EUROPEAN MORNING BRIEF 27/04: SHFE Ali, Ni prices up on renewed sanction concerns; Vale targeting premium nickel product mix; PPS awards zinc tender at lower premium
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday April 27.
Base metals prices on the Shanghai Futures Exchange were mostly up during Asian morning trading on Friday, with only copper prices weakening.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 02.55 am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since yesterday’s close ($)|
|SHFE snapshot at 09.56 am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since yesterday’s close (yuan)|
Brazilian diversified miner Vale is seeking to boost its nickel business margins by focusing on a premium product mix instead of selling high-quality products to markets that do not require such material.
Pressure from overseas buyers has continued to hold the heat on copper scrap consumers in the United States, with the competition pushing some scrap prices higher.
South Korea’s Public Procurement Service (PPS) has awarded a 1,000-tonne zinc tender at a premium of $140 per tonne, slightly lower than the premium it had awarded for another zinc tender earlier this month.
Brazilian mining company Nexa Resources has received the preliminary environmental license for its $354 million Aripuanã underground zinc-lead-copper project in Brazil.
Lead recycler Recylex’s sales dropped by more than one-fifth year on year to €95.3 million ($116.2 million) in the first three months of 2018 due to a maintenance shutdown at a major smelter and falling prices for lead, the company said on Thursday.
David Rawlinson, Mark Shaer and Darren Fowler have left the base metals trading desk of ADM Investor Services International, Metal Bulletin understands.