EUROPEAN MORNING BRIEF 19/11: Weak dollar supports SHFE base metals prices; Nespresso to use responsibly-sourced Al from Rio Tinto; European Mn flake price drops 6.5%
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Monday November 19.
Base metal prices on the Shanghai Futures Exchange were up across the board during Asian morning trading on Monday, supported by a retreat in the dollar following dovish rhetoric from the United States Federal Reserve at the end of last week.
At 96.44 as at 10.02am Shanghai time, the dollar continued to edge lower this morning following weakness last Friday. The US currency suffered a bout of selling following dovish comments from Federal Reserve officials that seemed to question the appropriateness of an increase in US interest rates next month.
Check Fastmarket MB’s live futures report here.
Nespresso will become the first company to use responsibly-sourced aluminium, provided by Rio Tinto, to produce its coffee capsules, marking yet another signal of customer-driven demand for sustainable products.
European manganese flake prices continued to decline last week amid weak demand. See our latest minor metals market report here.
Hot-rolled coil prices in the United States have fallen below $40 per hundredweight for the first time since President Donald Trump announced the Section 232 tariffs more than eight months ago.
And in case you missed it, Astor Management, a private company based in Switzerland, plans to pursue European copper producer Atalaya Mining in the UK Supreme Court for $18 million in so-called “uptick payments”, the Swiss company said on November 15.