Newssummary: Yunnan Hualian Zinc&Indium 8,000-tonne Daily Ore Dressing Project Passes Environmental Tests

This is a roundup of China's metals weekly inventory as of February 18.

Shanghai base metals mostly closed with gains overnight on lower inventories. Their counterparts on LME closed mixed on Thursday.

Shanghai and LME metals all closed in the positive territory as the market awaits the US CPI, which is expected to record the fastest growth in 40 years.

Shanghai base metals mostly closed with gains overnight on unexpectedly high US jobless claims. LME base metals all rose on Thursday.

A report released by the World Bureau of Metal Statistics (WBMS) on Wednesday January 19 show that the global zinc market supply shortfall recorded 105,900 mt in January-November 2021, compared with an annual surplus of 613,000 mt in 2020.

Shanghai nonferrous metals mostly closed in the positive territory amid rising international crude prices after it is reported that API crude stock dropped 2.86 million mt barrels from the previous session.

Nonferrous metals prices closed mixed overnight. Tin prices rebounded amid the disruptions to the supply side and low inventory. Other base metals moved rangebound.

Shanghai nonferrous metals were under pressure today and closed with mixed performance as the latest reading of China manufacturing PMI for October was still in the contraction range.

The focus this week includes: The Fed’s FOMC meeting, coal price trends, final value of October Manufacturing PMI in Eurozone, final value of US October Markit Manufacturing PMI, October ISM Manufacturing PMI, October ADP Employment, October unemployment rate; China's October Caixin Manufacturing PMI and October Caixin Service PMI. In terms of events, FOMC will announce the interest rate resolutions this Thursday; the Fed Chairman Powell will hold a press conference; the Bank of England will announce interest rate resolutions, meeting minutes, and monetary policy reports; and European Central Bank President Lagarde and Executive Committee Member Schnabel will deliver speeches.

Shanghai base metals basically cruised higher on Friday morning after US dollar index hit a one-month low. Meanwhile, their counterparts on LME all went up.