Data: China's zinc import, export in Jan

The Three-month LME nickel opened at $24,405/mt on Tuesday and gained 2.29% to close at $25,055/mt. While the most traded SHFE nickel contract opened at 180,000 yuan/mt, with an intraday increase of merely 0.87%. If US actually imposes sanctions on Russia, the NORNICKAL nickel plate that were previously exported to US may flow into China.

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.

According to the General Administration of Customs, China imported 82,265 mt of primary aluminium in December, down 64.13% month-on-month and down 36.98% year-on-year.

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.