Shanghai base metals basically cruised higher in the overnight trading as Fed chair Jerome Powell made hawkish statement to appease the inflation concerns. Meanwhile, LME metals all went up.

LME base metals closed mixed in the overnight trading last Friday, as the expanding inflation and rising US dollar weighed on the market, but short supply still supported the prices. SHFE metals basically went down.

LME and SHFE non ferrous metals all declined in yesterday’s overnight trading as Fed officials implied to raise interest rates in advance and increased the excess reserve ratio.

Shanghai base metals were mostly higher on Wednesday morning as easing inflation fears lifted market sentiment worldwide. Meanwhile, their counterparts on the LME also rose for the most part.

Bare bright copper supply was ample early last week as suppliers increased supply two weeks ago. Scrap users purchased aggressively. The big declines in copper prices at the end of the week bolstered speculations operations. Traders restocked in anticipation of price rebound.

Shanghai base metals traded mixed on on Wednesday morning as investors remained cautious over growing inflation worries. Meanwhile, their counterparts on the LME rose for the most part.

Shanghai base metals were mostly higher on Tuesday morning, and their counterparts on the LME mostly cruised lower as gains were capped by concerns over a third wave of the coronavirus hitting the continent.

Nonferrous metals on both SHFE and LME mostly cruised lower on Monday morning ahead of this week's Federal Reserve meeting stateside.

Nonferrous metals on both SHFE and LME declined across the board on Friday morning as investors watched bond yields as well as technology stocks

The long-anticipated new standards for high-grade copper scrap and aluminium scrap metal—due to come into force on July 1–has yet to be implemented at China’s customs, as the procedure for importing material under these standards has not been finalised, SMM learned from several traders, fabricators and smelters.