Maintenance to affect copper production in Oct

Shanghai base metals traded mixed after opening on Thursday morning, as Fed failed to set a timeline for tapering asset purchase, and COVID-19 pandemic made a comeback. Meanwhile, their counterparts on LME mostly went up.

SHFE copper prices rallied from lows last week. Prices edged up from 67,500 yuan/mt and tested the 70,000 yuan/mt mark on Friday. European and US stock markets plunged sharply on Tuesday evening amid market concerns over the Delta strain, while SHFE copper prices opened lower.

Shanghai base metals were mostly lower on Tuesday morning as investors awaited the release of China's trade data for June. Meanwhile, their counterparts on the LME also fell for the most part.

SMM data showed that the stocks rose 4,200 mt from the prior week to 439,800 mt as of Friday July 9.

This is a roundup of China's metals weekly inventory as of July 9.

SHFE nonferrous metals, except for lead, closed higher on US-China trade thaw

Trades thinned on Wednesday Aug 22 as demand weakened after transactions from most long-term contracts ended

China’s copper scrap imports in Jul hit the highest monthly level so far this year

Purchasing price for its Sept tender settled at $2,509/mt cfr over the weekend, down some 11% from Aug

SMM Morning Comments