By Karen Ng / May 02, 2018 / www.metalbulletin.com /
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Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Wednesday May 2.
Base metal prices on the Shanghai Futures Exchange were broadly down during trading on Wednesday after the dollar strengthened significantly on Tuesday.
Aluminium prices were also under pressure from easing supply concerns following the latest sanction and trade policy developments in the United States.
Check Metal Bulletin's live futures report
here.
| LME snapshot at 06:09 am London time |
| Latest three-month LME Prices |
| | Price ($ per tonne) | Change since previous session's close ($) |
| Copper | 6,820 | 75 |
| Aluminium | 2,250 | 5 |
| Lead | 2,321 | 28 |
| Zinc | 3,090.50 | 38.5 |
| Tin | 21,130 | -75 |
| Nickel | 13,845 | 195 |
| SHFE snapshot at 1:09 pm Shanghai time |
| Most-traded SHFE contracts |
| | Price (yuan per tonne) | Change since previous session's close (yuan) |
| Copper (Jun) | 51,030 | -530 |
| Aluminium (Jun) | 14,420 | -60 |
| Zinc (Jun) | 23,780 | -170 |
| Lead (Jun) | 18,510 | 140 |
| Tin (Sep) | 146,780 | -920 |
| Nickel (Jul) | 103,850 | -890 |
The US has given investors
an additional month to divest or transfer their holdings in sanctioned Russian companies, including UC Rusal, according to a statement from the US Department of the Treasury on Tuesday.
The European Union and all nations
exempted from the Section 232 steel and aluminium tariffs will be subject to quotas, US President Donald Trump's top trade adviser said.
Some US secondary aluminium alloy prices have
continued to move higher due to lingering raw material cost pressures and tight supply, although a cooling off in the terminal markets is eroding some of the upward momentum.
Spot zinc concentrate treatment charges basis CIF to major East Asian ports remained flat while
lead concentrate terms declined marginally in April.
Spot treatment and refining charges for
copper concentrates firmed moderately in the last two weeks of April, with the market continuing to weigh strong, short-term market availability against potential major disruptions in the coming months.
The
United States has postponed imposing Section 232 tariffs on steel and aluminium imported from the European Union, Canada and Mexico, until June 1.