• 15/08/2022 9:53 pm

SHANGHAI, Sep 2 (SMM) — Shanghai base metals traded lower for the most part on Wednesday morning, and nonferrous metals on the LME fell across the board, as the dollar index returned above 92 as US ISM manufacturing PMI for August recorded a new high since 2019.

Oil prices were higher in the morning of Asian trading hours, after a larger-than-expected draw in US crude stockpiles and as upbeat US factory data raised optimism of a post-pandemic economic recovery, bolstering risk appetite among investors.

US crude inventories fell by 6.4 million barrels in the week ended Aug 28 to about 501.2 million barrels, the American Petroleum Institute (API) said, compared with analysts’ expectations for a draw of 1.9 million barrels.

Gasoline stocks also fell by 5.8 million barrels, more than analysts’ estimates of a draw of 3.0 million barrels.

On the SHFE, nonferrous metals, except for copper and aluminium, closed higher in overnight trading. Zinc added 0.77%, lead advanced 0.41%, nickel firmed 0.2 and tin rose 0.56%, while copper fell 0.65% and aluminium declined 0.93%.

Their counterparts on the LME rose across the board on Tuesday. Tin jumped 2.11% to lead the way up, zinc increased 1.47%, aluminium firmed 1.14%, nickel strengthened 1.44%, copper added 0.13% and lead edged up 0.05%.

 

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