EUROPEAN MORNING BRIEF 14/02: SHFE base metals broadly higher; global copper premiums; zinc supply issues
Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Wednesday February 14.
Base prices on the Shanghai Futures Exchange rose during Asian morning trading on Wednesday, the last trading day before the Lunar New Year break.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 02.00 am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since yesterday’s close ($)|
|SHFE snapshot at 10.00 am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since yesterday’s close (yuan)|
|Changjiang spot snapshot on February 14|
|Range (yuan per tonne)||Change (yuan)|
Aluminium premiums in the United States and parts of Europe rose over the past week, while those in Asia were unchanged ahead of the Lunar New Year holidays in the region. Check Metal Bulletin’s latest global aluminium wrap here.
Copper price premiums became firmer in Shanghai and Europe over the past week when 51,050 tonnes of cathode material were delivered to the London Metal Exchange, illustrating the growing disparity between the paper and physical markets.
A lull in the amount of zinc that is expected to come online starting next year could result in global supply issues, according to the International Lead and Zinc Study Group (ILZSG) at the International Zinc Association conference in Carlsbad, in the US state of California.
And staying with zinc, world zinc mine output is expected to accelerate well ahead of demand for the second half of this year, tipping the balance in the market, an executive at physical merchant Concord Resources said.
South Korea’s Public Procurement Service has awarded two 1,000-tonne tenders for good western and non-good western aluminium at premiums market participants consider to be slightly low against expectations of higher premiums in the second quarter.
A slowdown in secondary aluminium scrap flows in the United States, combined with persistent trucking issues, prompted some consumers to continue increasing certain smelter-grade scrap prices.