Copper prices on the Shanghai Futures Exchange extended their weekly losses during Asian morning trading on Friday, with disappointing Chinese macroeconomic data fueling concerns about slowing growth in the world’s second-largest economy.
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Negotiations for the supply of aluminium to main Japanese ports (MJP) in the first quarter of next year have kicked off with three producers offering premiums at higher than the fourth-quarter settlement
of $94-95 per tonne, according to three market sources.
Most copper and brass scrap discounts in the United States have inched inward on Comex declines, although mixed demand and supply issues remain a key concern
heading into the year-end.
Rio Tinto Kennecott is maintaining its force majeure
moving into December, the company said in an update to American Metal Market.
Peruvian copper production decreased by 2% year on year
in October, mostly affected by lower volumes from some of the country’s largest mines.
An indefinite strike over pay and benefits at Southern Peru Copper Corp entered its tenth day
on Thursday with no resolution in sight.
Japan’s iron and steel export volumes fell 10.3% year on year
in October to 3.02 million tonnes.
East China’s Shagang has hiked its long steel prices
for early December to reflect the recent surge in the domestic spot market.
China’s domestic stainless steel market again narrowed down
over the past week as nickel prices declined.