Copper tube, pipe producers operate at high levels in peak season

Global economy is recovering, and the US liquidity contraction is expected to strengthen. When the US dollar, measured by the constant value, appreciates, the absolute price of copper fell (relative concept); the depreciation of the non-US currency suppressed purchase demand and also suppressed demand. The appreciation of the US dollar improves the production enthusiasm of non-US copper-producing regions. As copper is priced in US dollar, the appreciation of the US dollar will lower the production costs. Most of the copper-producing areas are in South America and Southeast Asia.

SHFE nonferrous metals all went up today, amid the dovish statement by the European Central Bank president, the high US jobless claims, and the high July PMI in Eurozone.

Shanghai base metals all cruised higher on Friday morning after the head of the Federal Reserve told Congress he saw no need to rush the shift towards tighter post-pandemic monetary policy. Meanwhile, their counterparts on the LME mostly cruised lower.

Shanghai base metals were mostly higher on Monday morning as investors digested a better-than-expected US jobs report. Meanwhile, their counterparts on the LME fell for the most part.

Shanghai base metals mostly cruised lower on Tuesday morning despite gains overnight on Wall Street that saw the S&P 500 and Nasdaq Composite touching fresh record closing highs. Meanwhile, their counterparts on the LME traded mixed.

Operating rates across lead-acid battery producers in Jiangsu, Zhejiang, Jiangxi, Hubei and Hebei provinces increased 2.25 percentage points from June 18 to 69.2% as of Friday June 25.

Operating rates across licensed smelters of secondary lead in Jiangsu, Anhui, Henan and Guizhou averaged 46.25% in the week ended June 25, up 3.7 percentage points from the previous week, showed an SMM survey.

Operating rates at secondary aluminium producers stood at 59.56% in May, down 5.44 percentage points month on month, but up 10.87 percentage points year on year.

The average weighted operating rate of Chinese aluminium foil producers was 87.08% in May, down 1.21 percentage points month on month, but up 3.22 percentage points year on year.

Operating rates across primary lead smelters in Henan, Hunan and Yunnan gaine