EUROPEAN MORNING BRIEF 27/12: LME copper up; Jiangxi Copper production; Indonesia, Philippines impact on nickel weakened

Good morning from Metal Bulletin’s offices in Asia, bringing the key news and market stories on Wednesday December 27.

The three-month copper price on the London Metal Exchange rose during Asian morning trading hours on Wednesday December 27, the first trading day after the Christmas holiday, while the Shanghai Futures Exchange copper price decreased.
Check Metal Bulletin’s live futures report here.
LME snapshot at 0200 London time
Latest 3M  LME Prices
Price ($/t)  Change since yesterday's close ($)
Copper 7183.5 58.5
Aluminium 2186.5 -5.5
Lead 2494 9
Zinc 3251 -14
Tin 19530 0
Nickel 11935 -195

SHFE snapshot at 1000 Shanghai time
Most traded SHFE contracts
Price (yuan/t)  Change since yesterday's close (yuan)
Copper (February) 55120 -120
Aluminium(February) 14730 120
Zinc(February) 25465 -60
Lead(February) 19030 30
Tin (January) 140490 -530
Nickel (May) 95010 -620

Changjiang spot snapshot on Wednesday December 27
Range (yuan/t)  Change (yuan)
Copper  54,620-54,640 330
Aluminium 14,220-14,260 120
Zinc 25,440-26,240 -20
Lead 19,000-19,200 0
Tin  139,500-142,000 1,250
Nickel  93,900-94,100 -150

Jiangxi Copper is operating as usual despite media reports that it has been ordered to halt production to combat pollution, sources familiar with the matter told Metal Bulletin.
The smelter did received a production halt notice from the authorities, sources at Jiangxi Copper confirmed to Metal Bulletin, but added that the two side are still in the middle of discussions on the issue and that production at the moment is as normal.
China's refined zinc imports doubled in November from the previous month to 122,814 tonnes, while zinc concentrates imports rose 27% month on month, according to the latest Chinese customs data.
With the nickel market focused on the electric vehicle (EV) battery story this year, changes in nickel ore-producing countries such as Indonesia and the Philippines have lessened their effect on nickel prices.
China’s run-of-mine (ROM) iron ore output was largely flat on the year in November, while the production rate continued to shrink on the month.

Kiki Kang

Published

Kiki Kang

December 27, 2017

04:35 GMT

Shanghai