EUROPEAN MORNING BRIEF 21/12: SHFE copper extends gains; Tin premiums unchanged; Global crude steel output falls in November

Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Thursday December 21.

The copper price on the Shanghai Futures Exchange (SHFE) extended gains during Asian morning trading hours on Thursday December 21 on improved market sentiment.
Check Metal Bulletin's live futures report here.
LME snapshot at 0209 London time
Latest 3M  LME Prices
  Price ($/t)  Change since yesterday's close ($)
Copper 7,037.5 -6.5
Aluminium 2,122 0
Lead 2,511 -14
Zinc 3,213.5 -4.5
Tin
Nickel 11,980 -60
SHFE snapshot at 1009 Shanghai time
Most traded SHFE contracts
  Price (yuan/t)  Change since yesterday's close (yuan)
Copper  54,210 530
Aluminium 14,670 -15
Zinc 25,445 -80
Lead 19,075 -260
Tin  138,090 100
Nickel  95,690 560

Changjiang spot snapshot on December 21
  Range (yuan/t)  Change (yuan)
Copper  53,910 —53,930 550
Aluminium 14,270 — 14,310 -50
Zinc 25,570 —26,370 -70
Lead 19,050 —19,250 -200
Tin  138,500—139,500 500
Nickel  95,250 —95,550 600

Tin premiums were unchanged in the week to Tuesday December 19, with slower market conditions due to seasonal shutdowns for Christmas and downward pressure still in place amid year-end destocking.
The downstream aluminium sector in the United States is on edge following recent reports that a remedy in the ongoing Section 232 investigation could lead to stiff tariffs on imports of primary metal - and indications from the Trump administration suggest nothing is final.
Antofagasta’s Centinela copper mine in Chile has reached an early wage deal with its three workers' unions, leaving the Los Pelambres mine to strike an agreement in 2018.
Please click the link here to see MB noble alloys & ores price changes on the assessment day of December 20.
Global crude steel production fell by 3.7% year on year in November to 136.28 million tonnes, according to Worldsteel.
Read what Lord Copper had to say on the new CME Shanghai copper futures contract here.

Anna Xu

anna.xu@fastmarkets.com

Published

Anna Xu

December 21, 2017

04:37 GMT

Shanghai