EUROPEAN MORNING BRIEF 22/12: SHFE copper rises; Alcoa to close Rockdale Operations; Teck reaches agreement at Quebrada Blanca copper mine

Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Friday December 22.

The three-month copper price on the Shanghai Futures Exchange (SHFE) managed to rise during Asian morning trading hours on Friday December 22 amid supply concerns, despite overall weakness in the base metals complex.
Check Metal Bulletin's live futures report here.
LME snapshot at 0247 London time
Latest 3M  LME Prices
  Price ($/t)  Change since yesterday's close ($)
Copper 7053 -33
Aluminium 2,135.5 -12.5
Lead 2,493 -12
Zinc 3,227 -15
Tin 19,375 25
Nickel 11,985 -85
SHFE snapshot at 1047 Shanghai time
Most traded SHFE contracts
  Price (yuan/t)  Change since yesterday's close (yuan)
Copper  54,310 80
Aluminium 14,640 -25
Zinc 25,465 5
Lead 19,040 -130
Tin  137,640 -340
Nickel  95,480 -260

Alcoa Corp is to permanently shut down its Rockdale Operations site in the United States and to sell off its Portovesme smelter in Italy as part of plans to reduce the complexity of its global operations and to strengthen its balance sheet.
Teck Resources has signed a new collective agreement with striking workers at its Quebrada Blanca copper mine in Chile, the miner said late on Thursday December 21.
The global refined copper deficit has expanded and is poised to propel prices to fresh highs in 2018.
Copper and brass scrap discounts in the United States have logged mixed moves over the past few weeks while business slows as the industry prepares for the winter holiday period.
Click here for the latest global ferro-alloy price list as reported by American Metal Market and Metal Bulletin price reporters.
A European Commission investigation has found that Italy's government incorrectly applied state-aid rules in financially supporting struggling Italian steelmaker Ilva.

Ellie Wang

ellie.wang@fastmarkets.com

Published

Ellie Wang

December 22, 2017

04:40 GMT

Shanghai