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Base Metal Prices See Big Gains (Feb. 29-Mar. 4, 2016)
Mar 4,2016 17:09CST
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Base metals prices saw big gains this past week on positive news.

SHANGHAI, Mar. 4 (SMM) - Base metals prices saw big gains this past week on positive news. Positive US economic data allowed US and European stock markets to keep rising. Crude oil prices also moved higher. The PBOC cut RRR to boost market liquidity. Markets are hoping for stimulus measures during the NPC & CPPCC sessions in China. 

SMMI closed the week up 3.4%, with nickel leading gains, followed by tin. 

SMMI.Ni spiked 5.72%. LME nickel returned to above USD 9,000/mt and soared 6.43%. SHFE nickel surged 5.8%, with positions and trading volumes up. Jinchuan Group adjusted nickel ex-works prices three times to close the week up RMB 3,700/mt at RMB 70,500/mt. Downstream producers in domestic spot nickel market held to the sidelines against high prices. 

LME tin supply tightened due to earthquake in Indonesia. This allowed LME tin to close the week up 4%. SHFE tin hit daily upside limit twice this week and gained 7.27%. Spot tin prices in China also shot up. SMMI.Sn soared 5.16%. 

LME copper rose 4.24%, and SHFE copper rose 4.88%. Suppliers in domestic spot copper market held back goods at lows, allowing spot discounts to narrow. Rising prices cooled downstream buying. SMMI.Cu was up 4.35%. 

LME zinc hit a high of USD 1,850/mt, and SHFE zinc closed with gains for six consecutive weeks. Trading was brisk in domestic spot zinc market. SMMI.Zn was up 3.76%.    

SHFE aluminum fell early this week on expectations for aluminum smelter production restarts, but rebounded later. Downstream consumption picked up. SMMI.Al rose 1.16%. 

LME lead gained 5.7%, while SHFE lead rose a mere 2%. Lead smelters were eager to sell at highs, but buying was poor.  

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