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EUROPEAN MORNING BRIEF 28/12: SHFE copper rises; Updates on 2018 TC/RCs; China’s minors under environmental crackdown

Good morning from Metal Bulletin’s offices in Asia, bringing the key news and market stories on Thursday December 28.

December 28, 2017
By Kiki Kang

The most-traded copper price on the Shanghai Futures Exchange rose during Asian morning trading hours on Thursday December 28 after the three-month LME copper price hit its highest level since January 23, 2014.

Check Metal Bulletin’s live futures report here.

LME snapshot at 0207 London time
Latest 3M  LME Prices
Price ($/t)  Change since yesterday’s close ($)
Copper 7203 -37
Aluminium 2232 -20
Lead 2520 -19
Zinc 3262.5 -9.5
Tin 19620 -75
Nickel 11985 -125

SHFE snapshot at 1007 Shanghai time
Most traded SHFE contracts
Price (yuan/t)  Change since yesterday’s close (yuan)
Copper (February) 55280 320
Aluminium(February) 14845 100
Zinc(February) 25485 110
Lead(February) 19190 150
Tin (May) 95130 540
Nickel (May) 142930 40

Changjiang spot snapshot on Thursday December 28
Range (yuan/t)  Change (yuan)
Copper  54,920-54,940 300
Aluminium 14,370-14,410 150
Zinc 25,490-26,290 50
Lead 19,100-19,300 100
Tin  139,500-141,500 -250
Nickel  94,350-94,750 550

Metal Bulletin has updated the progress on 2018 treatment and refining charges (TC/RCs) negotiations after Tongling Nonferrous and Freeport reached a deal on Wednesday December 17. See Antofagasta and Jiangxi Copper’s comments here.

Market participants are anticipating the roughly 42,000 tonnes of aluminium canceled on Wednesday December 27 to flow from Asia to the United States.

The nationwide campaign against environmental violations in 2017 changed the landscape of Chinese minor metals markets after permanently closing some smaller illegally operated miners, smelters and flotation plants.

Export prices for Brazil-origin slabs have fluctuated by around $130 per tonne this year, influenced by raw materials, finished steel prices in Asia and even billet.

Metal Bulletin’s weekly roundup of the state of base metal premiums on Wednesday December 27.