SHANGHAI, Aug 26 (SMM) — Nonferrous metals on the LME and SHFE cruised higher for the most part as of 10:13 Beijing time on Wednesday morning as senior US and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, and investors awaited a speech by the Federal Reserve Chairman Jerome Powell on Thursday about the US central bank’s policy framework review.
The American Petroleum Institute (API) reported early this morning a draw in crude oil inventories of 4.524 million barrels for the week ending August 21.
Nonferrous metals on the LME rose across the board on Tuesday. Copper added 0.29%, aluminium advanced 0.51%, zinc rose 1.18%, lead strengthened 0.34%, nickel increased 0.67% and tin inched up 0.03%.
Shanghai base metals, except for aluminium and lead, cruised higher in overnight trading. Copper advanced 0.16%, zinc climbed 0.63%, nickel rose 1.36% and tin edged up 0.02%, while aluminium closed flat and lead weakened 0.63%.
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