[overnight quotation] most of the metal on the outer disk declines in inventory data, which is good for oil prices to return to the 40 mark.

Published: Sep 10, 2020 07:03 (GMT+8)

SMM9 March 10: yesterday, the outer disk metal fluctuated in a narrow range, Lun Copper rose 0.74%, Lun Al fell 0.64%, Lun Zinc rose 0.25%, Lunni fell 0.17%, Lunxi fell 0.06%, and Lun lead fell 1.1%. In the domestic market, Shanghai copper is up 0.75%, Shanghai aluminum is up 0.03%, Shanghai zinc is down 0.05%, Shanghai lead is down 0.88%, Shanghai nickel is up 0.02%, Shanghai tin is up 0.26%, thread is down 0.54%, and stainless steel is down 0.35%.

The dollar index fell 0.24% to 93.25, its first day of decline this month, after rising to a four-week high of 93.664 earlier. The safe-haven dollar was also weighed down by improved risk sentiment as U.S. stocks rebounded from the slump and commodity currencies strengthened as crude oil prices rose.

The three major indexes of US stocks closed higher, with the S & P 500 up 67.10 points, or 2.01%, at 3398.96; the NASDAQ closed up 293.90 points, or 2.71%, at 11141.56; and the Dow Jones Index closed up 439.60 points, or 1.60%, at 27940.47.

In precious metals, COMEX December gold futures closed up 0.6% at $1954.90 an ounce. Gold's safe-haven appeal has been enhanced by a decline in the dollar and fears among investors that the development of a coronal vaccine will be delayed.

In terms of crude oil, WTI October crude oil futures closed up $1.29, or 3.51%, to settle at $38.05 per barrel, while Brent November crude oil futures closed up $1.01, or 2.5%, to settle at $40.79 per barrel. It was boosted by expectations that US crude oil inventories would continue their downward trend.

On the data side, China's CPI rose 2.4 per cent in August from a year earlier, with an expected increase of 2.4 per cent and a previous increase of 2.7 per cent. China's PPI fell 2 per cent in August from a year earlier, with an expected decline of 1.9 per cent and a 2.4 per cent drop in the previous value.

Dong Lijuan, senior statistician of the City Department of the National Bureau of Statistics: in August, industrial production continued to improve, market demand continued to recover, and international commodity prices such as crude oil, iron ore and non-ferrous metals continued to rise, driving domestic industrial product prices to rise. Affected by changes in international crude oil prices, price increases in oil-related industries have slowed down, with prices in the oil and natural gas mining industry rising 3.6 per cent.

In the United States, there were 6.618 million JOLTS job openings in July, compared with an expected 6 million, compared with a previous value of 5.889 million.

"Click to understand and sign up: 2020 China Automotive New Materials Application Summit Forum

Scan the QR code above to view the business cards of the participating companies and sign up online

Scan the code and apply to join the SMM Automotive Industry Exchange Group.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
Ghana draft bill proposes state special share and shorter mining leases
Oct 02, 2026 15:49 (GMT+8)
Ghana draft bill proposes state special share and shorter mining leases
Read More
Ghana draft bill proposes state special share and shorter mining leases
Ghana draft bill proposes state special share and shorter mining leases
[SMM Gold Flash] A draft mining bill reviewed by Reuters on 30 September would let Ghana’s mines minister require companies to issue the state a free special share with consent rights over major transactions. It would retain the existing 10% free-carried state interest and limit mining leases to 15 years or the projected mine life, whichever is shorter. The draft would also allow future rules requiring local processing and restricting exports of unprocessed concentrates. None of these proposals has been enacted; Reuters did not establish when the draft was prepared. For Ghana’s gold miners, the proposed rights and shorter leases could affect financing, valuations and renewal decisions. Under the draft, existing rights holders seeking renewal would receive priority consideration for equivalent licences. Mining companies expect further consultation before parliamentary debate, Reuters reported. The final wording and timing remain uncertain.
Oct 02, 2026 15:49 (GMT+8)
PGMs: Independent tests advance platinum and palladium battery technology
Oct 02, 2026 15:48 (GMT+8)
PGMs: Independent tests advance platinum and palladium battery technology
Read More
PGMs: Independent tests advance platinum and palladium battery technology
PGMs: Independent tests advance platinum and palladium battery technology
[SMM PGM Flash] Platinum Group Metals said on 1 October that independent testing by the Battery Innovation Center had validated its Lion Battery subsidiary’s platinum- and palladium-based electrodes in prototype lithium-sulphur cells. Compared with cells without the catalysts, the prototypes showed better capacity and rate capability, with palladium-rich formulations performing best overall. Platinum Group and Valterra Platinum, which own Lion 52% and 48% respectively, have approved funding for the next phase. The result offers a possible new use for PGMs beyond vehicle exhaust catalysts, but remains a prototype milestone. Lion plans to make and test pouch cells, refine the catalysts and assess applications including drones. Commercial performance and demand for significant PGM volumes have yet to be established. The work is relevant to Southern African suppliers: Valterra produces PGMs in South Africa and Zimbabwe, while Platinum Group is developing South Africa’s Waterberg project.
Oct 02, 2026 15:48 (GMT+8)
Sibanye reaches East Boulder wage agreement; separate US strike continues
Oct 01, 2026 16:45 (GMT+8)
Sibanye reaches East Boulder wage agreement; separate US strike continues
Read More
Sibanye reaches East Boulder wage agreement; separate US strike continues
Sibanye reaches East Boulder wage agreement; separate US strike continues
[SMM PGM Flash] Sibanye-Stillwater announced on 30 September that workers at its East Boulder platinum and palladium mine in Montana had ratified a collective agreement with the United Steelworkers. The deal runs retroactively from 1 August 2026 to 31 July 2029, with a 4.5% wage increase in year one, the greater of 3.5% or CPI in year two and the greater of 3.0% or CPI in year three. Strike action at the separate Stillwater East mine and Columbus metallurgical facility continues, the company said. The East Boulder settlement fixes part of the labour-cost path for Sibanye’s US PGM business and supports its planned shift towards more mechanised mining and team-based incentives. It does not resolve the other strike or demonstrate a recovery in output; the company disclosed no revised production guidance in this release.
Oct 01, 2026 16:45 (GMT+8)