• 08/08/2022 11:02 pm

#SMM Evening Comments (Aug 14): #Shanghai nonferrous metals closed mostly higher amid improved macroeconomic environment

SHANGHAI, Aug 14 (SMM) – SHFE nonferrous metals rose for the most part on Friday August 14 amid improved macroeconomic environment.

Today, the National Bureau of Statistics (NBS) issued a document saying that China’s economy continued to recover steadily in July. Larry Kudla, the White House economic adviser, said that the Trump administration was satisfied with the progress made by China in fulfilling its commitment to purchase US goods in the first phase of the trade agreement, which indicated that the agreement will be passed in the preliminary review on Saturday.            

Shanghai nonferrous metals, except for copper and tin, traded higher today. Nickel was the best performer with a rise of 1.3%. Lead increased 0.78%, aluminium added 0.31%, and zinc advanced 0.28%, while copper shed 0.75% and tin fell 0.25%.

Covid-19 cases at the copper mine under Codelco, Chile’s national copper industry, fell sharply. Codelco managed to maintain normal production in the midst of the pandemic, easing concerns on copper supply.

The ferrous complex also traded higher. Iron ore added 1.82%, hot-rolled coil increased 0.33% and rebar rose 0.32%.

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