EUROPEAN MORNING BRIEF 22/11: Weakness in SHFE base metals persists; wider LME backwardation deters zinc spot trading; Albemarle plans JV lithium hydroxide plant with MRL
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Thursday November 22.
Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Thursday despite the recent softness in the dollar; copper and aluminium were little changed with a slight upward bias, while the rest were lower across the board.
Check Fastmarket MB’s live futures report here.
Zinc premiums narrowed in Southeast Asia but were stable elsewhere in the week ended Tuesday after zinc forward price spreads became the most widely backwardated since at least 2004.
Albemarle Corp has entered into an exclusive deal with Australian miner Mineral Resources (MRL) that may lead to the development of new battery-grade lithium hydroxide plant in Western Australia.
China continues to rely heavily on imported bauxite, with imports set to reach a five-year high of 70 million tonnes this year, Pi Jianqing, deputy manager of the non-ferrous department of Hanzhou Jinjiang Group, said last week.
Tin premiums maintained a steady footing in Europe amid long-term supply contract negotiations on Wednesday, while premiums elsewhere were also flat ahead of a US holiday and with a closed arbitrage window in Asia.