EUROPEAN MORNING BRIEF 09/11: Most SHFE base metals prices up on positive Chinese economic data; Engelhart cuts base metal trades; European molybdenum prices fall
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Friday November 9.
Most base metals prices on the Shanghai Futures Exchange were up during Asian morning trading on Friday November 9, buoyed by the modest pick-up in risk-on sentiment following China’s release of positive economic data for October.
Check Fastmarket MB’s live futures report here.
Engelhart Commodities Trading Partners (ECTP) has been reducing its physical base metals book in recent weeks to focus more on financial trading, with new hires including former CCI trader Saurabh Sharma expected to start in early 2019,
The European molybdenum markets have dropped this week amid quiet business while dealers prepared for more active trading at the Fastmarkets MB ferro-alloys conference in Lisbon, Portugal.
Global mining and metals deal appetite could be poised for a rebound in the next 12 months, according to a report by consultancy group EY.
The London Metal Exchange’s total average daily volumes (ADV) rose by 15% year on year in October, with aluminium and aluminium alloy sales growing by 40% and 89% respectively.
The London Metal Exchange has adjusted its fee structure after feedback was received from a market-wide consultation begun in August, issuing amendments to existing product fees in addition to its new services, it said in a note to members on Monday November 5.