• 08/08/2022 9:30 pm

#SMM Evening Comments (Aug 19): #Shanghai nonferrous metals closed mostly higher amid hopes of more stimulus

SHANGHAI, Aug 19 (SMM) – SHFE nonferrous metals rose for the most part on Wednesday August 19 as the monetary policies continued to be loose and one-year medium-term lending facility (MLF) loans to financial institutions and the rollover boosted macro sentiment.

 

Shanghai nonferrous metals, except for lead and tin, traded higher today. Copper was the best performer with a rise of 2.19%. Nickel increased 0.1%, aluminium added 1.46%, and zinc advanced 1.36%, while lead shed 0.03% and tin fell 0.13%.

 

Hydro has halted operation of the pipeline transporting bauxite from Hydro’ Paragominas bauxite mine to the alumina refinery Alunorte for extended maintenance, temporarily halting production at the time, and reducing production at Alunorte.

 

The ferrous complex closed mixed. Hot-rolled coil fell 0.15%, rebar shed 1.15%, while iron ore added 0.88%.

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