EUROPEAN MORNING BRIEF 19/07: SHFE base metals recover; South32’s Mn ore output up 10%; Alcoa reins in full-year outlook
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday July 19.
Base metals prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Thursday, with a retreat in the dollar index reviving investors’ appetite for the metals.
The most-traded September copper contract on the SHFE rose to 48,860 yuan ($7,293) per tonne as at 9.25am Shanghai time, up by 600 yuan per tonne or 1.2% from Wednesday’s closing price.
Check Metal Bulletin’s live futures report here.
South32 has announced a 10% year-on-year increase in manganese ore production for the financial year ended June 30, 2018, and record performance in Australia amid strong demand and prices during the period.
Aluminium supplier Alcoa Corp has lowered its full-year earnings outlook after net income fell in the second quarter due to costs incurred as a result of the Section 232 import tariffs imposed by the United States in March.
UK long steel producer British Steel has announced plans to upgrade its wire rod line at Scunthorpe in England in 2019, to produce material in a wider range of sizes (up to 28mm) and to tighter tolerances, with better surface quality and micro-structural properties.
Spot titanium alloy prices were unchanged over the past week, despite the summer lull weighing on demand.