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.
Check Fastmarkets MB’s live futures report here.
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.
