EUROPEAN MORNING BRIEF 10/01: SHFE trades mostly lower; global aluminum premiums; US non-ferrous scrap exports backpedal
Good morning from Metal Bulletin’s office in Singapore, as we bring you the latest news and pricing stories on Wednesday January 10.
Base metals prices on the Shanghai Futures Exchange were mostly lower during Asian morning trading on Wednesday following mixed consumer price index and producer price index readings from China earlier in the day.
Nickel and tin prices bucked the general weakness, however, with the former finding support from a tightening market.
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|LME snapshot at 02.53am London time|
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|SHFE snapshot at 10.55am London time|
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Aluminum premiums worldwide have broadly risen this week, fulfilling the expectation that global premiums would move as the month progresses.
While the US copper premium was unchanged once again, market participants reported growing confidence due to higher demand and activity seen after the recent holiday lull.
US non-ferrous scrap exports backpedaled in November, with aluminium and copper scrap leading the erosion in the prior month’s short-lived gains.
Secondary aluminium alloy prices in the United States have held steady with the support of tight spot supply as well as elevated raw materials and transportation costs.
The Midwest aluminium premium in the United States has ticked up this week due to higher trucking costs and speculation of possible aluminium import tariffs.
The Aluminum Extrusions Fair Trade Committee has filed a request with the US Department of Commerce to issue a circumvention determination regarding imports of aluminium extrusions from Vietnam.