• 08/08/2022 9:10 pm

#SMM Evening Comments (Aug 21): #Shanghai nonferrous metals declined for the most part, tin advanced 0.41%

SHANGHAI, Aug 21 (SMM) – SHFE nonferrous metals broadly fell on Friday August 21 due to the concern about the economy.

The number of people filing for unemployment benefits in the US last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new pandemic stimulus package.

Shanghai nonferrous metals, except for aluminium and tin, traded lower on Friday August 21. Copper dropped 0.97% to lead the losses, lead weakened 0.84%, zinc shed 0.72%, nickel declined 0.59%, and aluminium remained unchanged, while tin advanced 0.06%.

Inventories of hot-rolled coils (HRC) and plates across social warehouses and steelmakers, which are used in automobiles and home appliances, stood at 3.9 million mt in the week ended August 21, down 0.86% on week and 14.23% on year, showed SMM data.

The ferrous complex closed mixed. Hot-rolled coil fell 0.03%, iron ore shed 1.29%, while rebar added 0.29%.

 

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