EUROPEAN MORNING BRIEF 17/08: SHFE base metals recover; US copper, brass scrap market hit by Comex decline; hints of cobalt price turnaround

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

Base metals prices on the Shanghai Futures Exchange recovered during morning trading Friday after the promise of renewed talks between the United States and China ushered some risk-on sentiment back into the market.

Check Metal Bulletin’s live futures report here.

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Docherty, Kyle (MB - SG)

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Docherty, Kyle (MB - SG)

Copper and brass scrap discounts in the United States were mixed, with some widening this past week while others held steady; and brass ingot makers’ scrap prices dropped across the board amid news of a decline in Comex copper prices.

Large volume inquiries for spot cobalt units returned in the first half of the week, leaving market participants to suggest prices are close to bottoming out after 15 consecutive weeks of declines.

Copper concentrates TC/RCs were largely unchanged in early August, with threats of Chinese tariffs on US imports the focus of the market.

China’s growing focus on antimony smuggling along the China-Vietnam border has left many in the antimony market worried they will not get their contracts fulfilled.

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