EUROPEAN MORNING BRIEF 22/01: SHFE copper prices pressured by rising stocks; US aluminium scrap prices propelled higher; NIF’s zinc facility targeting full capacity in Jan
Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Monday January 22.
Copper prices on the Shanghai Futures Exchange edged lower during Asian morning trading on Monday, following a further increase in SHFE deliverable red metal stocks last week.
Copper recorded the biggest stock increase across the SHFE base metals complex last week, with SHFE deliverable copper stocks increasing by 8,804 tonnes or 5.3% to 176,233 tonnes as of January 19, in line with recent soft demand due to it being the traditionally weak season for red metal consumption.
This was the fourth consecutive week that SHFE deliverable copper stocks have risen.
Check Metal Bulletin’s live futures report here.
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Some aluminium scrap prices in the United States have been propelled higher by a combination of transportation-related issues and gains on the London Metal Exchange.
Noranda Income Fund’s (NIF’s) zinc processing facility in the Canadian province of Quebec is expected to achieve normal operating capacity by the end of the month, the company said on Friday January 19.
Egypt is expected to increase its steel consumption by 26% in the next three years to 13.5 million tonnes following the realization of numerous infrastructure projects, according to George Matta, marketing director of Ezz Steel, the country’s biggest producer.
The US ferrous scrap market has been dealt a double blow, with one exporter agreeing to sell a cargo at lower prices and a domestic mill purchasing shredded scrap for February shipment at January levels.
US hot-rolled coil prices have climbed above the per-$35-hundredweight ($700-per-ton) mark for the first time since February 2012, gaining 3.94% after domestic mills consolidated more price increases and trade protectionism again permeated the conversation.
Global billet prices fell in the week to Friday January 19 as a result of weak demand and a lack of market activity.
Sherritt International has proposed a $115 million offering of shares and share purchase warrants tied to the price assessments of the physical, spot cobalt market published by Metal Bulletin.
Selenium prices rose over the past week on dwindling supply and buoyant demand from India.