SHANGHAI, Aug 24 (SMM) – SHFE nonferrous metals broadly fell on Monday August 24 amid the low season of downstream consumption.
Shanghai nonferrous metals, except for nickel, traded lower on Monday August 24. Tin dropped 1.38% to lead the losses, lead weakened 0.59%, zinc shed 1.05%, copper declined 0.83%, and aluminium fell 0.44%, while nickel advanced 1.34%.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei fell 1,000 from last Friday August 21 to 174,700 mt as of Monday August 24. The stocks were down 2,500 mt from last Monday August 17.
The ferrous complex closed mixed. Hot-rolled coil fell 0.61%, iron ore shed 1.83%, while rebar added 0.03%.
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