EUROPEAN MORNING BRIEF 30/08: SHFE copper prices retreat; European moly price spreads widen; US lead-acid battery prices dart lower
Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Thursday August 30.
Base metals prices on the Shanghai Futures Exchange were broadly up during Asian morning trading on Thursday, with only copper and nickel bucking the trend.
Copper prices underperformed on the SHFE during the early session on Thursday, with the metal’s most-traded copper contract falling to 48,670 yuan ($7,134) per tonne as at 10.40am Shanghai time, down by 0.3% or 160 yuan per tonne from Wednesday’s close.
Check Metal Bulletin’s live futures report here.
US spent lead-acid battery and lead scrap prices tumbled lower - with a combination of abundant supply, limited demand and sustained softness on the London Metal Exchange continuing to fuel a more than two-month decline in prices.
Prices for 300-series stainless steel scrap continued to decline in the United States this week, with the 304 bellwether grade leading the way.
Price spreads widened in the European molybdenum markets in the middle of the week that began on Monday August 27, after easing the week before, sources told Metal Bulletin this week.
Consumer demand and regulatory requirements are increasingly driving the responsible production and sustainability of aluminium, a senior executive at Rio Tinto Aluminium said.