• 15/08/2022 10:01 pm

SHANGHAI, Sep 7 (SMM) – SHFE nonferrous metals closed mixed on Monday September 7 as dollar strengthened and shares of SMIC, China’s biggest contract chipmaker, plunged over 23% on Monday, after the U.S. government said it was considering putting export restrictions on the company.


China’s dollar-denominated exports beat expectations to rise 9.5% for the month of August from a year ago, data from the country’s General Administration of Customs showed on Monday. Meanwhile, China’s dollar-denominated imports in August fell 2.1% from a year ago.


Copper, the best performer, rose 1.63%, aluminium advanced 1.37% and lead climbed 0.35%, while zinc edged down 0.68%, nickel weakened 0.04% and tin shed 0.07%.


SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 7,200 mt from September 4 to 171,200 mt as of September 7. The stocks were down 8,100 mt from last Monday August 31.


The ferrous complex closed mixed. Hot-rolled coil fell 1.25%, rebar shed 0.59%, while iron ore advanced 0.29%.


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