SMM News: according to foreign news on June 4, industrial metals traded within a narrow range on Tuesday, as investors were still worried about demand for metals and global economic growth, which was affected by the lack of progress in the trade war between China and the United States. And weak manufacturing data for the world's largest economy.
Weak manufacturing data from China, the US and the eurozone, US plans to impose tariffs on Mexican goods and protracted trade conflicts between China and the US have cast a shadow over investor sentiment in the past few weeks.
"the market doesn't like volatility, but that's what the market is doing right now," Kingdom Futures's Malcolm Freeman said in a report. "
Copper for three-month delivery on the London Metal Exchange (LME) rose $4.50, or 0.08 percent, to $5846.50 a tonne at 13-21 Beijing time.
Shanghai copper's main July contract rose 120 yuan, or 0.26 percent, to 46300 yuan a ton.
LME three-month aluminium fell $2, or 0.11%, to $1775 a tonne. Nickel for three months fell $8, or 0.07 percent, to $11870 a tonne; zinc for three months fell $14, or 0.57 percent, to $2454 a tonne; and lead for three months fell $1, or 0.06 percent, to $1809 a tonne.
In Shanghai Metals, the main July contract of Shanghai Aluminum fell 95 yuan or 0.67% to 14050 yuan per ton in midday, while the main contract of Shanghai Zinc fell 44 yuan or 2.14% to 20115 yuan per ton. The main July contract in Shanghai fell 95 yuan, or 0.59 percent, to 15915 yuan per ton.
Australia's Clean Teq said it had begun looking for partners for its nickel, cobalt and scandium projects in central New South Wales as demand for battery metals soared.
Three sources involved in the quarterly pricing negotiations said on Monday that the world's leading aluminium producers offered Japanese buyers $115 to $120 a tonne for aluminium in the third quarter, up 10% to 14% from the current quarter, because supplies were tight.
As of Monday, LME tin inventories rose to their highest level since November of 3185 tons. LME three-month tin fell 75 cents, or 0.39 percent, to $19075 a tonne.