China’s copper cathode output increased month on month in October, as there was basically no maintenance at smelters and as large-scale smelters maintained high production in Q4. Although domestic copper scrap was in short supply in October, smelters kept relatively ample stocks of blister copper. Furthermore, as the new secondary copper policy took effect from November 1, concerns over copper scrap supply were eased.

SHFE nonferrous metals, except for aluminium and nickel, closed lower on Thursday, following after they opened mostly lower Wednesday, as concerns of the economic fallout from the coronavirus pandemic continued to grip investors.

Tsingshan’s stainless steel mill in south China’s Fujian province has just made another large purchase of high-grade nickel pig iron (NPI), bringing its cumulative procurement for this month to 100,000 mt which is estimated to secure its production until at least July.

Nonferrous metals traded lower for the most part on Thursday morning as comments from Federal Reserve Chairman Jerome Powell and downbeat economic data out of the US and Europe weighed on investor sentiment.

This is a roundup of China's base metals output in April 2020, from an exclusive survey of key producers by SMM analysts.

The oil market collapse weighed on investors sentiment for a second straight day.

SHFE nonferrous metals, except for lead and nickel, closed lower on Tuesday, as oil prices plunged after the May US crude futures prices turned negative for the first time in history overnight.

While prices of the material will continue to see some upsides potential in April, the pessimistic outlook for downstream demand at home and abroad under the cloud of the coronavirus will depress upward momentum of battery-grade nickel sulphate prices in the month ahead.

SHFE nonferrous metals opened higher across the board on Friday morning, recovering some losses Thursday, as investors caution eased amid US tentative steps to restart the economy and progress on the fight against the coronavirus.

SHFE base metals traded mixed on Wednesday morning, after a broad rally on Tuesday which was prompted by lifted market sentiment following better-than-expected China March trade data.