EUROPEAN MORNING BRIEF 27/02: Stronger dollar pressures SHFE copper prices; producer offers Q2 MJP aluminium at $133/t; blanket US 232 trade actions would be ‘catastrophic’
Good morning from Metal Bulletin’s office in Singapore as we bring you the latest news and pricing stories on Tuesday February 27.
Copper prices on the Shanghai Futures Exchange retreated during Asian morning trading on Tuesday, with a strong performance by the dollar overnight leaving investors cautious and on the lookout for further direction.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 02.04 am London time|
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|SHFE snapshot at 10.03 am Shanghai time|
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A major aluminium producer has offered second quarter 2018 aluminium supply to main Japanese ports (MJP) at a premium of $133 per tonne - 29% higher than first quarter levels - according to two market sources who received the letter from the producer.
The sale of Rio Tinto’s stake in the giant Grasberg mine to the government of Indonesia would be an ideal outcome for Freeport-McMoRan, the company’s top executive said.
Freeport is considering ways it could develop the Kisanfu cobalt project in the Democratic Republic of Congo following the sharp rise in prices of the raw material.
Blanket US 232 trade actions would be ‘catastrophic’, Zekelman Industries executive chairman and chief executive officer Barry Zekelman said, adding that a remedy should instead take aim at those nations that cheat.
And last but not least, the price difference between lead and zinc on the London Metal Exchange has moved to its widest in over 10 years, with lead lagging significantly behind, but could lead catch up?