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Base metals prices on the Shanghai Futures Exchange were broadly higher during Asian morning trading on Monday, with the exception of aluminium and zinc, amid easing trade tensions between the United States and China, and a weaker dollar.
Check Metal Bulletin’s live futures report here.
LME Asia Week 2018, the annual gathering of thousands of global metals and mining professionals in Hong Kong, kicks off today. Find out what’s happening and where. Metal Bulletin also presents a preview of key topics likely to dominate discussions during this week’s event.
TMT Metals Holdings Ltd aims to grow its trading book to $4-5 billion within the next three years by expanding into markets like zinc, copper, nickel and concentrates and has recently made three new hires as part of this diversification plan, a company official told Metal Bulletin during LME Asia Week.
Silver futures would complement the gold futures that already trade on Hong Kong Exchanges & Clearing (HKEX), chief executive officer (CEO) Charles Li said in an interview with Metal Bulletin ahead of LME Asia Week last week.
London Metal Exchange warehouses in China remain a “top priority” but HKEX is not “aggressively pushing for it,” the exchange’s CEO told Metal Bulletin.
The Chinese market is becoming so big and important globally that “we just need to find the best way to fit in,” according to HKEX’s Li.
Meanwhile, Li also told Metal Bulletin that HKEX has not shelved Chinese spot trading platform Qianhai Mercantile Exchange.
The US Midwest aluminium premium held steady on May 11, supported at historically high levels by continuing tight supply and strong demand.
Chinese ferro-chrome spot prices bottomed out after small volumes were available to major stainless steel mills at their lower tender prices for May. Check out Metal Bulletin’s latest chrome snapshot here.