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 ($)
Copper 6,659.5 10.5
Aluminium 2,044 -1
Lead 2,399 -7
Zinc 3,286.5 11.5
Tin 20,875 0
Nickel 12,980 -20

SHFE snapshot at 10.02am Shanghai time
Most-traded SHFE contracts
Price (yuan per tonne)  Change since yesterday’s close (yuan)
Copper (May) 49,570 -50
Aluminium (May) 13,825 0
Zinc (May) 24,930 -20
Lead (May) 18,705 135
Tin (May) 141,050 -870
Nickel (July) 97,090 -590

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.

What to read next
Fastmarkets has corrected the pricing rationale for MB-AL-0302 aluminium 6063 extrusion billet premium, ddp North Germany (Ruhr region), $/tonne, which was published incorrectly on Friday April 19. No prices were corrected.
The low-carbon aluminium differential in the US made its first move on Friday April 5 since Fastmarkets launched it five months ago.
Brazil's aluminium industry is further enhancing its sustainability by boosting renewable energy use and recycling, while mitigating risk from high-carbon imports
German copper producer Aurubis is among the least likely to consider reducing capacity despite record low treatment charges (TCs), according to its chief executive officer
European copper demand, particularly for wire rod, remains strong and seems to be outpacing broader macro-economic growth in the region, the chief executive officer of German producer Aurubis has said.
The process to place the smaller and less efficient of the two processing plants at Los Bronces on care and maintenance is expected to be completed by mid-2024 and comes as the company pushes value over volume, the chief executive officer of Anglo American Chile said