EUROPEAN MORNING BRIEF 30/11: SHFE copper prices soften; US aluminium probe; cobalt prices surge
Good morning from Metal Bulletin’s office in Shanghai, as we bring you the latest news and pricing stories on Thursday November 30.
The copper price on the Shanghai Futures Exchange continued to decline during Asian morning trading hours on Thursday November 30, despite a positive reading in China’s Purchasing Manufacturers’ Index.
Check Metal Bulletin’s live futures report here.
|LME snapshot at 02.43am London time|
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|SHFE snapshot at 10.43am Shanghai time|
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Codelco is making efforts to de-commoditize copper and is running a pilot sustainability project to certify “green copper” or what the company refers to as “feng shui copper,” chairman Oscar Landerretche told delegates at Metal Bulletin’s 13th Asia Copper Conference on Thursday November 30.
The US Commerce Department’s decision to self-initiate anti-dumping and countervailing duty investigations into imports of Chinese common alloy aluminium sheet is somewhat puzzling – until you look at the wider context of that decision, according to market experts.
The London Metal Exchange has approved the listing of a new Chinese lead brand for delivery against its contracts, according to a notice from the exchange on Wednesday November 29.
Cobalt prices surged this week, boosted by talk of big volume long-term inquiries that suggest that some consumers are scrambling to secure units – and prices – for up to five years in the future.
Japanese smelters are actively processing secondary raw materials such as e-waste to compensate for declining copper, gold, silver content in concentrates, according to Toshiaki Sato, general manager of research, planning & coordination at JX Nippon Mining & Metals Corp.
With greater capital, inflationary and labor costs as well as more stringent environmental regulations, higher treatment and refining charges (TC/RCs) are needed to sustainably operate smelters and refineries, according to JX Nippon Mining & Metals Corp chief executive officer (CEO) Shigeru Oi.
East Asian stainless steel prices dropped over the past week as China’s domestic market turned lower.
Russian miner Mechel saw its coking coal concentrate shipments to the Asia-Pacific region – including China – rise by 6% year on year to 3.16 million tonnes in the first nine months of 2017.