Report: China Minmetals signs copper deal with KGHM

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

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

SMM Morning Comments

Stocks shrank 9,200 mt from a week ago to 480,300 mt as of Friday Aug 17

In the latest Fortune Top 500 Rankings, the company ranks at 120th with the 1st in the metals industry.