China’s copper output up 7.6% YoY in Nov: NBS

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...

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.

The China Iron and Steel Association (CISA) reported that crude steel output across major mills in China averaged 2.27 million mt per day in the first ten days of April, up 2.88% from late March and up 16.86% from the same period a year ago.

The China Iron and Steel Association (CISA) reported that crude steel output across major mills in China averaged 2.14 million mt per day in the second 10 days of December, down 0.04% from early December and up 13.49% from the same period a year ago.

China produced about 3,500 mt in metal content of cobalt sulphate in March, 94% higher on the month, showed SMM data, as cobalt salt producers resumed 70-80% of their capacity last month amid a slowdown in the spread of the coronavirus in China.