SHFE nonferrous metals closed mixed on Wednesday, as copper, aluminium, nickel and tin reversed a pullback at the open. Nickel jumped 1.9%, tin rose 0.6% and copper gained 0.4%, while aluminim dipped 0.1%, zinc fell 0.8% and lead dropped 1.2%.

Social inventories of lead ingots in China continued to trend downsides this week, but the decline slowed down from a week ago due to rising supplies of secondary lead.

Shanghai base metals, except for tin, opened higher on Friday morning, as oil prices skyrocketed overnight on hopes that Saudi Arabia and Russia could reach a deal.

SHFE nonferrous metals, except for tin, relinquished the increase from the previous day, with lead leading the losses and ending down 1.51%

London and Shanghai base metals cruised broadly lower in early morning trade on Monday, as investors continue to assess the economic impact of the global coronavirus pandemic that continues to spread rapidly.

SHFE nonferrous metals, except for nickel, extended their rally from the previous day as investors’ sentiment was lifted after the White House and Senate struck a coronavirus stimulus bill. SHFE tin continued to lead the increase, surging 4.23%. Aluminium gained 2.59% on news that some Chinese smelters cut production due to expanded losses amid the virus outbreak. Copper advanced 3.17%, lead increased 0.93%, zinc rose 0.71%, while nickel shed 0.52%. 

China’s crude steel production increased 5% year on year to 74.8 million mt in February, according to calculations by the World Steel Association (Worldsteel) based on a China Iron and Steel Association (CISA) production estimate.

China’s production of primary aluminium in the January-to-February period rose 2.4% year on year to 5.85 million mt, according to data from the National Bureau of Statistics (NBS) released on Monday. NBS data also showed that China's production of 10 nonferrous metals, including copper, aluminium, lead, zinc and nickel, totaled 9.35 million mt in the first two months of 2020, up 2.2% from the same period last year.

SMM data showed that China produced 683,100 mt of copper cathode last month, down 5.9% from January and 5.07% from February 2019.

Last year, Baowu generated 556.6 billion yuan in revenue and saw profits grow 690,000 million yuan from 2018 to 34.52 billion yuan, according to the company’s report.