SHANGHAI, Jul 15 (SMM) – SHFE nonferrous metals closed lower across the board on Wednesday July 15, extending a pullback from Tuesday, as concerns over a re-escalation in US-China tensions weighed on market sentiment. 

Continued surge in new coronavirus cases worldwide dimmed hopes for a faster economic recovery, and this also depressed base metals. 

Zinc led the losses with a decline of 1.24%. Copper slipped 0.36%, aluminium fell 0.72%, lead and tin dipped 0.68%, and nickel went down 0.41%. 

The ferrous complex traded mixed on Wednesday. Iron ore remained elevated and added 0.54%, rebar grew 0.29%, hot-rolled coil increased 0.86%, while stainless steel slipped 0.88% and coke declined 0.39%. 

Copper: The most-traded SHFE September contract failed to extend gains as it came off from a session high of 52,700 yuan/mt, hovered rangebound around 52,430 yuan/mt and finished at an intraday low level of 52,120 yuan/mt, down 0.36% on the day. Open interest shrank 734 lots to 110,000 lots as investors covered their longs. As support from longs lingers, the contract may see limited downward room tonight. 
The SHFE July contract finished its last trading day today, with a settlement price of 52,410 yuan/mt and delivery volume of 16,200 mt. 

Aluminium: The most-liquid SHFE August contract extended decline from Tuesday, weighed by loaded-up shorts and departing longs, which dragged prices from a session high of 14,560 yuan/mt and ended it at 14,475 yuan/mt, down 0.72% on the day. The decline slowed from the previous day. As China’s social inventories of primary aluminium stayed at low levels, fundamentals remain supportive of aluminium prices. 
The SHFE July contract ended its last trading day and settled at 14,785 yuan/mt, with a delivery volume of 45,425 mt. 

Zinc: The most-active SHFE September contract retreated to move to the five-day moving average, closing 1.24% lower on the day at 17,855 yuan/mt. The recent surge in zinc prices sidelined downstream consumers, but bearish sentiment was also limited given an absence of a significant build in refined zinc inventories. A strong LME zinc may support the contract tonight. 
The settlement price for the SHFE July contract was 17915 yuan/mt, with a delivery volume of 22,675 mt. 

Nickel: The most-traded SHFE October contract found support from the five-day moving average, as it bounced back quickly after dipped to a session low of 107,720 yuan/mt. It failed to hold above 109,000 yuan/mt and closed 0.41% lower on the day at 108,570 yuan/mt. Open interest decreased 4,609 lots to 145,344 lots. 
The SHFE July contract finished its last trading day with a settlement price of 107,870 yuan/mt. Delivery volume stood at 9,780 mt. 

Lead: The most-active SHFE September contract slipped below the daily moving average to hit an intraday low of 15,310 yuan/mt, before it closed down 0.68% on the day at 15,345 yuan/mt. It may continue to find support from the five-day moving average tonight. 
The SHFE July contract settled at 15,605 yuan/mt, with 34,100 mt of products delivered. 

Tin: The most-liquid SHFE July contract continued to move lower, ending down 0.68% on the day at 142,140 yuan/mt, following a session low of 141,700 yuan/mt amid exiting longs. Support below is seen from the five-day moving average, or 141,000 yuan/mt. 
The SHFE July contract settled at 141,700 yuan/mt, with a delivery volume of 982 mt.