EUROPEAN MORNING BRIEF 12/11: SHFE base metals prices broadly down; Bosai acquires 51% of Qixing’s Al refinery; CBA’s Al sale volumes rise
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Monday November 12.
Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Monday, dragged down by a strong dollar and negative sentiment surrounding the ongoing trade spat between the United States and China. Only zinc managed to buck the downward trend.
Check Fastmarket MB’s live futures report here.
Chinese mining company Bosai Group has acquired 51% of Shandong Qixing Group’s alumina refinery for 1.2billion yuan ($1.73 million), although the market does not expect any immediate relief to Chinese domestic alumina supply tightness, Fastmarkets understands.
Brazilian aluminium producer Companhia Brasileira de Alumínio (CBA) recorded sales volumes of 101,000 tonnes during the third quarter of 2018, up from 97,900 tonnes in the corresponding period a year before.
The US Treasury Department’s Office of Foreign Assets Control has again extended the expiration date of general licenses related to the UC Rusal sanctions - to Monday January 7, 2019.
The current conditions in the zinc concentrate market are the biggest challenge to operating Noranda Income Fund’s processing facility profitably, the company said.
Cobalt prices were unchanged this past week, but recent illiquidity in the spot market could make prices vulnerable to a move lower in the coming weeks, markets sources told Fastmarkets MB.
As the ferro-alloys community prepares to gather in Lisbon for a busy few days of meetings and contract negotiations, Fastmarkets outlines some of the key topics likely to dominate discussions at this year’s International Ferro-alloys Conference, on November 11-13.