• 11/08/2022 7:53 pm

SHANGHAI, Sep 3 (SMM) – SHFE nonferrous metals broadly fell on Thursday September 3 due to the upbeat data of The IHS Markit US Manufacturing Purchasing Managers’ Index (PMI).


The IHS Markit US Manufacturing PMI was revised lower to 53.1 in August of 2020 from a preliminary of 53.6. Still, the reading pointed to the strongest expansion in factory activity since January of 2019, following the easing of coronavirus restrictions and the reopening of large sections of the manufacturing sector.


Shanghai nonferrous metals, except for tin, traded lower on Friday August 21. Nickel dropped 1.77% to lead the losses, lead weakened 1.23%, zinc shed 0.64%, copper declined 0.82%, and aluminium fell 1%, while tin advanced 0.87%.


An SMM survey showed that operating rates of BFs slipped 0.2 percentage point on the week to 89.6% in the first week of September, following a decline of 0.4 percentage point in the previous week.


The ferrous complex closed mixed. Rebar added 0.5%, iron ore rose 0.88%, while hot-rolled coil fell 0.23%.


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