By Violet Li / May 09, 2018 / www.metalbulletin.com /
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Good morning from Metal Bulletin's offices in Asia as we bring you the latest news and pricing stories on Wednesday May 9.
Base metals prices on the Shanghai Futures Exchange were down across the board during Asian morning trading on Wednesday, dragged lower by the stronger dollar. Zinc prices, trading little changed to weaker, were the most resilient of the complex.
Check Metal Bulletin's live futures report
here.
| LME snapshot at 04.17am London time |
| Latest three-month LME Prices |
| | Price ($ per tonne) | Change since previous session's close ($) |
| Copper | 6,810 | -65 |
| Aluminium | 2,370 | -12 |
| Lead | 2,310 | -21.5 |
| Zinc | 3,089 | 28.5 |
| Tin | 20,990 | 65 |
| Nickel | 13,870 | -15 |
| SHFE snapshot at 11.33am Shanghai time |
| Most-traded SHFE contracts |
| | Price (yuan per tonne) | Change since previous session's close (yuan) |
| Copper (July) | 51,090 | -280 |
| Aluminium (July) | 14,665 | -90 |
| Zinc (July) | 23,810 | -5 |
| Lead (June) | 18,910 | -45 |
| Tin (Sept) | 145,540 | -650 |
| Nickel (July) | 103,850 | -1,310 |
Global scrap trade is undergoing a period of monumental change, with drastic shifts in China's recycling policies altering trade flows, according to the Bureau of International Recycling.
The
copper industry's currently bearish environment can be chalked up to five factors, according to one analyst, pointing to a drop in manufacturing growth from its peak at the end of 2017, increased interest rates globally, a stronger dollar, the perception of a loose market and the United States' introduction of Section 232 steel and aluminium.
Aluminium scrap market participants in the US are
shifting to the sidelines and cautiously watching how China's suspension of its North American customs inspection division will impact US scrap prices.
Earnings at Chilean long steel and iron ore producer Compa???-a de Acero del Pac?-fico (CAP)
dropped by 19.40% year on year in the first quarter of 2018, amid a reduction iron ore volumes and prices.
Chinese ferro-silicon prices were stable last week, but shortened supply and more active trading suggest an uptick in pricing ahead.
And finally, click
here to view the ferro-tungsten and ammonium paratungstate (APT) transactions, bids, offers and assessments in Europe, Vietnam and China, with blue tungsten oxide (BTO) and yellow tungsten oxide (YTO) deals.