EUROPEAN MORNING BRIEF 14/03: SHFE base metals prices mostly higher; Shanghai copper premiums soften; EC investigating whether UK taxes commodities trades adequately

Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Wednesday March 14.

Base metals traded on the Shanghai Futures Exchange were mostly higher during Asian morning trading on Wednesday, underpinned by a weaker dollar and healthy data releases from China.

Tin was the only metal to weaken so far this morning, while the rest of complex pushed higher.

Check Metal Bulletin’s live futures report here.

LME snapshot at 02.49am London time
Latest three-month LME Prices
Price ($ per tonne) Change since yesterday’s close ($)
Copper 6,964 19
Aluminium 2,106 3
Lead 2,406 16
Zinc 3,289 -6
Tin 21,195 35
Nickel 13,855 -20

SHFE snapshot at 10.58am Shanghai time
Most-traded SHFE contracts
Price (yuan per tonne) Change since yesterday’s close (yuan)
Copper 52,180 440
Aluminium 13,955 95
Lead 18,350 230
Zinc 25,215 85
Tin 145,730 -430
Nickel 104,830 920


Copper cathode premiums softened in Shanghai over the past week, but strengthened in the Italian market. Meanwhile, the US market traded sideways, with market participants there expecting an upward move in the near term.

The European Commission (EC) is investigating whether the United Kingdom imposes enough tax on commodity derivative trades, according to the UK Treasury.

Primary aluminium stocks at the three main Japanese ports fell a slight 1.8% month on month in February, according to Marubeni Corp data released on Wednesday.

The United States’ mill-grade aluminium scrap market has remained mostly sideways despite steep gains in the US Midwest aluminium premium, mainly due to a combination of ample supply and limited spot demand.

Cross-border trading, which makes up a significant portion of the volume of the futures industry, is becoming increasingly more challenged, according to Futures Industry Association president and chief executive officer Walt Lukken.

What to read next
The Inflation Reduction Act in the United States may ironically cause global metal market prices to rise for some metals used in electric vehicles (EVs), Fastmarkets sources said
Globalization, financialization and other key differences in today’s metals markets make comparisons to past periods of inflation potentially misleading. Fastmarkets experts discuss.
An alarming drop in water levels in Germany’s Rhine River and other key waterways in Europe has led to massively strained logistics in shipping commodities across Europe, driving up costs and exacerbating material supply, sources told Fastmarkets
Fastmarkets is proposing a realignment of its dealer selling price for ferrous scrap machine shop turnings in Houston, effective from the September 2022 monthly settlement.
Fastmarkets is proposing a realignment of its dealer selling price for ferrous scrap machine shop turnings in St Louis, effective from the September 2022 monthly settlement.
Fastmarkets is proposing a realignment of its consumer buying prices for No1 bundles and No1 busheling scrap in Alabama, effective from the September 2022 monthly settlement.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed