SHANGHAI, Feb 23 (SMM) – SHFE nonferrous metals rose for the most part on Tuesday February 23 with economic recovery prospects in focus.
Copper, the best performer, rose 2.83%, zinc advanced 0.05%, lead went up 0.57% and tin gained 0.81%, while aluminium remained unchanged and nickel dropped 0.81%.
The ferrous complex closed mixed. Iron ore decreased 2.94%, rebar slipped 0.7%, while hot-rolled coil rose 0.06%.
Copper: The most-traded SHFE 2104 copper contract finished the day 2.83% higher at 67,950 yuan/mt. Open interest rose 2,195 lots to 153,964 lots. Since the opening of the market after the CNY, SHFE copper has risen by more than 5,500 yuan/mt in only three trading days, and it has risen by more than 10,000 yuan/mt from the low of 56,870 yuan/mt on February 3. Under the continuous unilateral rise in the market, operating rates of copper processing enterprises were far lower than expectations, with few new orders.
Aluminium: The most-liquid SHFE 2104 aluminium contract remained unchanged at 16,690 yuan/mt. Open interest fell 3,431 lots to 209,615 lots. Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, expanded 121,000 mt from last Thursday February 18 to 1.02 million mt mt as of February 22, and stocks in Wuxi, Nanhai and Gongyi mainly contributed to the increase.
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