• 19/08/2022 4:59 pm

#SMM #Evening Comments (Sep 2): #Shanghai nonferrous metals closed mostly higher, copper fell 0.72%

SHANGHAI, Sep 2 (SMM) — SHFE nonferrous metals rose for the most part on Wednesday September 2.

 

In a world rocked by the coronavirus pandemic and tensions with the U.S., the Chinese government has come out with yet another batch of policy terms to bolster its own economy, this time under the vague umbrella of “dual circulation.” The phrase refers broadly to two circles of economic activity — internal and external — with greater emphasis than before on business at home.

 

Tin was the best performer with a rise of 0.83%. Zinc advanced 0.74%, lead increased 0.19% and nickel went up 0.36%, while aluminium decreased 0.45% and Cooper fell 0.72%.

 

Social inventories of long steel (including wire rods and rebar) in Guangzhou increased 2.76%, or 35,500 mt, in the week ended September 2 to 1.32 million mt, showed SMM data. The stocks were 53.17% higher than the same period last year.

 

The ferrous complex also traded higher. Iron ore increased 1.06%, rebar rose 0.11%, and hot-rolled coil gained 0.02%.

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