SHANGHAI, Oct 16 (SMM) – SHFE nonferrous metals closed mixed on Friday October 16 as the uptick in coronavirus cases across Europe and the U.S. continued to dampen sentiment.
Traders are monitoring discussions over further fiscal stimulus in the U.S. The IMF’s Managing Director Kristalina Georgieva told CNBC on Thursday that she has “no doubt” the U.S. will implement a new economic stimulus package.
Nickel, the best performer, rose 1.31%, aluminium advanced 0.34% and copper climbed 0.45%, while zinc edged down 0.47%, lead weakened 0.1% and tin shed 0.08%.
Inventories of rebar across Chinese steelmakers and social warehouses stood at 10.6 million mt as of October 15, down 6.4% from a week ago and up 56.2% from a year earlier.
The ferrous complex closed mixed. Hot-rolled coil advanced 0.35%, rebar rose 0.78%, while iron ore fell 0.63%.
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