EUROPEAN MORNING BRIEF 29/06

Base metals prices on the Shanghai Futures Exchange were mostly down during Asian morning trading on Friday, following a muted performance by the base metals on the London Metal Exchange on Thursday.  Zinc was the exception to the weaker tone across the SHFE complex this morning, with the metal’s most-traded August contract increasing to 23,195 yuan ($3,502) per tonne as at 10.30am Shanghai time, up by 0.4% or 85 yuan per tonne from Thursday’s close. Cobalt 27 Capital Corp has closed a deal to buy the equivalent of 32.6% of the cobalt production from a unit of Vale, creating the world’s first pure cobalt stream.
Copper and brass scrap prices are showing signs of wear in the United States, with declines in Comex red metal prices and growing scrap availability dragging on the market. Worldwide Warehouse Solutions (WWS) is closing down, with US operations already shut and its European business set to follow by the end of this week, Metal Bulletin has learned. Bauxite exports from Emirates Global Aluminium’s (EGA) Guinea Alumina Corp subsidiary will begin in the second half of 2019, while integrated aluminium companies are seeking to secure upstream supply to shield themselves from volatile alumina prices.