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Base metals prices on the Shanghai Futures Exchange gave a mixed performance during Asian morning trading on Wednesday, with copper and nickel recording respectable gains while the rest of the complex weakened.
The most-traded October copper contract on the SHFE stood at 48,910 yuan ($7,182) per tonne as at 10.01am Shanghai time, up 260 yuan per tonne from Monday’s close.
Check Metal Bulletin’s live futures report here.
Persistent lackluster demand kept most global aluminium premiums stable in the week to Tuesday August 28, but market participants noted seeing initial talks for 2019 supply contracts get underway ahead of an international conference in Germany next month. Read our latest global aluminium wrap for more details.
In a volatile month for base metals, exemplified by sharp price drops and spread moves, the London Metal Exchange’s nearby tin spread moved into a contango for the first time since April 2017.
The secondary aluminium scrap market in the United States continues to correct, fueled by a combination of strong consumer inventory positions and ample supply.
In the midst of one of the slowest times of the year for the copper market, participants are shifting their focus to 2019 contract negotiations, which are expected to ramp up after the upcoming Labor Day holiday weekend.
Chinese vanadium export prices stabilized last week amid thin trading, while a lack of consumer interest in both the European and US markets led to narrower offer prices.
Alumina prices fob Australia climbed over 7% on Tuesday to their highest in nearly four months, with extreme tightness in the market continuing to push the index higher.