EUROPEAN MORNING BRIEF 11/01: PPS zinc tender premiums; cobalt forecast; ABI union reject contract offer

Good morning from Metal Bulletin’s office in Singapore, as we bring you the latest news and pricing stories on Thursday January 11.

Nickel prices on the Shanghai Futures Exchange extended their gains during Asian morning trading on Thursday, tracking the strong performance of the metal on the London Metal Exchange in recent days, with robust demand amid a tighter market providing support.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03.38am London time
Latest three-month LME Prices
Price ($ per tonne) Change since previous session’s close ($)
Copper 7,171 18
Aluminium 2,199.50 17.5
Lead 2,559.50 9.5
Zinc 3,357.50 21.5
Tin 20,020 -45
Nickel 12,830 -105

SHFE snapshot at 11.30am Shanghai time
Most-traded SHFE contracts
Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (March) 55,090 290
Aluminium (March) 15,220 160
Zinc (March) 26,180 140
Lead (February) 19,370 -45
Tin (May) 145,440 140
Nickel (May) 101,220 800

South Korea’s Public Procurement Service (PPS) has awarded two tenders to procure 1,500 tonnes of special high grade zinc at premiums lower than it what it paid a month ago.

Cobalt demand from the electric vehicle sector will continue to increase in the coming years, although other factors will prevent the price from increasing “dramatically,” according to one industry analyst.

Union workers employed at the Aluminerie de Bécancour Inc (ABI) aluminium smelter in Quebec have rejected the company’s latest offer by a margin of 80.3%, both the union and company confirmed on Wednesday.

The China Trade Task Force has gone public with an appeal to US President Donald Trump to sign off on a “comprehensive response” to global competition in the primary aluminium space.

Imports of unwrought aluminium into the United States for November were down from the same time last year, according to data released by the US International Trade Commission on Wednesday.

Silicon metal prices in the United States inched up again in January, pressured by continuing supply concerns.

East China’s Shagang has made more sharp reductions to its long steel prices for mid-January following a continual decline in the spot market in the earlier part of this month.

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