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Most base metals on the Shanghai Futures Exchange staged a minor recovery during Asian morning trading on Wednesday, after suffering sharp declines on Tuesday.
The most-traded August copper contract price on the SHFE stood at 51,840 yuan ($8,010) per tonne as at 10.45 am Shanghai time, up by 0.3% or 160 yuan per tonne from Tuesday’s close.
Check Metal Bulletin’s live futures report here.
Global aluminium premiums were flat to weaker over the past week, with the persist backwardation on the London Metal Exchange continuing to pressure European premiums downward, while general supply pressures are keeping a lid on other premiums worldwide.
Mill-grade aluminium scrap prices in the United States have edged lower following declines on the London Metal Exchange, while most smelter-grade scrap prices maintained a steady footing.
The US Midwest copper premium in the United States has risen by a half-cent, with freight costs propelling the market to a nearly four-year high.
Switzerland-based miner-trader Glencore has settled a dispute over its Kamoto Copper Co operation in the Democratic Republic of Congo. Now it’s being singled out as a beacon of commitment to efforts by state-run mining company Gécamines to restructure its mining sector.
Pilbara Minerals has made the first shipment of direct shipping ore from its wholly owned Pilgangoora lithium-tantalum project in Australia.