• 19/08/2022 4:40 pm

#SMM Evening #Comments (Aug 27): #Shanghai nonferrous metals ended mixed on eased macro optimism

SHANGHAI, Aug 27 (SMM) — SHFE nonferrous metals closed mixed on Thursday August 27, as the supply of nickle shrank and inventories of aluminium declined.

Sentiment was helped by positive news on the coronavirus vaccine front and solid US economic data. Moderna said its coronavirus vaccine showed promising results in a small trial of patients aged 56 and older. The company’s stock jumped 6% on the news. The US durable goods orders jumped by 11.2% in July, easily topping a 4.3% estimate from Refinitiv.

Tin, the best performer, rose 1.66%, nickel advanced 0.69% and copper climbed 0.37%, while zinc edged down 0.13%, aluminium weakened 0.03% and lead shed 1.23%.

SMM data showed that stocks of aluminium billet across the five major consumption areas – Foshan, Wuxi, Huzhou, Changzhou and Nanchang – in China shrank 3,800 mt from a week ago to 56,200 mt as of Thursday August 27.

Primary aluminium ingot inventories in China declined moderately this week, showed SMM data.

The ferrous complex closed mixed. Hot-rolled coil rose 0.54%, rebar advanced 0.24%, while iron ore shed 0.43%.

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