EUROPEAN MORNING BRIEF 10/10: US Cu market awaits direction; US Midwest P1020 premium slips; Low-grade Mn ore prices edge higher

Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Wednesday October 10.

Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Wednesday October 10, with aluminium, tin and lead down but the rest of the complex up on a weaker US dollar and the generally confident mood among participants at LME Week.

Check Fastmarket MB's live futures report here.

    LME snapshot at 2:56am London time
    Latest three-month LME Prices
      Price ($ per tonne) Change  ($)
    Copper 6,282.5 -12.5
    Aluminium 2,060.0 3.5
    Lead 1,936.0 -2
    Zinc 2,685.0 6
    Tin 19,000.0 40
    Nickel 12,915.0 -55

    SHFE snapshot at 09:56am Shanghai time
    Most-traded SHFE contracts
      Price (yuan per tonne) Change (yuan)
    Copper (November) 50,820 320
    Aluminium (November) 14,505 -55
    Zinc (November) 22,940 320
    Lead (November) 18,050 -285
    Tin (January) 146,690 -520
    Nickel (November) 106,320 850

    Changjiang spot snapshot on Oct 10
    Changjiang spot prices    
      Range (yuan per tonne) Change (yuan)
    Copper  50,960-50,980 350
    Aluminium 14,390-14,430 -60
    Zinc 23,840-24,840 340
    Lead 18,350-18,550 -100
    Tin  145,000-147,000 -250
    Nickel  106,600-112,600 900


    Global copper market participants converged in London for the start of LME Week and are now establishing the parameters for 2019 annual contracts, with a general expectation that the US premium will be higher.

    The US Midwest aluminium premium has logged two consecutive declines as of Tuesday October 9, bringing the assessment down nearly 5% over the past two months.

    Aluminium scrap prices in the United States have maintained a mostly steady footing so far this month, although certain grades have shown further signs of wear.

    Secondary aluminium alloy prices in the United States were static on Tuesday, resisting persistent pressure from a depressed aluminium scrap market while getting some support from a slight recovery in the LME’s Nasaac.

    Low-grade manganese ore prices rose again on Friday October 5 on higher offers, while the high-grade market paused.

    Anna Xu

    anna.xu@metalbulletinasia.com

    Published

    Anna Xu

    October 10, 2018

    05:40 GMT

    Shanghai