EUROPEAN MORNING BRIEF 24/10: SHFE base metals up across the board; ferro-vanadium prices up in EU, US; US secondary Al alloy prices steady
Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday October 24.
Base metals prices on the Shanghai Futures Exchange were all up during Asian morning trading on Wednesday, with the complex benefitting from a softening in the dollar overnight and positive sentiment stemming from a stronger showing in China’s equities market.Check Fastmarket MB’s live futures report here.
The price of ferro-vanadium continued to become firmer in the United States and Europe in the week ended Friday October 19, but both of those major markets continued to lag behind the price in the premium Chinese market.
Secondary aluminium alloy prices in the United States held their ranges on Monday, but scrap spreads could imperil the stability of these prices with current supply contracts nearing their conclusion.
Trafigura is to set up an integrated copper, zinc and lead smelting-refining complex via a joint venture in Saudi Arabia, the commodity trader said on Tuesday October 23.
The US Midwest aluminium premium has fallen for the third assessment in a row, fueled largely by sellers trying to move metal ahead of a pricing backwardation on the London Metal Exchange expected to hit in December.
An overhang of secondary aluminium scrap in the US has continued to weigh on some prices, with market participants skeptical that dynamics will change through the remainder of the year.