EUROPEAN MORNING BRIEF 11/05: SHFE base metals prices mostly up; Alcoa, Rio Tinto in Apple-backed JV; Chile’s copper mine output rises in March vs last year

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday May 11.

Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Friday, with copper and nickel prices putting in the strongest performances of the complex, on the back of a weaker dollar.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03.57 am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session’s close ($)
Copper 6,906 -11
Aluminium 2,311 -24.5
Lead 2,329 23.5
Zinc 3,086 -1
Tin 20,860 35
Nickel 13,920 40

SHFE snapshot at 10.57 am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (July) 51,430 360
Aluminium (July) 14,700 75
Zinc (June) 23,665 -75
Lead (June) 19,135 200
Tin (Sept) 145,450 -1,030
Nickel (July) 104,230 460

Alcoa and Rio Tinto have set up a joint-venture firm with investment from the governments of Canada and the Canadian province of Quebec as well as technology firm Apple to license and sell technology creating carbon-free aluminium.

Chilean copper mine production rose 30.8% in March from a year ago, a recovery from when the country’s output was severely affected by the 44-day strike at the Escondida mine.

US ferrous scrap exports declined marginally in March, with increased volumes to India, Turkey and Peru falling just shy of fully offsetting declines in shipments to Mexico and to several emerging markets.

Buying activity in the European long steel markets is likely to remain cautious because of weak demand and relatively high stock levels among consumers, market sources told Metal Bulletin this week.

The export market for pig iron from the Commonwealth of Independent States was quiet this week because sellers and buyers preferred to wait to see whether prices would fall, sources told Metal Bulletin on Thursday May 10.

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