South Korea will Apply 0% Quota Tariff to Three Kinds of Semiconductor Manufacturing Gases from Next Month

Shanghai base metals all closed with gains in the overnight trading amid surging energy prices, and their counterparts on LME performed similarly on Wednesday.

On February 18, the National Development and Reform Commission and other 11 central departments jointly issued a notice on a series of policies to promote stable growth of industrial economy.

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

Shanghai base metals all trended higher on Monday morning. Their counterparts on LME trended mixed.

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.

According to customs data, China's aluminium extrusion exports (tariff codes 76041010, 76041090, 76042100, 76042910, 76042990) stood at 88,100 mt in November 2021, a month-on-month increase of 18% and a year-on-year increase of 5%. Among them, the exports to European Union recorded 6,100 mt, up 17% on the month and 19% on the year, accounting for 6.95% of the total.

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.

Lead prices have fluctuated greatly since Q3. After continuously experiencing sharp decrease in August and September, lead prices have just ushered in a turnaround in October, but trended lower in November. As of November 30, the most-traded SHFE lead contract closed at 15,340 yuan/mt, down 2.17%.