EUROPEAN MORNING BRIEF 29/11: SHFE base metals stage broad-based recovery; Potanin allowed appeal against Rusal rival; Alcoa eyeing alumina greenfield opportunities

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Thursday November 29.

Base metals prices on the Shanghai Futures Exchange staged a broad-based recovery during Asian morning trading on Thursday, recovering from the previous day’s weakness on a softer dollar.

Tin was the sole exception to the firmer tone seen across the rest of the SHFE base metals complex this morning, with the metal continuing to succumb to the volatility associated with low market liquidity and concerns over elevated on-exchange stock levels.

Check Fastmarkets MB's live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

The London Court of Appeals has upheld Vladimir Potanin, one of two major shareholders in Nornickel, in his attempt to block the other, Oleg Deripaska, from buying more shares in the giant nickel and palladium producer.

Alcoa is open to future opportunities in greenfield alumina refineries, according to the company’s chief financial officer William Oplinger, speaking at the Goldman Sachs Metals and Mining conference in New York on Wednesday.

President Donald Trump's administration still prioritizes the battle against Chinese theft of intellectual property and is wielding US trade measures to break down other nations' barriers to American exports, US Commerce Department Secretary Wilbur Ross said on Wednesday.

Philipp Schlüter has become chief executive officer of Trimet Aluminium, the company said on Monday.

Long steel demand in Brazil fell year on year in October but growth expectations remain in place for this year and 2019, Gerdau chief executive officer Gustavo Werneck said.

Kyle Docherty

Published

Kyle Docherty

November 29, 2018

04:50 GMT

Singapore