EUROPEAN MORNING BRIEF 28/12: SHFE copper rises; Updates on 2018 TC/RCs; China’s minors under environmental crackdown

Good morning from Metal Bulletin’s offices in Asia, bringing the key news and market stories on Thursday December 28.

December 28, 2017

By Kiki Kang

The most-traded copper price on the Shanghai Futures Exchange rose during Asian morning trading hours on Thursday December 28 after the three-month LME copper price hit its highest level since January 23, 2014.

Check Metal Bulletin’s live futures report here.

LME snapshot at 0207 London time
Latest 3M LME Prices
	Price ($/t)	Change since yesterday’s close ($)
Copper	7203	-37
Aluminium	2232	-20
Lead	2520	-19
Zinc	3262.5	-9.5
Tin	19620	-75
Nickel	11985	-125

SHFE snapshot at 1007 Shanghai time
Most traded SHFE contracts
	Price (yuan/t)	Change since yesterday’s close (yuan)
Copper (February)	55280	320
Aluminium(February)	14845	100
Zinc(February)	25485	110
Lead(February)	19190	150
Tin (May)	95130	540
Nickel (May)	142930	40

Changjiang spot snapshot on Thursday December 28
	Range (yuan/t)	Change (yuan)
Copper	54,920-54,940	300
Aluminium	14,370-14,410	150
Zinc	25,490-26,290	50
Lead	19,100-19,300	100
Tin	139,500-141,500	-250
Nickel	94,350-94,750	550

Metal Bulletin has updated the progress on 2018 treatment and refining charges (TC/RCs) negotiations after Tongling Nonferrous and Freeport reached a deal on Wednesday December 17. See Antofagasta and Jiangxi Copper’s comments here.

Market participants are anticipating the roughly 42,000 tonnes of aluminium canceled on Wednesday December 27 to flow from Asia to the United States.

The nationwide campaign against environmental violations in 2017 changed the landscape of Chinese minor metals markets after permanently closing some smaller illegally operated miners, smelters and flotation plants.

Export prices for Brazil-origin slabs have fluctuated by around $130 per tonne this year, influenced by raw materials, finished steel prices in Asia and even billet.

Metal Bulletin’s weekly roundup of the state of base metal premiums on Wednesday December 27.