EUROPEAN MORNING BRIEF 12/12: SHFE base metals prices broadly up; China’s Al exports jump 41% in Nov vs last year; backwardation pushes Rotterdam, MJP Al premiums down
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday December 12.
Base metal prices, barring those for aluminium, on the Shanghai Futures Exchange were up across the board during Asian morning trading on Wednesday December 12, with the complex continuing to find support from positive trade headlines.Check Fastmarkets MB’s live futures report
China’s exports of unwrought aluminium and aluminium products increased by 41% in November compared with the same month of last year, according to preliminary Chinese customs data.
A sustained backwardation in the London Metal Exchange’s December/January spread pushed premiums in Europe and Japan down in the week ended Tuesday. Elsewhere, premiums in the United States and Brazil were unchanged amid quiet trading conditions.
TradeCloud is set to give its users the opportunity to report business concluded on the platform to Fastmarkets automatically, according to the former’s chief executive officer.
Brazil’s Companhia Brasileira de Alumínio will invest 30 million Reais ($7.7 million) to increase its aluminium billet production capacity, the company’s primary operations director Luis Jorge Nunes told Fastmarkets MB on Monday.