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Base metals prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Tuesday, with aluminium prices falling the most after the United States announced it would not impose secondary sanctions against UC Rusal.
Check Metal Bulletin’s live futures report here.
The US Department of the Treasury’s decision to extend the deadline for US businesses to wind down dealings with Rusal until October 23, as announced in a statement on Monday, may usher in short-term bearishness, according to market participants.
China has granted import quotas for copper scrap this year that are reduced by 83.7% from a year ago, in its first 10 rounds of approvals for solid waste import licenses, according to calculations made by Metal Bulletin.
UG2 chrome ore, and Chinese and Japanese ferro-chrome markets were bearish last week on anticipation of China’s stainless steel mills lowering their ferro-chrome tender prices for May.
Participants in the European aluminium market expect a bearish reversal of premiums after the US Treasury decided on Monday that it will not impose secondary sanctions on non-US market participants for doing business with Russian supplier Rusal.
And finally, be sure to check out Metal Bulletin’s latest battery raw materials market report.