EUROPEAN MORNING BRIEF 29/12: SHFE aluminum up; CSPT Q1 price floor; Concord signs Pumpkin Hollow deal

Good morning from Metal Bulletin’s offices in Asia, bringing the key news and market stories on Friday December 29.

The most-traded aluminium contract on the Shanghai Futures Exchange (SHFE) continued to see gains during Asian morning trading hours on Friday December 29, while that of copper fell back a bit in the last trading day of 2017.

Check Metal Bulletin’s live futures report here.

LME snapshot at 0200 London time
Latest 3M LME Prices
Price ($/t) Change since yesterday’s close ($)
Copper 7284 -5
Aluminium 2269.5 -14.5
Lead 2533.5 9.5
Zinc 3295 -10
Tin / /
Nickel 12285 -65

SHFE snapshot at 1000 Shanghai time
Most traded SHFE contracts
Price (yuan/t) Change since yesterday’s close (yuan)
Copper (February) 55630 -140
Aluminium(February) 15195 70
Zinc(February) 25685 -25
Lead(February) 19175 -75
Tin (May) 144630 240
Nickel (May) 97170 360

Changjiang spot snapshot on Friday December 29
Range (yuan/t) Change (yuan)
Copper 55,240-55,260 320
Aluminium 14,690-14,730 320
Zinc 25,600-25,650 160
Lead 19,100-19,300 0
Tin 140,500-143,000 1,250
Nickel 96,250-96,800 1,850

The Chinese Smelters Purchase Team (CSPT) is to cut its purchase treatment and refining charges (TC/RCs) price floor for the first quarter of 2018 to $87 per tonne and 8.7 cents per lb, sources close to the matter told Metal Bulletin on Friday December 29.

Base metal merchants Concord Resources will be the marketing agent for Nevada Copper’s Pumpkin Hollow copper project when it starts production next year.

The price spread between higher and lower grades of iron ore continued to widen in 2017, mainly as a result of Chinese’s steelmakers’ growing profit margins.

A major Russian supplier has canceled several deals for hot-rolled coil (HRC) shipments to Vietnam due to excessively low prices charged, sources told Metal Bulletin.

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