EUROPEAN MORNING BRIEF 13/09: Most SHFE base metals recover; Chinese Ni premium ticks up; European moly oxide market strengthens
Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Thursday September 13.
Most base metals prices on the Shanghai Futures Exchange staged a quick recovery during Asian morning trading on Thursday, following a collapse on Wednesday, after the United States signaled the resumption of trade talks with China and the dollar weakened.
Check Metal Bulletin’s live futures report here.
Chinese nickel premiums have strengthened amid more active trading, with premiums for 4x4 cut cathode remaining on an uptrend in Europe while stocks continued to tighten.
The molybdenum oxide market in Europe has moved up on new deals reported midweek, with higher prices settled after stronger contracts were agreed in Asia last week, sources told Metal Bulletin on Wednesday.
Cheaper material from Russia and the Middle East pushed Chinese exporters to lower their offer prices for aluminium ingot ADC 12 this past week.
Overall tightness in the ferro-titanium market propelled prices higher for the fourth consecutive week, with the market set to possibly extend above $6 per kg.
[Editor’s note: This article was updated on Friday September 14 to replace the price table for the London Metal Exchange three-month base metals prices, which due to an input error, had previously displayed the figures for the zinc, tin and nickel prices next to the incorrect metal.]