February 2024

SHFE base metal price moves mixed on concerns of potential sanctions against Russia

Base metal price movements on the Shanghai Futures Exchange (SHFE) were mixed during morning trading on Thursday February 22, with the market continuing to react to recently announced Chinese stimulus measures and potential further sanctions on Russia by the United States.

Glencore’s 2023 metals profits down on lower cobalt, nickel and zinc prices

Swiss trader Glencore’s profits halved in 2023 due to weaker energy and metals prices and production, according to the company’s full-year results released on Wednesday February 21.

LME base metals up on concerns of fresh sanctions against Russia

Three-month London Metal Exchange base metals prices pushed up the close on Wednesday February 21, with the exception of tin, which was down marginally. Nickel saw the most movement and was up by more than 3.5%.

China copper premium down after holidays, Europe mixed, while US remains flat

Demand from Chinese copper buyers remained slow during the week to Tuesday February 20 with market participants just returning from holidays, while premiums in other regions were mostly stable, with the exception of the delivered-Germany market which edged higher.

All LME base metals up in morning trading; aluminium gains 3%

Base metal prices on the London Metal Exchange were higher across the board during morning trading on Wednesday February 21, with aluminium leading the complex higher with a rise of 3%.

SHFE base metal prices mostly up following mortgage rate stimulus

Base metal prices on the Shanghai Futures Exchange (SHFE) broadly rose during morning trading on Wednesday February 21, with the market continuing to show a positive response to the mortgage rate cut announced by China’s central bank a day earlier.

Codelco to start up Rajo Inca expansion at Salvador copper mine in 2024

The Rajo Inca expansion at Codelco’s Salvador copper mine, in northern Chile, is scheduled to start operations some time in 2024, chairman Máximo Pacheco and chief executive officer Rubén Alvarado announced on Tuesday February 20.

LME base metals prices mostly down on negative Chinese sentiment

Most base metals prices on the London Metal Exchange fell on Tuesday February 20, reflecting market participants’ worries about the Chinese property market.

Launch of Southeast Asian EQ copper cathode premium: pricing notice

Fastmarkets launches MB-CU-0513 copper cathode equivalent grade (EQ), cif Southeast Asia, $/tonne on Tuesday February 20.

Mixed LME base metals prices reflects Chinese pessimism, US optimism

Base metals prices on the London Metal Exchange were mixed in early trading on Tuesday February 20, reflecting contrasting economic signs from the US and China.