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Shanghai base metals mostly closed with gains on Thursday night. LME metals performed similarly on Thursday.

In the SHFE market, the downstream users gradually took holidays last week for the CNY. At the same time, the downstream purchases weakened significantly as the zinc prices rose above 25,000 yuan/mt, and the restocking for the CNY was about to end.

Shanghai nonferrous metals closed with mixed performance as the hawkish rhetoric from US Federal Reserve Chair Powell supressed the market, while the November Caixin PMI in China was relatively positive than before.

Shanghai base metals basically trended lower on Monday morning amid risk aversion sentiments after the discovery of a super strong variant of COVID-19 was discover last Friday. Meanwhile, their counterparts on LME all cruised higher.

Shanghai nonferrous metals closed with mixed performance. Zinc surged amid supply fears after Glencore said that it is shutting down some zinc production capacity in Europe due to high energy prices, and the steeply rising ferrous products also boosted the SHFE board.

The focus of this week includes the September seasonally adjusted trade account in the Eurozone; the November New York Federal Reserve manufacturing index; the October unemployment claims and unemployment rate in the United Kingdom; the Eurozone’s Q3 GDP annual rate readings and seasonally adjusted quarterly rate of employment; US retail sales monthly rate in October.

Shanghai nonferrous metals closed with mixed performance as the market was generally quiet today, and the broad sector moved in narrow rangebound.

Zinc ingots prices weakened this week and buyers restocked products on rigid demand. The fourth batch of government stockpiles arrived at plants.

This is a roundup of China's metals weekly inventory as of November 5.

Shanghai base metals all trended downward after opening on Thursday morning amid risk aversion sentiments and China’s curb on the coal prices. Meanwhile, their counterparts on LME all went down.