Zijin Mining starts pilot run at its copper smelter 

Global economy is recovering, and the US liquidity contraction is expected to strengthen. When the US dollar, measured by the constant value, appreciates, the absolute price of copper fell (relative concept); the depreciation of the non-US currency suppressed purchase demand and also suppressed demand. The appreciation of the US dollar improves the production enthusiasm of non-US copper-producing regions. As copper is priced in US dollar, the appreciation of the US dollar will lower the production costs. Most of the copper-producing areas are in South America and Southeast Asia.

SHFE nonferrous metals all went up today, amid the dovish statement by the European Central Bank president, the high US jobless claims, and the high July PMI in Eurozone.

Shanghai base metals all cruised higher on Friday morning after the head of the Federal Reserve told Congress he saw no need to rush the shift towards tighter post-pandemic monetary policy. Meanwhile, their counterparts on the LME mostly cruised lower.

Shanghai base metals were mostly lower on Tuesday morning as investors awaited the release of China's trade data for June. Meanwhile, their counterparts on the LME also fell for the most part.

Shanghai base metals were mostly higher on Monday morning as investors digested a better-than-expected US jobs report. Meanwhile, their counterparts on the LME fell for the most part.

Shanghai base metals mostly cruised lower on Tuesday morning despite gains overnight on Wall Street that saw the S&P 500 and Nasdaq Composite touching fresh record closing highs. Meanwhile, their counterparts on the LME traded mixed.

SHFE nonferrous metals rose for the most part on Thursday April 29 as investors reacted to the US Federal Reserve's decision to keep its easy money policy in place.

SHFE nonferrous metals closed higher across the board on Monday April 26 as investors gear up for a busy week on the data and earnings front.

The SHFE/LME copper price ratio fell to a three-year low last week as LME copper outperformed SHFE copper prices, expanding import losses. Some smelters have begun to export as export profit occurred. With increased reverse arbitrage operations and exports, SHFE copper prices are expected to strengthen this week.

SMM data showed that the stocks rose 6,400 mt from the prior week to 371,900 mt as of Friday March 12.