EUROPEAN MORNING BRIEF 03/05: Strong dollar drags most SHFE base metals prices down; Cobalt prices end nearly 7-month rally; US Ali industry seeks certainty after extension

Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Thursday May 3.

Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Thursday May 3.
Base metal prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Thursday May 3 amid continued strength in the dollar, with only aluminium bucking the general weakness.
Check Metal Bulletin's live futures report here.
SHFE snapshot at 11.14 am Shanghai time
Most-traded SHFE contracts
  Price (yuan per tonne) Change since previous session's close (yuan)
Copper (Jun) 50,910 -280
Aluminium (Jun) 14,520 90
Zinc (Jun) 23,690 -210
Lead (Jun) 18,460 -130
Tin  (Sep) 147,060 -340
Nickel  (Jul) 104,430 -670

LME snapshot at 04.15 am London time
Latest three-month LME Prices
  Price ($ per tonne) Change since previous session's close ($)
Copper 6,807 -13
Aluminium 2,310.50 -11
Lead 2,280.50 10.5
Zinc 3,082 35
Tin 21,040 -40
Nickel 13,910 -70
Cobalt prices fell on Wednesday May 2 for the first time since October, with the potential bullish impact of legal action against Glencore by Dan Gertler insufficient to offset greater competition to secure spot sales in the immediate term.
Metal Bulletin has launched a price assessment for cobalt sulfate, 20.5% min Co, ex-works China, published as a $ per lb adjustment to the low end of Metal Bulletin’s existing benchmark low-grade cobalt price assessment.
The aluminium industry in the United States is having mixed reactions this week to President Donald Trump's extension to June 1 of the deadline for temporary exemptions from the Section 232 aluminium tariffs, with participants mainly calling for certainty from the US government.
European spot market have seen more deals for tungstenvanadium over the past week, please refer to Metal Bulletin’s trade logs for the two cargoes.
Metals market veteran Michael Hutchinson has joined the board of Switzerland-based Tiberius group as non-executive chairman, Tiberius told Metal Bulletin on Wednesday May 2.
Zug-based AMR Trading has named ex-Rusal executive Alex Tattersall its new chief executive officer, while Vitaly Sidorov has taken the helm of parent company AMR-BK Group, which owns aluminium sheet and plate plant Belaya Kalitva in Russia.
Chinese aluminium ingot export and domestic prices were flat over the past week with participants off for the Labor Day holiday at the start of this week.

Anna Xu

anna.xu@fastmarkets.com

Published

Anna Xu

May 03, 2018

05:48 GMT

Shanghai