EUROPEAN MORNING BRIEF 14/11: SHFE base metals prices slip on lackluster China data; participants eyeing higher US copper premium in 2019; Al market unfazed by Rusal news
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday November 14.
Base metals prices on the Shanghai Futures Exchange weakened during Asian morning trading on Wednesday, with the release of lackluster Chinese data failing to offset the downward pressure being exerted by a strong dollar.
Check Fastmarkets MB’s live futures report here.
Optimism continued to grow among copper market participants in the United States over the outlook for the domestic copper cathode premium following a key industry meeting this past week, with many attendees predicting a higher premium for next year.
The decision by the United States Treasury to extend the deadline for US companies to wind down their contracts with Russian producer Rusal has had little effect on global aluminium premiums over the week ended November 13, with the market still watching the backwardated December-January spreads.
The annual global benchmark for copper treatment and refining charges might show a small fall in 2019 because of the tightening supply of copper concentrates, according to Canada-based financial services provider BMO Capital Markets.
Cobalt 27 has settled an insurance claim against 76 tonnes of cobalt stolen in July from a warehouse for $40.85 per lb.