SHANGHAI, Jan. 23 (SMM) – SMM data shows prices of all base metals dropped last week, with the exception of a 0.6% rise in #1 tin ingot prices and a 0.3% growth in #1 nickel prices. Aluminum prices retreated from RMB 15,000/mt last Tuesday, with the average price down RMB 90/mt on a weekly basis. Prices of #1 copper averaged RMB 57,650/mt last week, down 0.6% on a weekly basis.
According to the SMM survey, downstream aluminum processors have began restocking for the Chinese New Year, but demand was limited, dampening market sentiment. Spot aluminum stocks in east China grew due to transportation problems, weighing down aluminum prices, with prices of A00 aluminum ingot falling below RMB 15,000/mt.
Precious metals were good performers last week, with prices of platinum, palladium, gold and silver all advancing. Platinum prices rose 4.4% on a weekly basis to RMB 357/kg.
In addition, prices of didymium oxide and praseodymium-neodymium alloy also rebounded noticeably, up 5.9% and 1.3%, respectively. SMM expects recovery in rare earth prices in March.