SHANGHAI, Sep 1 (SMM) — SHFE nonferrous metals rose for the most part on Tuesday September 1 as manufacturing demand and supply continued to recover, and overseas demand started to pick up.
The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 53.1 for August, compared to 52.8 in July. Economists had expected Caixin/Markit manufacturing PMI to come in at 52.7. The expansion in August was the fastest since January 2011, Caixin and IHS Markit said in their joint report.
Zinc was the best performer with a rise of 2.35%. Cooper advanced 1.92%, tin climbed 0.75%, lead increased 1.88% and nickel went up 1.84%, while aluminium decreased 0.27%.
A total of 86 vessels carrying 13.58 million mt of iron ore arrived at major Chinese ports during August 23-29, SMM estimates. This was down 950,000 mt from the previous week, but up 2.23 million mt from the same period last year. The amount of arrivals in Tangshan and Tianjin declined on the week.
The ferrous complex also traded higher. Iron ore increased 0.24%, rebar rose 0.32%, and hot-rolled coil gained 1.23%.
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