SHFE nonferrous metals rose across the board on Friday, as market sentiment was rallied after China’s Ministry of Finance pledged to make an early allocation of the special-purpose bond quotas for transportation infrastructure construction. 

Inventories of zinc ingot across Shanghai-bonded areas stood at 75,400 mt as of Friday April 3, unchanged from a week ago, showed SMM data.

Crude oil prices jumped on Thursday, following their biggest-ever quarterly losses, as US President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.

Shanghai base metals opened mostly higher on Wednesday morning, as Beijing said that it will roll out a set of fiscal and financial policies to expand domestic demand, assist businesses reopening, sustain employment, and help all types of businesses to weather this difficult time.

Zinc rose 0.8%, tin climbed 0.7%, nickel advanced 0.6%, aluminium gained 0.2% and copper inched up 0.1%, while lead fell 0.6%.

Lead plunged 1.4% to lead the losses across nonferrous metals, zinc dropped 1.2%, copper fell 0.8%, aluminium shed 0.7%, and nickel lost 0.5%, while tin extended gains by 0.6%.

SHFE tin, copper and nickel advanced 1.4%, zinc rose 0.7%, aluminium gained 0.5%, while lead stayed flat.

Most of major galvanising plants in China have reopened this week, and the operating rates increased sharply from last week.

It assigned final dumping rate of $128.93/mt to Chinese exporters, except for Zhejiang Huada New Material who would face a $56.48/mt duty.

Zinc inventories in China continued to trend higher this week on the back of cargo arrivals amid the resumption of logistics and sluggish downstream demand