Zhongjin Lingnan to invest $296 million at Cerro de Maimon mine

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 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.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 12,100 mt in the week ended June 25 to 116,500 mt. The stocks fell 6,400 mt from Monday June 21.

Shanghai base metals basically went up in the overnight trading after an agreement was reached between democratic and republican parties on Biden’s 579 billion infrastructure plan. LME base metals mostly increased as well.

Shanghai base metals all went up on Wednesday night as the US June Markit PMI for manufacturing industry registered 62.6. LME base metals all rose as well.

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.