SHANGHAI, Jul. 1 (SMM) – UK’s leave vote pushed down pound and boosted expectation for momentary policies in global market. European and US stocks bounced back and commodity prices registered gains. Chinese yuan weakened to near 6.65, hitting a half-year low. Ferrous metal prices saw big gains, bolstering ferrous metal prices.
Base metals on the SHFE market outperform those in the LME market this week with SMMI up 3.16%. SMMI.Ni led a gain of 5.66%. LME nickel posted a week-rise of 7% and 7.5% gains for SHFE nickel.
LME zinc stabilized at USD 2,100/mt, a new high since last July. SHFE zinc broke through RMB 16,500/mt. SMMI.Zn grew by 4.65%. On copper market, long positions increased and traders rushed to sell at highs. SMMI.Cu was up 3.12%.
Aluminum stock in China continued declines. SHFE aluminum was strong and trading in spot market was curbed by cash squeeze at month’s up 1.59%. SMMI.Pb was up 1.19%. SHFE lead grew above RMB 13,000/mt and trading was quiet in spot market.