EUROPEAN MORNING BRIEF 13/12: SHFE tin prices subdued; global ali premiums generally steady; Glencore to double copper output at Katanga
Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Wednesday December 13.
Base metals prices on the Shanghai Futures Exchange were broadly higher during Asian morning trading on Wednesday, with only tin prices bucking the uptrend. However, gains across the rest of complex were limited with investors taking a cautious stance ahead of the conclusion of the US Federal Open Market Committee’s two-day meeting later today.
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|SHFE snapshot at 10.23am Shanghai time|
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Global aluminium premiums generally stayed firm in the week to Tuesday December 12, with only the South Korean premiums showing any kind of movement thanks to main Japanese ports (MJP) deals for the first quarter being made at higher levels than the previous quarter. Click here to view our latest weekly global aluminium wrap.
Glencore plans to double copper production from its Katanga mine in the Democratic Republic of the Congo over the course of the next two years, with expectation of 150,000 tonnes of copper produced in 2018, and 300,000 tonnes produced in 2019.
MJP primary aluminium stocks fell by 2% month on month in November to 234,900 tonnes.
The US Midwest aluminium spot premium has stayed unchanged at 9.25-9.5 cents per lb for the fifth week in a row, with the spot market seeming to fall into a lull ahead of the Christmas holiday.
A three-week strike at Southern Peru Copper Corp has ended as union workers returned to their duties on Tuesday December 12.