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.

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.

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

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 rose across the board on Friday, as market sentiment was rallied after China’s Ministry of Finance pledged to make an early allocation of the special-purpose bond quotas for transportation infrastructure construction. 

Stocks of copper across Shanghai bonded area declined for the second consecutive week as of April 3, falling 5,200 mt from a week ago to 333,800 mt, showed SMM data.

Inventories of zinc ingot across Shanghai-bonded areas stood at 75,400 mt as of Friday April 3, unchanged from a week ago, showed SMM data.

Social inventories of copper cathode in south China’s Guangdong province continued to trend downsides, falling for the fourth consecutive week as of Friday April 3. 

Crude oil prices jumped on Thursday, following their biggest-ever quarterly losses, as US President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.

Prices of battery-grade nickel sulphate, a raw material used to produce electric vehicle batteries, halted their decline that lasted for much of March, and edged higher as of March 30, as concerns about feedstock supply disruption intensified after Papua New Guinea banned vessels at ports to stop the spread of the COVID-19.