Base metals prices on the Shanghai Futures Exchange gave a mixed performance during Asian morning trading on Monday, with copper, zinc and tin moving up while the others were little changed to weaker. Continued weakness in the dollar provided broad-based support to the SHFE base metals, while copper prices were further buoyed by an improved fundamental backdrop. The London Metal Exchange is closed on Monday due to a bank holiday in the United Kingdom. Most US secondary aluminium alloy prices have been resisting downward pressure amid the decline in aluminium scrap prices, but discounted offers for benchmark A380.1 alloy may indicate further adjustments lower down the road. The US Midwest aluminium premium held steady last week, as many buyers are not in the market for either prime or scrap aluminium, and are waiting for contract negotiations to begin in earnest in the coming months. China led minor declines across the chrome ore and alloys markets in Asia and Europe. Check Metal Bulletin’s latest chrome snapshot for more details. Indian mills are likely to increase their prices for hot-rolled coil for September sales following a weakening of the rupee against the US dollar, Metal Bulletin heard on Friday August 24.
China Nonferrous Mining Corp’s copper project in Zambia has started trial production and targets an annual output of 252,000 tonnes of copper concentrates once commercially operational, the state-owned miner said on Thursday August 23.