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

Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Wednesday April 18.

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.

LME snapshot at 03.23am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session’s close ($)
Copper 6,865 -12.5
Aluminium 2,415 10
Lead 2,335 -15
Zinc 3,151 -3.5
Tin 21,285 -190
Nickel 14,285 70

SHFE snapshot at 11.23am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (June) 50,710 -110
Aluminium (June) 14,850 -70
Zinc (June) 23,790 100
Lead (June) 18,060 -95
Tin  (May) 144,960 10
Nickel  (July) 103,430 -370

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.

What to read next
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets has corrected its alumina index inferred prices, which were published incorrectly on Tuesday July 15.
The United States' copper recycling industry is ramping up pressure on policymakers to impose some form of export controls on high-purity copper scrap, arguing that current trade dynamics – particularly with China – are distorting prices, weakening domestic capacity and undermining national security goals.
Fastmarkets launched two new price assessments for Indonesia’s domestic trade in nickel ore on Tuesday July 15. The two price assessments are for domestic trades of Indonesian laterite ores with 1.6% and 1.2% nickel content. Indonesia now accounts for 60% of the global nickel supplies and while there is an official government reference price, known […]
US copper scrap market participants are shifting from COMEX to LME pricing in response to extreme price volatility and a new 50% copper import tariff. The change is influencing discount formulas, export strategies and long-term trading dynamics across the sector.
The proposal follows preliminary discussions with the market and internal analysis of price usage, which suggests low market liquidity and a lack of demand. Specifically, Fastmarkets is proposing to discontinue: MB-CU-0410 Copper rod premium, ddp Midwest US, US cents/lbQuality: Purity of 99.95-99.99%. Thicknesses of 8 millimeters or 0.3125 inchesQuantity: Min 25,000 poundsLocation: Delivered US MidwestUnit: US […]