• 15/08/2022 9:47 pm

#SMM Morning Comments (Aug 19): #Shanghai base metals traded higher for the most part as investors await FOMC meeting minutes

SHANGHAI, Aug 19 (SMM) — Shanghai base metals broadly increased as of 10:20 Beijing time on Wednesday morning, while their counterparts on the LME were mixed as investors await meeting minutes of the Federal Open Market Committee (FOMC).

 

The American Petroleum Institute (API) reported early this morning that US crude inventories shrank 4.26 million barrels to about 512 million barrels in the week ended August 14, while gasoline supply surged 4.99 million barrels. 

 

Nonferrous metals on the LME firmed across the board on Tuesday. Copper jumped 2.33%, aluminium added 0.91%, zinc rose 1%, lead gained 1.53%, nickel advanced 0.75% and tin strengthened 0.92%.

On the SHFE, base metals, except for lead, closed higher in overnight trading. Copper rose 1.69%, aluminum added 0.55%, zinc advanced 0.3%, nickel strengthened 0.57% and tin firmed 0.32%, while lead declined 0.37%. 

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