• 08/08/2022 10:05 pm

#SMM Evening Comments (Aug 20): #Shanghai nonferrous metals ended mixed as investors weighed stimulus hopes

SHANGHAI, Aug 20 (SMM) – SHFE nonferrous metals closed mixed on Thursday August 20.

Recent data out of China showed supply-side manufacturing activity recovering in July. However, Chinese consumption continues to be anemic, with retail sales negative as recent floods likely hit demand, noted David Chao, a global market strategist for Asia Pacific ex-Japan at Invesco.

China kept its benchmark lending rate for corporate and household loans steady as expected for the fourth straight month at its August fixing on Thursday. The one-year loan prime rate (LPR) CNYLPR1Y=CFXS was kept unchanged at 3.85%, while the five-year LPR CNYLPR5Y=CFXS remained at 4.65%.

Aluminium, the best performer, rose 0.82%. Zinc advanced 0.42%, copper climbed 0.1%, while tin shed 0.52%, lead fell 0.8% and nickel slipped 0.54%.

SMM data showed that stocks of 6063 aluminium billet across the five major consumption areas – Foshan, Wuxi, Huzhou, Changzhou and Nanchang – in China fell 9,400 mt from a week ago to 60,000 mt as of Thursday August 20.

The ferrous complex fell across the board. Hot-rolled coil fell 0.2%, rebar shed 1.54%, and iron ore slipped 1.4%.

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