EUROPEAN MORNING BRIEF 19/12: SHFE base metals prices broadly lower; backwardation dampens European, US Al premiums; Glencore’s Katanga settles with OSC via $22.5mln payment

Date: Dec 20, 2018

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday December 19.Base metals traded on the Shanghai Futures Exchange were mostly down during Asian morning trading on Wednesday following Chinese President Xi Jinping’s speech on Tuesday, which lacked concrete steps to improve the economy and diffuse trade tensions with the United States—and more recently, Canada. 

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London Metal Exchange, base metals prices

Shanghai Futures Exchange, base metals prices

The backwardation in the London Metal Exchange’s cash/January spread dampened aluminium premiums in Europe and the United States in the week ended Tuesday December 18, while spot activity was quiet in the Asian and Brazilian markets.

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