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EUROPEAN MORNING BRIEF 17/05: SHFE base metals prices up across the board; zinc market logs modest surplus in Q1; TCI to invest $1 bln in US Ali market

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday May 17.

May 17, 2018
By Generic people page
Base metals Copper

Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Thursday after the dollar weakened, with copper seeing additional support from short-covering.

Check Metal Bulletin’s live futures report here.

LME snapshot at 04:23.am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session’s close ($)
Copper 6,861.50 35.5
Aluminium 2,334 18.5
Lead 2,348.50 7.5
Zinc 3,091.50 17
Tin 20,815 90
Nickel 14,550 75

SHFE snapshot at 11.23 am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (Jul) 51,180 160
Aluminium (Jul) 14,910 120
Zinc (Jul) 23,840 60
Lead (Jun) 19,450 40
Tin  (Sep) 146,200 490
Nickel  (Jul) 108,090 350

The global refined zinc market logged a modest surplus in the first quarter due to rising inventories that have kept a lid on premiums for the metal, although market participants are expecting higher freight rates to spur a pickup.

Ta Chen International (TCI) will invest $1 billion in the aluminium market in the United States in response to a growing supply deficit, the company’s top executive said.

Tharisa has acquired a 90% stake in Salene Chrome Zimbabwe Ltd for an undisclosed sum, the South African chrome producer announced on Wednesday.

The stainless steel scrap market in the US stalled this week, with prices for nickel, chrome and iron all largely holding steady.

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