SHANGHAI, Nov. 4 (SMM) – The US dollar dropped this past week. The pound hit one-month high, weighing down the US dollar to 97.041, down 1.6% this week. China’s official and Caixin manufacturing PMI both improved, boosting market sentiment. Ferrous metals prices extended gains.
In this context, the SMMI rose 1.21%, and SMMI.Sn increased 4.12%. SMMI.Zn climbed 3.1%. LME copper rose to USD 4,965/mt and SHFE 1612 copper advanced to RMB 39,000/mt. Cargo holders supported spot premiums. The SMMI.Cu increased 2.26%. SMMI.Pb was up 1.69%, with SMMI.Ni up 0.87%. Nonetheless, SMMI.Al slumped 4.13%. SHFE aluminum fell by daily limit this week. Arriving shipments grew significantly.