Operating rates across primary lead smelters in Henan, Hunan and Yunnan provinces averaged 53.8% in the week ended April 3, up 1.3 percentage points from the prior week, showed an SMM survey.

SHFE nonferrous metals, except for nickel, traded higher on Tuesday as market sentiment improved on better-than-expected data on China’s manufacturing activities in March. Official data released on Tuesday showed that China’s manufacturing purchasing managers’ index (PMI) for March came in at 52, returning to expansion and defying expectations of a contraction amid the COVID-19 outbreak. 

Shanghai base metals opened higher across the board on Tuesday, as US stocks extended its rally from its deep rout triggered by the coronavirus pandemic.

SHFE nonferrous metals rose across the board on Friday March 27, as investors hoped that Beijing would roll out more monetary and fiscal measures to bolster its economy. Market sentiment was also lifted by the news that leaders of the Group of 20 major economies will inject over $5 trillion into the global economy to counter the impact from the COVID-19 and “do whatever it takes to overcome the pandemic.”

Operating rates across primary lead smelters in Henan, Hunan and Yunnan provinces averaged 52.5% in the week ended March 27, up 1.3 percentage points from the prior week, showed an SMM survey.

SHFE nonferrous metals extended declines across the board on Thursday, in a broad sell-off amid renewed fears about the hit to global demand from the coronavirus. Copper fell to its daily limit for the second consecutive day, losing 9% on Thursday, as the metal is seen by investors as a gauge of economic health. Scheduled output controls at some copper mines failed to lend support to the prices. 

SHFE nonferrous metals closed mostly lower on Monday as downbeat industrial data from China and emergency interest rate cut from the US Federal Reserve underscored the potentially crippling blow of the coronavirus pandemic to the global economy. 

SMM expects the slide in lead social stocks to narrow further next week as secondary smelters will ramp up production and the increase in demand from lead-acid battery producers will be limited as most producers have normalised operations. 

On the Shanghai Futures Exchange, nickel shed 2.6% on the day to lead the losses across nonferrous metals, copper tumbled 2.5%, zinc plunged 1.5%, tin dropped 1.2%, lead slipped 1.1%, and aluminium lost 0.7%. Base metals on the London Metal Exchange also moved lower across the board.

Nickel surged 4.2% to lead the gains across nonferrous metals, zinc jumped 3.7%, copper advanced 1.8%, tin climbed 1.4%, lead rose 0.7% and aluminium gained 0.5%.