Fund Managers to Unload Net Long of LME Zinc Slightly

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.

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.

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 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.

Shanghai nonferrous metals closed mixed in the last trading day ahead of the Chinese New Year. The market was basically in the holiday mood, while the better-than-expected US GDP reading for the past quarter aroused some discussions.

Shanghai base metals fell across the board overnight after the investors left the market with profits. LME metals performed similarly on Tuesday.

Shanghai base metals closed mixed on Friday night ahead of the US Fed’s interest meeting. LME metals basically dropped in the trading on Friday.

Shanghai nonferrous metals mostly closed with gains amid rising commodity prices including crude oil. While the first press conference held by the People’s Bank of China in 2022 put forward the theme of “stability” with paramount importance.

Shanghai nonferrous metals mostly closed in the positive territory amid rising international crude prices after it is reported that API crude stock dropped 2.86 million mt barrels from the previous session.

The moves of SHFE and LME have been heading toward different directions recently. As of December 8, LME lead has been falling for five consecutive sessions. SHFE lead, on the other hand, rallied strongly after falling for two days in a row, and rose 1.88% to 15,175 yuan/mt to close the day.