EUROPEAN MORNING BRIEF 27/07: SHFE base metals prices drift upward; US, EU to resolve tariff discord; US copper scrap prices mixed
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Friday July 27.
Base metals prices on the Shanghai Futures Exchange were little changed to stronger during morning trading on Friday, with easing global trade tensions providing support to the complex.
Gains were limited, however, with a firmer dollar ahead of the release of gross domestic product data from the US later today checking any upside for the base metals.
Check Metal Bulletin’s live futures report here.
The United States and European Union will work together to quickly “resolve” the discord created by the Section 232 steel and aluminium tariffs and subsequent retaliatory tariffs, US Treasury Secretary Steven Mnuchin said.
The copper and brass scrap markets in the United States were mixed this week, with certain copper scrap spreads narrowing while others widened and brass scrap tags inched lower.
Teck Resources has lowered its forecast for refined lead production at its Trail operations, citing limited concentrate feed availability following disruptions at its suppliers.
Indonesia will have to wait until 2023 to see a share of copper from Grasberg, despite having agreed to pay $3.85 billion to gain a majority stake in the mine.
Cobalt market veteran and industry expert Tony Southgate will join London-based Stratton Metals as a senior trader on August 28, Metal Bulletin has learnt.