Shanghai base metals closed mixed overnight amid stronger expectations of early interest hikes. Their counterparts on LME performed similarly.

Shanghai nonferrous metals closed mixed today as the market sentiment was relatively stable recently loosening monetary policy in China and sustained downside risks faced by the domestic economy.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 18, 2022

Most of the Shanghai base metals settled with declines in the overnight trading session. However, the SHFE and LME tin prices surged around 2.5%.

Shanghai nonferrous metals closed mixed today. The People’s Bank of China lowered the one-year MLF and seven-day reverse repurchase rates by 10 basis points, sending a formal interest rate cut signal.

The social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin decreased 1,600 mt from last Friday January 14 and fell 1,200 mt from last Monday January 10, as of January 17.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 17, 2022

Ning Jizhe, director of the National Bureau of Statistics, said at a press conference on January 17 that in 2021, China's total economic output reached 114.4 trillion yuan.

According to preliminary estimates, the gross domestic product (GDP) was 114,367.0 billion yuan in 2021, an increase of 8.1 percent over the previous year at constant prices with the average two-year growth of 5.1 percent. By quarter, the GDP for the first quarter went up by 18.3 percent year on year, up by 7.9 percent for the second quarter, 4.9 percent for the third quarter and 4.0 percent for the fourth quarter. By industries, the value added of the primary industry was 8,308.6 billion yuan, up by 7.1 percent over the previous year, that of the secondary industry was 45,090.4 billion yuan, up by 8.2 percent and that of the tertiary industry was 60,968.0 billion yuan, up by 8.2 percent.

Shanghai base metals mostly closed lower in the overnight trading last Friday, and their counterparts on LME closed mixed.