EUROPEAN MORNING BRIEF 18/04: SHFE aluminium runs into profit-taking; China’s wire rod export prices slide; Jupiter Mines shares commence trading

Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Wednesday after the generally positive Chinese data released yesterday failed to motivate investors to chase prices higher.

Meanwhile, aluminium succumbed to profit-taking after its recent run of sanction-driven strength.

Check Metal Bulletin’s live futures report here.

Export prices for Chinese wire rod continued to fall over the past week amid pessimism about demand for the product over the next few months.

Shares in Jupiter Mines Ltd commenced trading on the Australian Securities Exchange on Wednesday following the completion of its A$240-million ($186-million) initial public offering.

Tshipi sold 3.34 million tonnes of manganese ore in the twelve months to February 28, 2018, the manganese miner has announced.

Copper premiums moved in different directions across Europe, while greater trading interest in bonded stocks versus cif cargoes weighed on premiums in Shanghai. Meanwhile, despite expectations of rising freight costs, copper premiums in the United States were stable this week due to limited spot availability.

Aluminium premiums across Asia and Europe continued to soar higher, following the recent US sanctions imposed on UC Rusal, while the spot main Japanese ports premium climbed to a three-year high.