(MB) Base metals prices on the Shanghai Futures Exchange were up across the board during morning trading on Wednesday, supported by China’s unveiling of a package of policies aimed at boosting domestic demand. Premiums for copper cathode in China and Europe saw upward pressure in the week to Tuesday amid improved trading and a drop in the London Metal Exchange three-month copper price.
The US Midwest aluminium premium rose in the week to Tuesday, supported primarily by the LME aluminium price’s return to a contango after weeks of backwardation. Check our latest global aluminium wrap here.
The secondary aluminium scrap market in the United States has continued to deteriorate due to swelling scrap supplies outpacing demand.
More aggressive inspections of scrap at Vietnamese ports have sparked concern among US sellers to West Coast docks and US scrap traders, as material may flow to other Asian markets or even be shipped back to the US, market participants said.
