By Susan Zou / February 02, 2018 / www.metalbulletin.com /
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Good morning from Metal Bulletin's offices in Shanghai as we bring you the latest news and pricing stories on Friday February 2.
Nickel prices on the Shanghai Futures Exchange were the standout performers during Asian morning trading on Friday, benefiting from follow-through strength after a strong performance by the metal on the London Metal Exchange in the previous session as well as supply concerns in the market.
Check Metal Bulletin's live futures report
here.
| LME snapshot at 02.00 am London time |
| Latest three-month LME Prices |
| Price ($ per tonne) | Change since yesterday's close ($) |
| Copper | 7,119 | 0 |
| Aluminium | 2,225 | 0 |
| Lead | 2,671 | 6 |
| Zinc | 3,542 | -15 |
| Tin | 21,500 | 100 |
| Nickel | 13,920 | -80 |
| SHFE snapshot at 10.00 am Shanghai time |
| Most-traded SHFE contracts |
| Price (yuan per tonne) | Change since yesterday's close (yuan) |
| Copper (March) | 53,040 | 60 |
| Aluminium(March) | 14,365 | 30 |
| Zinc(March) | 26,750 | 80 |
| Lead(March) | 19,685 | 115 |
| Tin (May) | 148,920 | -350 |
| Nickel (May) | 105,060 | 2,970 |
Investment bank Goldman Sachs
raised projections for the price of copper in 2018 from $7,050 per tonne to $8,000 per tonne, with a growing gap expected between supply and demand.
Treatment and refining charges (TC/RCs) for spot market copper concentrates
dropped significantly during the second half of January, with smelters coming to the market for tonnages below benchmark rates and mine sales going at aggressive numbers.
Novelis
has touted the earnings results for its fiscal third quarter 2018 as a solid baseline for considering future growth options, top executives said during a conference call on Thursday.
The aluminium market in the United States is in the crosshairs of outside political pressure and a natural deficit in primary supply, and
is seeking a source of clarity and transparency with its premium assessments, American Metal Market has learned.
Aggressive overseas demand
is putting the heat on brass ingot makers in the US and has propelled some brass scrap prices to a nearly three-and-a-half-year high.
Slowing spot demand caught up with the molybdic oxide and ferro-molybdenum markets this week, with
prices dropping after suppliers cut their offer prices to book profits following a strong rally in recent weeks.