Last week, the US Fed announced that it may begin to shrink the balance sheet at the next meeting in May. The pace will be accelerated to a monthly reduction of $95 billion.

According SMM official website, intraday SMM 1# copper cathode spot premiums stood at around 350 yuan/mt, plunging by around 85% from 2,200 yuan/mt, a historical high recorded last Friday. Meanwhile, the backwardation of SHFE copper also weakened to some point.

The copper cathode inventory in Guangdong has fallen below the 10,000 mt mark, and stand at only 6,527 mt, the lowest since 2018, according to our SMM statistics.

The SMM average price of 8-12% high-grade NPI stood at 1,502.5 yuan/mtu (ex-works, including tax) as of Friday October 22, up 57.5 yuan/mtu from a week earlier, and the average price of Indonesian NPI stood at 1,497.5 yuan/mtu (including tax, delivery to ports), 55 yuan/mtu higher than a week earlier.

Shanghai base metals mostly fell after Fed’s hawkish statements and amid the weakened demand before the China’s National Day holiday. Meanwhile, their counterparts on LME basically fell as well.

Shanghai base metals mostly trended higher on Friday morning amid slumping US dollar and eased market concerns about the default of Evergrande. Meanwhile, their counterparts on LME performed similarly.

 This is a roundup of China's metals weekly inventory as of September 17.

The Biden government of the United States on September 9 stated that it would restart a procedure to permanently suspend the development of the Pebble Mine project, thereby permanently protecting the ecology of an important water area in Alaska.

Shanghai base metals trended mixed on Tuesday morning without significant bullish or bearish influential factors in the market. Meanwhile, their counterparts on LME mostly fell.

Trades in the imported copper market were quiet today as import losses expanded to 200 yuan/mt. Backwardation of LME cash to the three-month copper contract stands at $6.5/mt.