EUROPEAN MORNING BRIEF 27/03: SHFE base metals prices rebound; FMG revises iron ore price guidance; US aluminium extrusion shipments up

Good morning from Metal Bulletin’s office in Shanghai as we bring you the latest news and pricing stories on Tuesday March 27.

Base metals prices on the Shanghai Futures Exchange rebounded during Asian morning trading on Tuesday, buoyed by a weaker dollar and an improvement in risk appetite after fears of an escalation in tensions between the United States and China receded.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03.30am London time
Latest three-month LME Prices
  Price ($ per tonne)  Change since yesterday’s close ($)
Copper 6,686.50 84.5
Aluminium 2,061.50 9.5
Lead 2,394.50 7.5
Zinc 3,285.50 25
Tin 20,870 10
Nickel 13,095 140
SHFE snapshot at 10.30am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne)  Change since yesterday’s close (yuan)
Copper  49,660 660
Aluminium 13,840 125
Zinc 24,960 320
Lead 18,585 180
Tin  142,360 100
Nickel  97,470 1,110

Fortescue Metals Group (FMG) has revised its guidance for the prices it expects to realize for iron ore sold in the year ending June 30 amid subdued Chinese demand and trade tensions.

The US’ aluminium extrusion shipments rose year on year through February, validating claims by billet market participants that extrusion market demand strengthened in the start of this year.

Market participants have said that a credit squeeze in India will lead cadmium prices to stabilize at current levels.

Antofagasta’s Los Pelambres mine in Chile has reached an agreement with unionized workers for a new collective bargaining agreement, putting an end to the threat of strike action.

Meanwhile, union workers at the Escondida copper mine in Chile have accepted an invitation to begin early talks with management on a new collective bargaining agreement.

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