EUROPEAN MORNING BRIEF 19/03: SHFE base metals prices all lower; cadmium market supported; non-ferrous price drivers shifting

Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Monday March 19.

Base metal prices on the Shanghai Futures Exchange were all lower during Asian morning trading on Monday, with several factors including easing supply concerns, a stronger dollar and an upcoming United States monetary policy meeting pressuring copper prices in particular.

Check Metal Bulletin’s live futures report here.

SHFE snapshot at 10:57am Shanghai time
Most-traded SHFE contracts
Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (May) 51,280 -840
Aluminium (May) 13,935 -60
Zinc (May) 24,885 -25
Lead (May) 18,435 -115
Tin (May) 144,610 -110
Nickel (Jul) 102,070 -1,640

LME snapshot at 02:58am London time
Latest three-month LME Prices
Price ($ per tonne) Change since previous session’s close ($)
Copper 6,829 -59
Aluminium 2,076 -9
Lead 2,378 -5
Zinc 3240.50 -19.5
Tin 20,990 -10
Nickel 13,490 -135

Strong demand from India is continuing to support the cadmium market, with the price for higher-grade material reaching fresh highs this week, even with the end of the fiscal year approaching, market sources told Metal Bulletin.

The upheaval in the global non-ferrous metals trade is increasingly shifting price drivers from traditional factors to a landscape where geopolitical influences have more weight on prices, according the Bureau of International Recycling.

A surge in warehousing stocks and freight costs has zinc users in the United States wondering where the market is headed - and how near-term premiums will be affected.

Secondary aluminium scrap prices in the US generally remain steady, supported by firm demand and steady supply.

And in case you missed it:
Be sure to check out correspondent Dalton Barker’s review of the week in the non-ferrous markets.

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