EUROPEAN MORNING BRIEF 28/03: Global copper premiums broadly stable; Canada cracks down on imports after 232 tariffs; Jupiter Mines’ IPO exposure period extended
Good morning from Metal Bulletin’s offices in Shanghai as we bring you the latest news and pricing stories on Wednesday March 28.
Base metals traded on the Shanghai Futures Exchange were broadly weaker during Asian morning trading on Wednesday, with lead the only metal to post any gains.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 03.02am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since yesterday’s close ($)|
|SHFE snapshot at 10.02am Shanghai time|
|Most-traded SHFE contracts|
|Price (yuan per tonne)||Change since yesterday’s close (yuan)|
Global copper premiums were largely unchanged in a week where 72,750 tonnes of cathode was delivered onto the London Metal Exchange, driving on-warrant stocks to their highest levels since June 2013. Read our full global copper wrap here.
Canada is cracking down further on unfairly traded steel and aluminum following the imposition of Section 232 tariffs in the United States.
Jupiter Mines has announced that the exposure period on its $185-million initial public offering (IPO) has been extended by a week to allow the Australian Securities and Investment Committee more time to view the prospectus.
Aluminium scrap markets in the United States were mixed, with mill-grade scrap stepping lower on declines in the terminal market and smelter-grade products mostly on steady footing while all eyes remain on potential aluminium scrap tariffs in China.
Copper-gold miner Newcrest has restarted mining operations at its Cadia project in Australia, two weeks after a tailings spill caused a shutdown.
Lastly, be sure to check Metal Bulletin’s pricing calendar for its base metals and minors, ores and alloys prices over the coming Easter Break.