EUROPEAN MORNING BRIEF 17/01: SHFE aluminium, copper prices succumb to selling pressure; US aluminium premium jumps; US copper premiums stable
Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Wednesday January 17.
Base metals prices on the Shanghai Futures Exchange were in two camps during Asian morning trading on Wednesday, with zinc, lead and tin prices posting marginal gains, while the others pushed lower.
Check Metal Bulletin’s live futures report here.
|SHFE snapshot at 11.31am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since previous session’s close (yuan)|
|LME snapshot at 03.31am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since previous session’s close ($)|
|Changjiang spot snapshot on January 17 |
|Range (yuan per tonne)||Change (yuan)|
A 9% jump in the US Midwest-delivered premium this week has further fueled a bullish sentiment in the global aluminium market.
Copper premiums in the United States and Europe were stable this past week amid thin spot market activity, while Chinese premiums weakened further with demand remaining slow.
Trevali Mining Corp reported record lead and zinc production in both the fourth quarter and the full-year 2017 due to the company’s acquisition of two zinc-lead mines in August from Glencore plc.
Customers who were getting their primary aluminium from the Aluminerie de Bécancour Inc smelter in the Canadian province of Quebec are being covered by shipments from European smelters to Canada, American Metal Market has learned.
Brazilian market participants are diverging about the imposition of anti-dumping duties into hot-rolled coil imports from China and Russia.
China’s plate export prices retreated over the past week with slack domestic demand encouraging steelmakers to seek opportunities abroad.