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.

The SHFE and LME nickel prices diverged markedly in the afternoon trading on Tuesday. The SHFE/LME nickel price ratio shrank from 7.28 to 7.07. The import loss widened to $1,000/mt.

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.

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.

According to General Administration of Customs China imported 8.73 million mt of bauxite in December, up 13.32% month-on-month and 16.4% year-on-year.

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

As of Monday January 24, the copper inventory across major Chinese markets increased 1,400 mt from last Friday to 90,400 mt. The inventories recorded gains on Monday over the weekend for eight straight weeks, but the increment has always been moderate.

As of Friday January 7, the copper inventory across major Chinese markets dropped 11,200 mt from Monday January 3 to 83,700 mt.