Nonferrous metals were higher for the most part in volatile trading on Tuesday morning as oil prices reversed earlier gains to move lower.

Social inventories of primary aluminium ingots across eight consumption areas in China, including SHFE warrants, decreased 51,000 mt from last Thursday May 14 to 1.007 million mt as of Monday May 18.

Nonferrous metals traded mixed on Friday morning as investors awaited the release of Chinese economic data.

SHFE base metals closed mixed on the last trading day of April, as investors assessed mixed Chinese economic data and positive developments on a potential new treatment for Covid-19.

Social inventories of primary aluminium ingots in China continued to fall sharply, propelled by strong demand and fewer arrivals.

SHFE nonferrous metals, except for tin and nickel, traded lower on Monday, giving up the rebound from last Friday as investors remained cautious about the economic toll of the COVID-19 pandemic. 

London and Shanghai base metals cruised broadly higher in early morning trade on Friday, as a series of stimulus steps around the world, including a gigantic US package, calmed a panic over a global recession following the coronavirus outbreak.

SHFE nonferrous metals declined across the board on Monday, giving up gains from last Friday, as uncertainties around the economic impact of the fast-spreading coronavirus outbreak continued to depress investors’ sentiment.

Social inventories of primary aluminium ingots across eight consumption areas in China, including SHFE warrants, increased 17,000 mt from last Thursday March 19 to 1.664 million mt as of Monday March 23, according to SMM data.

London and Shanghai base metals traded lower across the board in early morning trade on Monday, extending declines from the prior week, as fears over the economic impact of the global coronavirus outbreak continue to weigh heavily on investor sentiment. The most active SHFE copper contract for May delivery plunged 8% to hit its “limit down” level at 35,300 yuan/mt shortly after the opening the bell.