to Vedanta from 2019.
The US Midwest P1020 spot aluminium premium has stabilized after its recent drop, as the backwardation spread on the London Metal Exchange remained steady to end the week.
The aluminium billet upcharge in the United States has temporarily paused its climb to record highs, with the summer slowdown counteracting continued supply tightness to keep the premium on level ground.
Sanctioned Russian aluminium producer UC Rusal could find relief at the upcoming summit between US President Donald Trump and Russian President Vladimir Putin in Helsinki, Finland, on Monday July 16, various sources told American Metal Market.
After a two-year period of super-fast growth, the expansion of London Metal Exchange warehouses in Asia slowed significantly over the past year. But what lies behind the change - especially as LME storage space in Europe has also continued to dwindle?