Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Friday, with the market still troubled by the escalating trade war between China and the United States.
Zinc led the SHFE base metals complex lower during the early trading session on Friday, with sister-metal lead experiencing a similar degree of weakness. Tin was the most resilient of the complex, and was the only metal to secure any gains this morning.
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The United States Trade Representative (USTR), responding to retaliatory tariffs from China, has released a third list of Chinese products that could soon be hit with 10% duties, stoking the flames of an escalating US-China trade war.
Copper and brass scrap markets in the US have eroded in value due to a combination of ample scrap supply, steep drops in primary metal prices on Comex and limited demand.
Aluminium consumers in the US are clamoring for an alternative to the current Midwest aluminium premium, reacting to the premium’s surge to a near all-time high this year.
Molybdic oxide prices in Europe have added to gains made last Friday amid more buying interest so far this week after higher-priced sales of oxide in Asia affected market sentiment in the West.