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%

Zinc inventories in China continued to fall over the weekend, propelled by declines in east and north China where downstream consumers were keen to make purchases. SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei stood at 304,000 mt as of Monday March 30, down 3,000 mt from Friday March 27 and 20,000 mt from Monday March 23.

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.

Inventories of steel rebar across Chinese steelmakers and social warehouses fell for the second consecutive week as of March 26 on the back of improved downstream purchases. However, the overall inventories remained significantly higher than the same period after the Chinese New Year holiday last year, which threatens some downside risk in spot rebar prices. SMM expects the overall inventories to return to levels of the previous year only around mid-May.

Inventories of aluminium billet in China fell for the third consecutive week as of March 26, due to stable deliveries and reduced arrivals.

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%. 

Social inventories of long steel (including wire rods and rebar) in Guangzhou fell 4.24% in the week ended March 25 to 2.3 million mt, 25.49% higher than the same period after the Lunar New Year holiday last year, showed SMM data.