SHANGHAI, Aug 6 (SMM) – SHFE nonferrous metals closed mixed on Thursday August 6 investors await jobless claims data. The latest iteration of the US Labor Department report on weekly jobless claims will be released tonight.

Lead, the best performer, soared 4.04%, nickel surged 2.63% and zinc jumped 2.54%, while copper edged down 0.02%, aluminium weakened 1.46% and tin shed 0.14%.

SMM data showed that social inventories of primary aluminium ingots across eight consumption areas in China, including SHFE warrants, rose 13,000 mt on week to 725,000 mt as of Thursday August 6. Aluminium billet stocks across the five major consumption areas — Foshan, Wuxi, Huzhou, Changzhou and Nanchang — in China built up 9,900 mt from a week ago to 75,800 mt as of Thursday August 6.

Copper: The most-traded SHFE 2009 copper contract came off an intraday high of 51,690 yuan/mt to an intraday low of 51,210 yuan/mt before rebounding to finish the day 0.02% weaker at 51,400 yuan/mt. US Automatic Data Processing (ADP) employment for July fell short of expectations, and investors remained concerned about the economic recovery on the backdrop of the global widespread of Covid-19, which weighed on copper prices.

Aluminium: The most-traded SHFE 2009 aluminium contract fell to an intraday low of 14,420 yuan/mt before regaining some ground to end 1.46% weaker at 14,505 yuan/mt today as some longs left the market after booking some profits. Primary aluminium capacities have gradually increased, but orders from downstream users worsened in a low consumption season. Weaker fundamentals prompted some longs to leave the market after booking some profits.  

Zinc: The most-liquid SHFE 2009 zinc contract fluctuated around 19,300 yuan/mt today, and jumped 2.54% to end at 19,365 yuan/mt. The contract is expected to fluctuate at high levels tonight.

Nickel: The most-traded SHFE 2010 nickel contract fluctuated around 114,900 yuan/mt today and ended 2.63% firmer at 114,540 yuan/mt, following a year high of 117,220 yuan/mt in the previous session. The contract is likely to extend gains tonight.

Lead: The most-active SHFE 2009 lead contract soared 4.04% to close at an intraday high of 16,475 yuan/mt today as long positions accumulated. The prospect of a high consumption season will buoy lead prices. Whether strength of longs could help the contract break above 16,500 yuan/mt will come under scrutiny tonight.

Tin: The most-active SHFE 2010 tin contract ended 0.14% weaker at 145,980 yuan/mt today in choppy trading. It is expected to move between 144,000-148,000 yuan/mt tonight.