Shanghai base metals all closed with gains in the overnight trading amid surging energy prices, and their counterparts on LME performed similarly on Wednesday.

Shanghai nonferrous metals closed mixed. Risk aversion sentiment was still high in light of sanctions from US and European counties on Russia. Nonetheless, it is specially pointed out by US officials that Russia’s oil and natural gas exports will be unaffected, easing the market sentiment to some extent.

Total zinc inventories across seven Chinese markets stood at 268,900 mt as of February 21, up 5,800 mt from Friday February 18, and 14,600 mt from Monday February 14.

On February 18, the National Development and Reform Commission and other 11 central departments jointly issued a notice on a series of policies to promote stable growth of industrial economy.

Shanghai nonferrous metals closed mixed as uncertainties surrounding Russia-Ukraine issue were still the biggest concern of the market, which might impact the commodity market as well as the European economic development prospect.

Optimising the national layout and accelerating the recycling industry.

SMM expects that the overseas copper concentrates expansion projects will accommodate a combined capacity of 1.1 million mt in metal content in 2022.

Shanghai base metals mostly closed with losses in the overnight trading last Friday as the US inflation hit a nearly 40-year high. LME metals performed similarly.

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

Shanghai and LME metals all closed in the positive territory as the market awaits the US CPI, which is expected to record the fastest growth in 40 years.