EUROPEAN MORNING BRIEF 16/10: SHFE base metals prices mixed; Cu TC/RCs hit 1-year high; Tuticorin decision delayed
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Tuesday October 16.
Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Tuesday, with the complex in consolidation mode after lackluster China data failed to inspire much-needed confidence in the market.
Check Metal Bulletin’s live futures report here.
Copper concentrate treatment and refining charges (TC/RCs) rose to their highest in a year as the market gathered in London for LME Week.
The fate of the Tuticorin copper smelter in the southern Indian state of Tamil Nadu will be decided at the end of November because more time is required to investigate the allegedly polluting project, local media reported on Monday October 15.
The London Metal Exchange’s published charge caps for the 2019-20 period specify increased free-on-truck rates for Germany, Spain and the United Kingdom, the exchange said in a note to members on Monday October 15.
Continued uncertainty about spreads, tariffs and the viability of trade with UC Rusal have pushed participants in the European aluminium market into taking a cautious stance when negotiating next year’s long-term deals.
The biggest question facing miners when planning for trade cycles is how flows will be redirected or constrained as a result of discussions between China and the United States, according to the president of marketing and supply at BHP.
Adam Slater, deputy group chief executive officer of CWT Ltd and managing director of the commodity logistics business CWT Commodities, will be leaving the company on October 16, Fastmarkets has learned.