EUROPEAN MORNING BRIEF 30/04: SHFE closed for holidays; LME base metals prices up except for nickel; copper market to rebound in 2018, ICSG says
Good morning from Metal Bulletin’s office in Singapore as we bring you the latest news and pricing stories on Monday April 30.
Base metal prices on the London Metal Exchange were broadly up during Asian morning trading on Monday, following the release of positive Chinese economic data and an easing in geopolitical tensions.
The Shanghai Futures Exchange is closed on April 30 and May 1 due to public holidays in China.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 03.19 am London time|
|Latest three-month LME Prices|
|Price ($ per tonne)||Change since previous session’s close ($)|
The global refined copper market is expected to rebound from last year’s 163,000-tonne deficit to record a modest 40,000-tonne surplus in 2018 before falling back to a 330,000-tonne deficit in 2019, according to the International Copper Study Group (ICSG).
The US aluminium market has found little relief from high premiums despite the extension of the deadline for US companies to unwind dealings with sanctioned Russian aluminium producer UC Rusal.
Despite healthy economic fundamentals across metals markets, Sucden Financial forecasts further volatility on the horizon for aluminium.
Southern Copper Corp increased its core earnings in the first quarter of 2018, with higher metals prices giving a positive boost to sales revenues despite a decline in copper production.
The US government’s easing of sanctions on Rusal benefits the Russian aluminium producer’s employees, US consumers of the metal - and any potential buyers of Oleg Deripaska’s shareholding, writes Lord Copper.