• 19/08/2022 4:32 pm

#SMM Evening Comments (Aug 17): #Shanghai nonferrous metals rose across the board, zinc and nickel surged more than 2%

SHANGHAI, Aug 17 (SMM) –SHFE nonferrous metals closed higher across the board on Monday August 17 as the vaccine research of Covid-19 made some progress.

Nickel led the gains on Monday and ended up 2.47%. Zinc advanced 2.27%, lead grew 0.62%, aluminium increased 0.28%, copper went up 1.68% and tin expanded 0.47%.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei rose 2,100 from last Friday August 14 to 177,200 mt as of Monday August 17. The stocks were down 5,500 mt from last Monday August 10.

The ferrous complex also traded higher. Iron ore added 0.36%, hot-rolled coil increased 0.71% and rebar rose 1.22%.

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