EUROPEAN MORNING BRIEF 03/05: Strong dollar drags most SHFE base metals prices down; Cobalt prices end nearly 7-month rally; US Ali industry seeks certainty after extension
Date: May 3, 2018
Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Thursday May 3.
Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Thursday May 3.
Base metal prices on the Shanghai Futures Exchange were broadly down during Asian morning trading on Thursday May 3 amid continued strength in the dollar, with only aluminium bucking the general weakness.
Check Metal Bulletin’s live futures report here.
| SHFE snapshot at 11.14 am Shanghai time | ||
| Most-traded SHFE contracts | ||
| Price (yuan per tonne) | Change since previous session’s close (yuan) | |
| Copper (Jun) | 50,910 | -280 |
| Aluminium (Jun) | 14,520 | 90 |
| Zinc (Jun) | 23,690 | -210 |
| Lead (Jun) | 18,460 | -130 |
| Tin (Sep) | 147,060 | -340 |
| Nickel (Jul) | 104,430 | -670 |
| LME snapshot at 04.15 am London time | ||
| Latest three-month LME Prices | ||
| Price ($ per tonne) | Change since previous session’s close ($) | |
| Copper | 6,807 | -13 |
| Aluminium | 2,310.50 | -11 |
| Lead | 2,280.50 | 10.5 |
| Zinc | 3,082 | 35 |
| Tin | 21,040 | -40 |
| Nickel | 13,910 | -70 |
Cobalt prices fell on Wednesday May 2 for the first time since October, with the potential bullish impact of legal action against Glencore by Dan Gertler insufficient to offset greater competition to secure spot sales in the immediate term.
Metal Bulletin has launched a price assessment for cobalt sulfate, 20.5% min Co, ex-works China, published as a $ per lb adjustment to the low end of Metal Bulletin’s existing benchmark low-grade cobalt price assessment.
