EUROPEAN MORNING BRIEF 22/05: COBC expects final approval for copper/cobalt trading, export license; competition drives down manganese ore prices; FeCr prices edge up on tightening supply

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Tuesday May 22.

Lead prices on the Shanghai Futures Exchange outperformed during Asian morning trading on Tuesday, tracking the strong performance of the London Metal Exchange’s three-month lead price on Monday. The other SHFE base metals, with the exception of copper and nickel, were weaker.

Check Metal Bulletin’s live futures report here.

LME snapshot at 02.37am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since yesterday’s close ($)
Copper 6,885 6
Aluminium 2,269.50 -10.5
Lead 2,418.50 8.5
Zinc 3,083.50 -20.5
Tin 20,740 40
Nickel 14,675 0

SHFE snapshot at 10.37am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since yesterday’s close (yuan)
Copper (June) 51,470 100
Aluminium (June) 14,745 -20
Zinc (June) 23,835 -120
Lead (June) 20,210 385
Tin  (July) 146,090 -130
Nickel  (September) 108,870 20

Canada-based Cobalt Blockchain Inc (COBC) expects final ratification shortly for a copper/cobalt trading and export license that will allow it to establish regional buying depots in the Democratic Republic of Congo (DRC), process minerals in-country and export internationally.

Manganese ore prices fell heavily in the week ended May 18, in particular the price for 44% manganese, with sellers accepting the refusal among buyers to pay higher prices.

Ferro-chrome prices rose in China for domestic and imported material on May 18 due to producers standing firm on offer prices in a tighter market.

Carmaker Daimler AG has gone “on the offensive” to secure a sustainable raw materials supply chain and has developed a number of initiatives across key raw materials to create transparency and to protect human rights, the Germany-based group has said.

Cobalt 27 has agreed an $80 million revolving credit facility to help fund its investments in the mineral industries, including streaming and royalty agreements, the company said late last week.

What to read next
Fastmarkets has amended the name of the price assessment for nickel ore 1.8% basis 15-20% Fe water content: 30-35% Si:Mg ratio<2 lot size 50,000 tonnes, cif China. The name of the price has been shortened to nickel ore with 1.8% nickel content, cif China to enhance its readability and alignment with other Fastmarkets nickel ore […]
After a month-long consultation period, Fastmarkets has discontinued this price due to low market liquidity. All short-term forecasts associated with this price (or these prices) produced by the Fastmarkets research team, if any, have also been discontinued. If you have any comments on the discontinuation of this price, please contact Natasha Porter by email at: pricing@fastmarkets.com. Please […]
This guide explores current price trends, breaks down the key copper scrap grades and provides a global outlook for 2025.
The amendment to the name of the price assessment for nickel ore 1.8% basis 15-20% Fe water content: 30-35% Si:Mg ratio<2 lot size 50,000 tonnes, cif China has been delayed following a reporter error. Fastmarkets decided to amend the name of the price assessment, shortening it to nickel ore with 1.8% nickel content, following a […]
Navigating LME nickel: A cautious optimism amid bearish sentiment
There’s broad agreement that DeepSeek has upended the artificial intelligence (AI) sector by developing a cutting-edge large language model that uses less computational power, but whether improved AI efficiency cuts demand for copper in the data centers used to power it is a matter of debate.