Nonferrous metals were higher for the most part in volatile trading on Tuesday morning as oil prices reversed earlier gains to move lower.

Social inventories of primary aluminium ingots across eight consumption areas in China, including SHFE warrants, decreased 51,000 mt from last Thursday May 14 to 1.007 million mt as of Monday May 18.

Nonferrous metals traded mixed on Friday morning as investors awaited the release of Chinese economic data.

SHFE base metals closed mixed on the last trading day of April, as investors assessed mixed Chinese economic data and positive developments on a potential new treatment for Covid-19.

Social inventories of primary aluminium ingots in China continued to fall sharply, propelled by strong demand and fewer arrivals.

Social inventories of lead ingots in China continued to trend downsides this week, but the decline slowed down from a week ago due to rising supplies of secondary lead.

SHFE nonferrous metals, except for tin and nickel, traded lower on Monday, giving up the rebound from last Friday as investors remained cautious about the economic toll of the COVID-19 pandemic. 

Zinc inventories in China continued to fall over the weekend, propelled by declines in east and north China where downstream consumers were keen to make purchases. SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei stood at 304,000 mt as of Monday March 30, down 3,000 mt from Friday March 27 and 20,000 mt from Monday March 23.

Inventories of steel rebar across Chinese steelmakers and social warehouses fell for the second consecutive week as of March 26 on the back of improved downstream purchases. However, the overall inventories remained significantly higher than the same period after the Chinese New Year holiday last year, which threatens some downside risk in spot rebar prices. SMM expects the overall inventories to return to levels of the previous year only around mid-May.

London and Shanghai base metals cruised broadly higher in early morning trade on Friday, as a series of stimulus steps around the world, including a gigantic US package, calmed a panic over a global recession following the coronavirus outbreak.