(MB) Base metals prices on the Shanghai Futures Exchange were mixed during Asian morning trading on Tuesday, with the complex reacting to news that the United States had imposed new tariffs on $200 billion’s worth of Chinese goods overnight. The Chinese government is poised to directly target the US non-ferrous metals and ore sector in the tit-for-tat trade war launched by US President Donald Trump. Spot market copper concentrate treatment and refining charges (TC/RCs) were stable during early September, with smelters picking up tonnes for the fourth quarter, and traders angling bets on 2019 terms in recent tenders. The disparity between aluminium prices on the London Metal Exchange and the bullish factors in the physical market was a key talking point at Metal Bulletin’s 33rd Aluminium Conference in Berlin last week.
Trades for November deliveries of manganese ore, buyers’ resistance to price rises and sufficient inventories of such material in China all served to slow the increase in prices for 37% ore over the week that ended on Friday September 14.
The Chinese ferro-silicon market was unchanged in the week to Friday September 14, with expected renewed demand shoring up support for prices; in Europe, the standard-grade spot market dropped following reports of deals that indicate further near-term weakness, while the US ferro-silicon market held steady.
The United States office of Foreign Assets Control has said it will allow Russian aluminium producer UC Rusal to negotiate some new contracts with existing customers, provided they are „consistent with past practices“.
Imperial Metals set up an internal committee to look at strategic options for its business and has held early-stage talks with a potential joint venture partner, the company said.