• 15/08/2022 8:35 pm

#SMM Morning Comments (Aug 20): #LME nonferrous metals fell across the board on the Fed’s grim outlook over the economy

SHANGHAI, Aug 20 (SMM) — Nonferrous metals on the LME declined across the board on Thursday morning after the Federal Reserve said in the minutes from its July meeting that “the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term.”

Meanwhile, on the SHFE, base metals rose for the most part as of 10:00 Beijing time on Thursday morning, while precious metals crashed.

On the SHFE, nonferrous metals, except for nickel, cruised higher in overnight trading. Copper rose 1.08%, aluminium added 1.31%, zinc advanced 1.12% and tin and lead firmed 0.56%.

Their counterparts on the LME were mostly higher on Wednesday. Copper advanced 1.38%, aluminium strengthened 1.07%, zinc added 0.79% and lead firmed 0.35%, while nickel slid 0.75% and tin weakened 0.11%.

 

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