EUROPEAN MORNING BRIEF 11/12: SHFE copper price buoyed; Brazil’s primary Ali exports to reach record low; cobalt price surges to fresh high

Good morning from Metal Bulletin’s office in Shanghai, bringing the latest news and pricing stories on Monday December 11.

Copper prices on the Shanghai Futures Exchange edged higher during Asian morning trading on Monday, buoyed by the release of positive economic data from China as well as news of production cuts at the country’s second-largest copper smelter.

Check Metal Bulletin’s live futures report here.

SHFE snapshot at 02.23am London time
Most-traded SHFE contracts
(yuan per tonne)
Change since yesterday’s close (yuan)
Copper 51,770 70
Aluminium 14,325 5
Zinc 24,860 155
Lead 18,470 -80
Tin 138,860 -370
Nickel 88,830 -290

LME snapshot at 02.24am London time
Latest three-month LME Prices
($ per tonne)
Change since yesterday’s close ($)
Copper 6,610.50 39.5
Aluminium 2,015.50 5
Lead 2,455 8
Zinc 3,110 27.5
Tin 19,415 -35
Nickel 10,990 40

Brazil’s primary aluminium export volumes are on track to reach the lowest level on record in 2017, with the two remaining local producers instead focused on sales in the domestic market.

Cobalt prices surged to fresh highs last week after investment vehicle Cobalt 27 bought over 700 tonnes of physical metal, consumers rushed to secure units, and exchange prices surged.

Benchmark fob Australia alumina prices continued to drop last week with smelters leaving their lower bids on the table in an effort to protect their margins.

In minor metals, germanium prices jumped more than 6% over the past week, while bismuth prices fell over 1%. Click here for Metal Bulletin’s overview of the minor metals market.

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