EUROPEAN MORNING BRIEF 15/06: SHFE base metals broadly lower; Anglo American sell stake in AAQSA; LME zinc and lead price gap narrows

Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Friday June 15.

Base metals prices on the Shanghai Futures Exchange were broadly lower during Asian morning trading on Friday June 15, pressured by a strengthening US dollar.

Check Metal Bulletin’s live futures report here.

LME snapshot at 03:23 London time

Latest 3M  LME Prices

 

Price ($/t)

 Change since yesterday’s close ($)

Copper

7,144

-33

Aluminium

2,250

-6

Lead

2,456

3

Zinc

3,170

-17

Tin

20,830

-50

Nickel

15,230

-55

 

SHFE snapshot at 10:30Shanghai time

Most traded SHFE contracts

 

Price (yuan/t)

 Change since yesterday’s close (yuan)

Copper 

53,440

-190

Aluminium

14,465

-155

Zinc

24,145

-155

Lead

20,175

-75

Tin 

147,670

240

Nickel 

114,270

-270

 

Changjiang spot snapshot on June  15

 

Range (yuan/t)

 Change (yuan)

Copper 

53,080—53,140

-310

Aluminium

14,320—14,360

-220

Zinc

24,270—24,320

-280

Lead

20,350—20,550

-200

Tin 

146,000—148,000

0

Nickel 

115,750—115,950

-1,950

Anglo American has sold a 21.9% equity interest in Quellaveco SA (AAQSA) for $600 million to Mitsubishi Corporation, and will use the money as capital expenditure for the development of the copper project in Peru, the company said in an announcement on June 14.

A gap between the three-month prices of zinc and lead on the London Metal Exchange could generally narrow and become more settled in the coming weeks after an extended period of flux, market participants suggested.

Chinese electrolytic aluminium production reached 2.79 million tonnes in May, up 1.5% from the same period last year, according to data released by the National Bureau of Statistics (NBS) on Thursday June 14.

European spot prices for molybdic oxide have decreased so far this week on lower deals done in Europe and in Asia, with ferro-molybdenum tracking the move while there is relatively low buying interest, sources said.

Tharisa has acquired a 26.8% stake in Karo Mining Holding, a platinum group metals (PGM) and base metals project in Zimbabwe, for $4.5 million, the South African chrome miner has announced.