Base Metals Fall Except for Tin (May 2-6)

Published: May 6, 2016 19:42

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Markit’s April manufacturing PMI for the US was 50.8, its lowest since December 2009.

SHANGHAI, May 6 (SMM) –Markit’s April manufacturing PMI for the US was 50.8, its lowest since December 2009. Trade deficit in March was USD 40.4 billion, with imports hitting a five-year low. US March durable goods orders grew 0.8% MoM, and year-on-year decline was the largest since December 2015. ADP’s employment slowed to 156,000 in April, hitting a 3-year low. Fed officials’ hawkish statement sent up the US dollar index to 94. Crude oil fluctuated around USD 44/bbl. Ferrous metals dropped over 10%.

The SMMI fell 2.26%. LME zinc posed 4-day losing streak, down 3.7%. SHFE 1607 zinc fell 3.2%. The SMMI.Zn slid 3%. LME copper dropped over 5%, while July copper on the SHFE was down 3%. The SMMI.Cu slipped 2.45%. SMMI.Al fell 2.36%.

The SMMI.Pb inched down 1.69%. LME nickel surged to USD 9,700/mt early last week, then rolled back all gains, down 3.78%. The SMMI.Ni fell 1.34%. The SMMI.Sn rose 1.54%, though, due to smelters supporting prices. Yunnan Tin halted production, with spot premiums.

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