EUROPEAN MORNING BRIEF 16/11: SHFE zinc prices gain on tight supply; copper scrap availability in China not a cause for concern; deficit in refined zinc market persists

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Friday November 16.

Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Friday, with zinc, copper and tin registering gains while the rest of the complex weakened.

Check Fastmarket MB’s live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

The availability of copper scrap units in China should improve next year despite the forthcoming ban on category-7 imports, market sources said at Asia Copper Week on Thursday.

The refined zinc market registered a deficit of 305,000 tonnes during the first nine months of 2018, with reported stocks decreasing by 64,000 tonnes over the same period, the International Lead & Zinc Study Group (ILZSG) said on Wednesday.

The cobalt metal price in China edged lower mid-week, pressured by the overall bearish sentiment toward the cobalt market’s outlook following an industry event last week.

Swiss multinational investment bank, UBS Group, has applied for Category II membership on the London Metal Exchange, according to a note released by the exchange on Thursday.