Zinc prices on the Shanghai Futures Exchange declined by more than 2% during Asian morning trading on Friday, tracking the weakness seen on the London Metal Exchange in the previous session.
The most-traded August zinc contract dropped to 22,780 yuan ($3,507) per tonne as at 10.13am Shanghai time, down 2.3% or 535 yuan per tonne from Thursday’s closing price.
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North American primary aluminium production fell in the first five months of 2018, with indicators showing that a decline in Canadian output was the prime driver for the move down.
Selenium prices continued to fall this week in Europe dropping by more than 6% amid weakening demand and increasing spot availability, market sources told Metal Bulletin.
A steep drop in Comex copper pricing has taken the wind out of the copper and brass scrap market in the United States, with prices edging lower and some consumers temporarily stepping to the sidelines.
Unusually quiet trading activity in molybdic oxide and alloys markets has pushed down prices in Europe so far this week, with the prospect of further falls if emerging offer prices for oxide are accepted and while steelmakers appear reluctant to buy alloys in a weakening market, sources said.
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