SHANGHAI, Aug 4 (SMM) – SHFE nonferrous metals rose for the most part on Tuesday August 4, following upbeat economic data from the US and Europe.

Copper increased 0.94%, aluminium added 0.69%, nickel surged 1.32% and tin advanced 0.28%, while zinc shed 0.26% and lead fell 0.47%.

The ferrous complex increased across the board, with iron ore surging 3.31% to lead the way up. Rebar rose 0.76% and hot-rolled coil strengthened 0.93%.

Crude oil on the SHFE fell 0.21% as investors remained concerned that a new wave of Covid-19 outbreak may force countries to issue stricter lockdown orders. Besides, OPEC begins to lift supply cuts.

SMM data showed that a total of 105 vessels carrying 14.96 million mt of iron ore arrived at eight major Chinese ports during July 26-Aug 1. This was down 260,000 mt from the prior week but up 2.86 million mt from the previous year.

Copper: The most-traded SHFE copper contract closed 0.94% higher at 51,540 yuan/mt today. Lingering concerns on Covid-19 crisis and continued tensions between the US and China kept investors cautious. However, Codelco has restarted operations at the Chuquicamata smelter which were shut down in June, easing worries about tight copper supply. Whether the contract could increase further will be monitored tonight.

Aluminium: The most-liquid SHFE 2009 aluminium contract ended 0.69% higher at 14,695 yuan/mt today. Open interest increased 3,902 lots to 130,000 lots as investors added their short positions. The contract is expected to remain strong tonight amid favorable macroeconomic environment.

Zinc: The most-active SHFE 2009 zinc contract failed to break through 19,000 yuan/mt, and pared all earlier gains before finishing the day 0.26% lower at 18,870 yuan/mt. Rising output driven by recovered profits and the prospect of improved consumption will keep the contract fluctuating rangebound tonight.

Nickel: The most-traded SHFE 2010 nickel contract moved steadily today, fluctuating around 110,800 yuan/mt. The contract closed 1.32% higher at 110,860 yuan/mt. Support from the 10-day moving average will come under scrutiny tonight.

Lead: The most-traded SHFE 2009 lead contract ended its seven-day increase and closed 0.47% weaker at 15,735 yuan/mt today in choppy trading. Whether strength of longs could keep the contract above the five-day moving average will be watched tonight.

Tin: The most-liquid SHFE 2010 tin contract extended declines from overnight trading and slid to an intraday low of 145,050 yuan/mt, before regaining some ground to finish the day 0.28% higher at 146,070 yuan/mt. Pressure above is seen at 147,000 yuan/mt, while support below at around 145,000 yuan/mt tonight.