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Copper prices on the Shanghai Futures Exchange (SHFE) tracked those on the London Metal Exchange (LME) lower during Asian morning trading on Thursday May 24 as the US dollar continued to strengthen, while lead saw its rally continue apace.
Check Metal Bulletin’s live futures report here.
The sanctions levied on Russian oligarch Oleg Deripaska and affecting Russian aluminium producer UC Rusal have led to a price squeeze for US extruders – fulfilling the expectations of American Metal Market readers.
The Rotterdam aluminium premium fell for a second straight day, with a looming backwardation in the July/August spread pushing the market down and stirring expectations of further drops.
Premiums for zinc in Rotterdam and Antwerp dropped to multi-year lows this week on feeble spot demand while lead premiums remained stable despite a production lull during the Islamic holy month of Ramadan in Muslim-majority countries.
The tin premium in Europe fell to a two-month low due to Indonesian supply flowing back into that market, while premiums in the United States and China were steady due to healthy demand absorbing sufficient supply.
Chris Evans has become head of strategy at Circulor, which provides blockchain technology to the electric vehicles (EV) supply chain.