EUROPEAN MORNING BRIEF 29/05: Nickel leads SHFE base metals higher; Rusal offers Q3 MJP at $160/t; Uptrend in Chinese, European APT markets persists

Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Tuesday May 29.

Good morning from Metal Bulletin’s offices in Asia, bringing the latest news and pricing stories on Tuesday May 29.
Nickel prices on the Shanghai Futures Exchange (SHFE) continued their strong upswing since last Friday during Asian morning trading on Tuesday May 29 amid the backdrop of declining stocks and rising stainless steel prices.
Check Metal Bulletin's live futures report here.
LME snapshot at 0341 London time
Latest 3M  LME Prices
  Price ($/t)  Change since yesterday's close ($)
Copper 6,880 -5
Aluminium 2,274 11
Lead 2,452 13.5
Zinc 3,080.50 29.5
Tin 20,760 610
Nickel 14,975 195
SHFE snapshot at 1041 Shanghai time
Most traded SHFE contracts
  Price (yuan/t)  Change since yesterday's close (yuan)
Copper  51,680 70
Aluminium 14,775 -25
Zinc 24,085 185
Lead 19,990 120
Tin  153,450 2,960
Nickel  112,510 1,990


Changjiang spot snapshot on May 29
  Range (yuan/t)  Change (yuan)
Copper  51,390 — 51,430 180
Aluminium 14620 —  14,660 -30
Zinc 24,380 —25,380 230
Lead 20,250 —20,450 0
Tin  148,500—150,500 2,750
Nickel  112,500 —112,600 2,500

Russian aluminium producer Rusal has offered the light metal for July-September delivery to main Japanese ports (MJP) on cif basis at $160 per tonne premium over London Metal Exchange cash price, according to six trader sources familiar with the matter. 
Low grade manganese ore prices rebounded in China after recent low prices attracted fresh consumer appetite and trader interest.
Prices of ammonium paratungstate (APT) in both Chinese and European markets moved up further over the past week amid massive stoppages in the major production hub of Jiangxi province, while the ferro-tungsten market was quiet as both domestic Chinese and overseas prices declined.
South Africa’s more expensive winter power tariff is likely to push chrome prices higher in China’s already tight market.
Some small traders of thinly-traded metals are at risk of being priced out of the market, with less than a week to go for the May 31 deadline for the Registration, Evaluation, Authorisation and Restriction of Chemicals (Reach) program, market participants told Metal Bulletin.

Anna Xu

editorial@fastmarkets.com

Published

Anna Xu

May 29, 2018

04:29 GMT

Shanghai