EUROPEAN MORNING BRIEF 16/07: Protectionism to hit metals demand; Cu conc TC/RCs jump to 10-month high; Cu suffers heavy losses in trade spat
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Monday July 16.
With the exception of nickel and aluminum, base metals prices on the Shanghai Futures Exchange staged a modest recovery during Asian morning trading on Monday, with the market continuing to adjust to trade tensions between China and the United States.
Check Metal Bulletin’s live futures report here.
Living standards in emerging economies will deteriorate more than in developed countries under a landscape of rising import tariffs, according to the Organisation for Economic Co-operation and Development (OECD), and this will have implications for demand growth across metal commodities.
Copper concentrate treatment and refining charges (TCs/RCs) rose to ten-month highs in mid-July when miners began to sell tonnages at higher prices and smelters consolidated their purchasing with terms around $90 per tonne/$0.09 per lb.
The escalating China-US trade tensions and China supply-side reforms were in the spotlight at the Base Metals Forum held by Citic Securities this week in Wuxi, Jiangsu province.
Correspondent Dalton Barker recaps the week in the non-ferrous markets.