EUROPEAN MORNING BRIEF 22/08: SHFE base metals prices broadly lower; Fundamentals, macro pressures weigh on Turkish chrome ore producers; MMG posts higher half-year earnings

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

Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Wednesday August 22, after President Donald Trump’s negative commentary on upcoming trade negotiations with China.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03: 13London time

Latest 3M LME Prices

Price ($/t)

Change since yesterday’s close ($)

Copper

6,040.50

-4.5

Aluminium

2,070

15.5

Lead

2,019.50

11

Zinc

2,422

-4

Tin

19,105

60

Nickel

13,675

115

SHFE snapshot at 10:15 Shanghai time

Most traded SHFE contracts

Price (yuan/t)

Change since yesterday’s close (yuan)

Copper

48,600

-100

Aluminium

14,695

-10

Zinc

20,475

-105

Lead

17,555

5

Tin

146,120

1,180

Nickel

112,390

-440

Changjiang spot snapshot on August 22

Range (yuan/t)

Change (yuan)

Copper

48,810—48,850

110

Aluminium

14,580—14,620

40

Zinc

21,200—21,250

330

Lead

17,650—17,850

50

Tin

144,500—146,000

2,000

Nickel

112,150—113,750

50


High chrome ore stocks and dampened demand are weighing on chrome ore producers in Turkey who are also battling growing inflation, market participants told Metal Bulletin.

Australian-Chinese miner MMG posted a 1.42% year-on-year increase in its earnings before interest tax depreciation and amortization (Ebitda) to $984.2 million in the first half of 2018, due to higher commodity prices realized during the period.

MMG Dugald River, a subsidiary of MMG Ltd, has entered into an agreement to sell around 40,000 dry metric tonnes of zinc concentrate per year to China Minmetals Corp (CMC) subsidiary Minmetals North-Europe from 2019 to 2020.

Chinese ferro-silicon prices slipped last week on waning demand while the European market held despite a lack of consumption. Click here to view the latest global ferro-silicon wrap.

John Porter will join CCMA as a trader focused on the special metals segment effective early September, leaving his current post at Arconic.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed