EUROPEAN MORNING BRIEF 06/12: SHFE base metals broadly lower; Vale to invest additional $500mln in VNC nickel ops; Wealth Minerals plans to acquire two Chilean Cu projects

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Thursday December 6.

Base metals prices, bar those for zinc, on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Thursday, with lingering concerns surrounding the trade tensions between the United States and China causing prices to soften.

Check Fastmarkets MB's live futures report here.

London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

Brazilian miner Vale will invest an additional $500 million in its Vale New Caledonia (VNC) nickel operations in the South Pacific due to expectations of increased demand from rising electric vehicle output, chief executive officer Fabio Schvartsman said on Tuesday.

Lithium-focused Wealth Minerals has signed letters of intent to acquire stakes in two Chilean copper projects, which will be held by newly formed subsidiary Wealth Copper.

Nickel premiums in Europe and Asia have fallen over the week ending Wednesday, with the start of the seasonal end-of-year slowdowns, while the US market remained quiet.

Sumitomo Metal Mining Co and Sumitomo Corp have agreed to buy a 30% indirect stake in the company that owns the Quebrada Blanca Phase 2 copper project in northern Chile, according to its majority owner Teck Resources Ltd.

Indian ferro-chrome producers will continue to target the European market in 2019 and beyond despite a recent softening in prices, according to an Indian exporter who is establishing trading connections to European destinations.

Susan Zou

susan.zou@metalbulletinasia.com

Published

Susan Zou

December 06, 2018

05:40 GMT

Shanghai