EUROPEAN MORNING BRIEF 10/07: SHFE base metals trade sideways; trade war could ignite copper selloff – Meir; reasons behind Mn flake rally

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Tuesday July 10.

Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Tuesday, with most of the complex oscillating either side of unchanged, while zinc was the early session’s weakest performer with a drop of 1.7%.

Check Metal Bulletin’s live futures report here.

Copper prices could sink to $6,000 per tonne if the trade war between the United States and China sparks a selloff in the equity markets, INTL FCStone analyst Edward Meir wrote in his July market overview.

Metal Bulletin presents a timeline of key dates and events related to this year’s manganese flake rally and the reasons behind the moves.

The Federation of Copper Workers in Chile has rejected copper producer Codelco’s response to a threatened strike at its Chuquicamata copper mine, and will form a new group to meet next week and discuss its next steps, the federation’s board of directors said on Monday July 9.

Lead-zinc producer Recylex has started the hot commissioning phase of the new reduction furnace at its lead smelter at Nordenham in northern Germany, operated by Weser-Metall.

Reuben Brothers is in advanced discussions to sell a majority stake in metals warehouse company, Metro International Trade Services, to Yunnan Jiu Tian Investment Holdings Group, sources told Metal Bulletin.

Julián Gonzalez has left his position as global head of refined zinc and lead trading at Trafigura, being replaced by Kyen Resources’ European chief Matt Hadfield who will start next week, sources close to the company told Metal Bulletin.