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Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Wednesday October 10, with aluminium, tin and lead down but the rest of the complex up on a weaker US dollar and the generally confident mood among participants at LME Week.
Check Fastmarket MB’s live futures report here.
Global copper market participants converged in London for the start of LME Week and are now establishing the parameters for 2019 annual contracts, with a general expectation that the US premium will be higher.
The US Midwest aluminium premium has logged two consecutive declines as of Tuesday October 9, bringing the assessment down nearly 5% over the past two months.
Aluminium scrap prices in the United States have maintained a mostly steady footing so far this month, although certain grades have shown further signs of wear.
Secondary aluminium alloy prices in the United States were static on Tuesday, resisting persistent pressure from a depressed aluminium scrap market while getting some support from a slight recovery in the LME’s Nasaac.
Low-grade manganese ore prices rose again on Friday October 5 on higher offers, while the high-grade market paused.