EUROPEAN MORNING BRIEF 21/11: SHFE base metals prices under pressure; Chinese buyers to shift to spot market for cobalt raw materials; agreement reached over EU cadmium cap

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday November 21.

Base metal prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Wednesday amid a rise in risk-off sentiment stemming from weakness in global equity markets and a collapse in oil prices.

Check Fastmarket MB’s live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

Members of the European Parliament and the European Union Council of Ministers have reached a provisional agreement on a limit for cadmium content in phosphate fertilizers sold within the EU.

Chinese buyers have been reluctant to commit to long-term contracts for cobalt raw materials for 2019 during this year’s mating season, Fastmarkets MB has learned.

Turkish steel mills have continued to hold back from making deep-sea scrap purchases due to fear of product outflow from China, sources said on Tuesday.

Vedanta unit Sterlite Copper intends to ship a portion of its copper concentrate inventories accrued before it declared force majeure in April, sources with knowledge of the situation told Fastmarkets MB.