EUROPEAN MORNING BRIEF 21/06: SHFE nickel prices outperform; refined copper surplus nearly doubles in Q1; Russia to respond to US tariffs

Good morning from Metal Bulletin's office in Singapore as we bring you the latest news and pricing stories on Thursday June 21.

Nickel was the outperformer on the Shanghai Futures Exchange during Asian morning trading on Thursday, with robust demand and declining inventory levels outweighing the trade concerns which have been pressuring the rest of the complex recently.

Check Metal Bulletin's live futures report here.





The global refined copper market saw its surplus almost double to 153,000 tonnes at the end of the first quarter of 2018 from 84,000 tonnes in the same quarter of last year, according to preliminary data released by the International Copper Study Group on Wednesday.

Russia will respond shortly to the United States' aluminium and steel import tariffs, with plans to establish its own set of duties on US goods, the press office of Russian minister of economic development Maxim Oreshkin confirmed to American Metal Market.

Metal Bulletin proposes to launch a price assessment for nickel sulfate on an ex-works China basis.

Over-eager zinc bears have contributed to a ballooning backwardation in London Metal Exchange price spreads, having bet prices would drop further and sooner than fundamentals have allowed.

Christian Keidel left Constellium this month while Marcus Becker has joined the aluminium products manufacturer in Zurich, industry sources said on Wednesday.

Mixed outlook for gold as it remains range bound for past three months

Gold stocks down on flat metal price

Gold stocks down on metal decline

Huge quantifiable rise in geopolitical, economic and trade risks

Platinum clearly ahead of palladium for first time in seven years