On the Fourth Batch of Government Stockpiles of Copper, Zinc and Aluminium

Total zinc ingots inventories across seven major markets in China stood at 284,100 mt as of April 15, up 6,100 mt from April 8, down 3,700 mt from April 11.

Shandong bare bright copper was quoted at 66,400-66,600 yuan/mt. The average price dropped 150 yuan/mt from the previous trading day.

According to the data released by the General Administration of Customs, P. R. China, China's imports of copper scrap in January and February were 162,900 mt and 109,800 mt respectively, both higher than the same period last year.

Premiums of #1 copper cathode were 60-140 yuan/mt in Henan, the average price dropped 65 yuan/mt from the previous trading day.

Shanghai base metals mostly closed with gains on Thursday night. LME metals performed similarly on Thursday.

Shanghai base metals mostly trended lower on Tuesday morning after US dollar rallied significantly. Meanwhile, their counterparts on LME performed similarly.

Shanghai nonferrous metals mostly closed in the positive territory as the market was cheered up by the macro front, as China released its December official manufacturing and non-manufacturing PMI readings, which topped market expectation.

SHFE and LME zinc prices once again hit new highs in two months, mainly owing to the continuously rising electricity and natural gas prices which rose by more than 20% amid intensifying energy shortages in the eurozone, according to SMM. Meanwhile, the costs of smelters also climbed due to low zinc concentrate TCs as a result of tight supply.

Shanghai base metals mostly went up on Wednesday morning after the market confidence was boosted by the expectations of effective vaccines against COVID-19 variant Omicron overnight. Meanwhile, their counterparts on LME mostly went downward.

The most-traded SHFE aluminium contract is expected to fluctuate between 18,500-19,100 yuan/mt and LME aluminium between $2,550-2,650/mt this week. Spot discounts are expected to narrow to 20 yuan/mt before delivery of the SHFE 2112 contract, but may widen to 70 yuan/mt following the delivery.