SHFE 1506 Lead Edges up RMB 5/mt (April 20, 2015)

Shanghai base metals mostly closed with gains on Thursday night. LME metals performed similarly on Thursday.

Shanghai base metals mostly went up on Wednesday morning after the market confidence was boosted by the expectations of effective vaccines against COVID-19 variant Omicron overnight. Meanwhile, their counterparts on LME mostly went downward.

Shanghai nonferrous metals closed with mixed performance as the hawkish rhetoric from US Federal Reserve Chair Powell supressed the market, while the November Caixin PMI in China was relatively positive than before.

The social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin decreased 4,300 mt from November 26 and 19,500 mt from November 22 to 134,900 mt as of November 29.

Shanghai base metals basically trended lower on Monday morning amid risk aversion sentiments after the discovery of a super strong variant of COVID-19 was discover last Friday. Meanwhile, their counterparts on LME all cruised higher.

Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin decreased 20,300 mt from November 19 and 15,200 mt from November 22 to 139,200 mt as of November 26.

Shanghai nonferrous metals closed with mixed performance. Zinc surged amid supply fears after Glencore said that it is shutting down some zinc production capacity in Europe due to high energy prices, and the steeply rising ferrous products also boosted the SHFE board.

Shanghai nonferrous metals closed with mixed performance as the market was generally quiet today, and the broad sector moved in narrow rangebound.

This is a roundup of China's metals weekly inventory as of November 5.

Shanghai base metals all trended downward after opening on Thursday morning amid risk aversion sentiments and China’s curb on the coal prices. Meanwhile, their counterparts on LME all went down.