November 1 Shanghai copper spot market KuaiBao

Today, the spot prices of all series of stainless steel products in Foshan stood flat today. The average price of the 300 series product was around 18,000 yuan/mt. The market received a large number of goods last week, while the demand failed to keep up. The downstream users continued to purchase on rigid demand after the prices rebounded slightly yesterday.

The falling prices of coal and other energy sources have dragged down the metals prices across the board. The SS 2112 contract fell to 18,375 yuan/mt this morning and stabilised to stand at 19,005 yuan/mt at noon.

Copper prices will continue to fluctuate rangebound in the short term. SHFE copper prices are expected to move between 68,500-71,000/mt this week, and LME copper will trade between $9,250-9,650/mt.

SHFE nonferrous metals rose for the most part on Monday January 25. Copper edged up 0.07%, zinc added 0.74%, lead jumped 2.91%, nickel advanced 0.88% and tin surged 4.09%, while aluminium shed 0.17%.

LME base metals rose across the board on Monday morning, while their counterparts on the SHFE set for a mixed start.  

Nonferrous metals on the SHFE rose for the most part on Thursday morning, holding onto overnight gains, while their counterparts on the LME cruised lower mostly.

SHFE nonferrous metals closed mixed on Monday November 7. Investor sentiment improved last week around coronavirus vaccine rollouts and U.S. stimulus hopes, which fueled a record-setting session Friday on Wall Street.

The rebound in copper prices was attributable to the recovery of demand and supply trends in China since Q2, said Rio Tinto's Laure Baratgin.

In order to achieve a sustainable future, mining giant BHP urges for greater transparency in the pricing mechanisms in the copper market.

Nonferrous metals on the SHFE were mostly lower on Wednesday morning, while their counterparts on the LME set for a mixed start.