EUROPEAN MORNING BRIEF 12/04: SHFE base metals prices under pressure; uncertainty plagues US Ali market after Russia sanctions; Codelco’s ‘feng shui’ copper to ship by start of ‘19
Good morning from Metal Bulletin’s offices in Shanghai as we bring you the latest news and pricing stories on Thursday April 12.
Base metals prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Thursday, with rising geopolitical tensions subduing risk appetite in the market.
Geopolitical tensions picked up overnight after United States President Donald Trump made heated remarks about Russia’s involvement in Syria in a tweet, with a warning that American missiles may soon strike Syria after last week’s suspected chemical attack.
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The US’ imports of unwrought aluminium rose in February versus the same month last year, according to US International Trade Commission data.
Market participants in the US are grappling with the implications of sanctions placed on UC Rusal by the US Department of the Treasury on April 6, with indications suggesting that aluminium supply should tighten in the coming months.
The first shipments from Codelco’s pilot scheme to produce decommoditized copper with traceability throughout the supply chain are expected at the end of the year or by the start of 2019, the chairman of the Chilean state-run copper company said in an interview with Metal Bulletin.
Chinese laws restricting the nation’s copper scrap imports have already materially affected the European market, Aurubis executive board chairman Jürgen Schachler told Metal Bulletin in an interview.
European spot prices for molybdic oxide and ferro-molybdenum have dropped in line with demand on the spot market, with dealers expecting further price losses until renewed demand is triggered.