EUROPEAN MORNING BRIEF 27/09: SHFE base metals prices broadly down; Santander zinc mine disrupted by protests; Codelco planning to ship more copper to US
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday September 27.
Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Thursday, with investors heard to be closing out their long positions ahead of China’s Golden Week holiday and the start of this year’s fourth quarter.
Check Metal Bulletin’s live futures report here.
Production and sales from Trevali Mining’s Santander mining operations in Peru have been negatively affected after output was halted by a local community protest, the zinc miner said on Wednesday.
Chilean miner Codelco is viewing the United States as an increasingly attractive destination for its copper cathodes and plans to ship 15% more metal to the country in 2019 at a premium half a cent per pound higher than this year’s, Metal Bulletin has learned.
The molybdenum oxide and alloy markets in Europe fell on deals reported midweek, but the downward trend in prices appears to have reached a bottom and a recovery is expected soon, sources told Metal Bulletin on Wednesday.
Chinese zinc premiums continued to climb this week, reaching their highest level for the past 21 months, because of tight supply and a positive import arbitrage. The upward momentum was also seen in Southeast Asian markets and in India this week.
Romnesh Lamba has returned to serve as a director of the London Metal Exchange and its clearing house, LME Clear, Metal Bulletin has learned.