EUROPEAN MORNING BRIEF 16/05: Force of new technology pushing LME volumes higher; Japanese, European Ali … – FastMarkets Metal News

This post was originally published and is credit to this site


Good morning from Metal Bulletin’s offices in Asia as we bring you the latest news and pricing stories on Wednesday May 15.

Base metals prices on the Shanghai Futures Exchange diverged during Asian morning trading on Wednesday, with rising stocks and a surge in the dollar sinking copper.

Check Metal Bulletin’s live futures report here.

SHFE snapshot at 11.01am Shanghai time
Most-traded SHFE contracts
Price (yuan per tonne) Change since previous session’s close (yuan)
Copper (Jul) 50,990 -220
Aluminium (Jul) 14,765 45
Zinc (Jul) 23,840 60
Lead (Jun) 19,340 -150
Tin  (Sep) 145,950 -340
Nickel  (Jul) 107,500 350
LME snapshot at 04.01am London time
Latest three-month LME Prices
Price ($ per tonne) Change since previous session’s close ($)
Copper 6,822 14
Aluminium 2,327 0
Lead 2,354 6
Zinc 3,079 17
Tin N/A N/A
Nickel 14,465 40

The increased acceptance by humans that they cannot battle against the rise of technology and algorithmic trading has brought numerous changes to the type of trades taking place on London Metal Exchange, according to Marex Spectron’s head of market analytics Guy Wolf.

Aluminium premiums in Japan and Europe fell over the past week, with supply concerns relating to the sanctions placed on Russian aluminium producer UC Rusal continuing to ease. In the United States, limited spot activity kept the Midwest-delivered premium flat.