Base metals prices on the Shanghai Futures Exchange were broadly higher during Asian morning trading on Monday, with zinc and nickel registering the biggest gains. Tin and lead bucked the trend to weaken slightly.
There was a slightly firmer tone across the SHFE base metals complex this morning after the weakness seen last Friday, which had been driven by the release of weaker-than-expected economic data out of China.
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Treatment and refining charges (TC/RCs) for spot copper concentrate dropped in mid-December
with fewer distressed cargoes circulating the market and participants beginning to price March cargoes.
Sterlite Copper will be allowed to re-open its 400,000-tonne-per-year Tuticorin copper smelter
in the southern Indian state of Tamil Nadu after judges at a National Green Tribunal ruled its closure by state government was invalid.
The first hot-rolled coil futures contract on the Nasdaq Futures Exchange was traded
on Friday December 14, the same day that NFX launched its HRC futures contract in the United States.
Manganese ore prices dropped by as much as 8% on December 14
after miners slashed offer prices to entice cautious buyers before the end of the year.
Interest in Singapore Exchange’s high-grade iron ore derivative was robust
in the second week of trading, with 7,000 lots traded and cleared by 5.53pm Singapore time on December 14.
There was little activity in the pig iron market in the United States last week because buyers were cautiously optimistic about the possibility of a price reduction