Copper stocks in Shanghai bonded area extend decline

This week, the SMM survey covered the production and sales conditions of major domestic medium and large copper rod makers. The overall operating rate was 80.92%, up 6.03 percentage points MoM, exceeding the expected value by 1.11 percentage points, and up 11.59 percentage points YoY. (Surveyed enterprises: 21, capacity: 7.83 million mt). The specific situation is as follows...

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 12,100 mt in the week ended June 25 to 116,500 mt. The stocks fell 6,400 mt from Monday June 21.

SHFE nonferrous metals broadly rose for the most part on Wednesday June 23 with investors awaiting key Purchasing Managers' Indexes from the euro zone.

SHFE nonferrous metals broadly closed higher across the board on Tuesday June 22, triggered by the Fed's updated inflation projections and a shortening of its interest rate hike schedule.

SHFE nonferrous metals broadly fell on Monday June 21, following jitters in global markets over the more hawkish tone from the US Federal Reserve last week.

LME base metals closed mixed in the overnight trading last Friday, as the expanding inflation and rising US dollar weighed on the market, but short supply still supported the prices. SHFE metals basically went down.

LME and SHFE non ferrous metals all declined in yesterday’s overnight trading as Fed officials implied to raise interest rates in advance and increased the excess reserve ratio.

LME base metals all fell in the overnight trading yesterday, as US dollar index went up slightly, and the plummeting US May retail sales brought negative sentiments to the market. Meanwhile, SHFE metals closed mixed amid the policy control.

Stocks rose 1,600 mt from Aug 2 to stand at 146,000 mt as of Aug 5

Production cuts at EAF mills to ease rebar supply pressure in the weeks ahead