EUROPEAN MORNING BRIEF 24/11: SHFE copper prices supported; Chile’s presidential candidates lay out mining sector plans; Codelco copper output dips

Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Friday November 24.

Copper prices on the Shanghai Futures Exchange pushed higher during Asian morning trading on Friday, as the red metal continued to be supported by industrial action in Latin America.

Meanwhile the rest of the base metals complex was broadly higher, benefiting from a weaker dollar in the aftermath of the US Federal Reserve’s more dovish than expected November meeting minutes.

Check Metal Bulletin’s live futures report here.

LME snapshot at 02.32am London time
Latest three-month LME Prices
($ per tonne)
Change since yesterday’s close
Copper 6,971 8
Aluminium 2,109 -4
Lead 2,462.50 8.5
Zinc 3,234 -4.5
Tin 19,415 15
Nickel 11,945 15

SHFE snapshot at 10.33am Shanghai time
Most-traded SHFE contracts
(yuan per tonne)
Change since yesterday’s close
Copper 54,090 240
Aluminium 14,995 -10
Zinc 25,490 -60
Lead 18,465 165
Tin 141,970 270
Nickel 95,770 1,550

As Chile, the world’s largest copper producer, heads to the polls to elect a new president on December 17, we take a look at what the candidates have planned for the country’s mining industry.

Codelco’s mined copper production edged lower in the first nine months of 2017 due to declining ore grades, but the miner’s profits rose significantly during the period, benefiting from higher prices for the metal.

Escondida copper mine has laid off about 120 workers following a review of its operations, a decision that has been strongly criticized by its main trade union and could complicate next year’s labor negotiations.

China’s domestic stainless steel prices narrowed downward over the past week in thin trading.

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