October 8 SMM copper spot price: SMM copper electrolytic copper fell 275 yuan / ton

The average price of Ni 1.5% Philippine laterite nickel ore stood at $82/wmt last week, flat on the week.

This is a roundup of news in the steel industry for last week.

SHFE nickel prices are expected to fluctuate between 141,000-148,000 yuan/mt, and LME nickel prices are expected to move between $18,800-19,600/mt this week.

The average price of SMM 8-12% high-grade NPI was 1,390 yuan/mtu (ex-factory including tax) as of August 20

Shanghai base metals mostly cruised higher on Friday morning amid dovish comments from European Central Bank. Meanwhile, their counterparts on the LME traded mixed.

SHFE nonferrous metals closed mixed on Monday July 19 as markets digested the latest OPEC + announcement regarding oil production, and continued to brood on inflation and rising Covid-19 cases.

NDRC will continue to follow the deployment of the executive meeting of the State Council, work with relevant departments to strengthen the monitoring and forecast of commodity prices, organise subsequent release of copper, aluminium, zinc and other national reserves, and pay close attention to abnormal market price fluctuations.

SHFE nonferrous metals all went up today as China’s power curtailment expanded to many regions, and US expectation of interest rate hikes intensified.

SMM data showed that the stocks fell 4,300 mt from the prior week to 435,500 mt as of Friday July 16.

Shanghai base metals traded mixed on Thursday morning as traders reacted to hotter-than-expected US and UK inflation figures and comments from Fed Chairman Jerome Powell. Meanwhile, their counterparts on the LME fell for the most part.