Market Concerns over Copper Supply Eased amid Subsiding Impact of Power Rationing and Increased Customs Clearance

Shanghai nonferrous metals closed mixed as the investors stay keen to the imminent Jackson Hole speech to be delivered by Powell, who is expected to provide more clues on the pace and direction US rate hike.

In July, the sales volume of excavators in China added 3.4% year-on-year, the first positive growth YoY since May last year. Except for driving forces like the acceleration of the issuance of special bonds and the expedited infrastructure investment, the growth is mainly attributable to strong export orders.

SHANGHAI, Aug 22 (SMM) - Inquiries in the nickel sulphate market increased, but the trading volume was limited.

Power curtailment has limited impacts on the downstream silver enterprises, and those that are slightly affected also have informed other related enterprises timely, thus the market supply and demand of silver are relatively stable.

According to the shape, lithium batteries can be divided into square batteries, cylindrical batteries and soft-packed batteries.

LME and SHFE base metals corrected and mostly closed with losses amid the easing market sentiment. And the US rate hike expectation weakened after the Federal Reserve released its July meeting minutes, showing that for the first time, Fed policymakers acknowledged the risk of excessive interest rate hikes and thought that interest rate hikes might be slowed down at some point in the future

LME and SHFE base metals closed mostly with gains after the US dollar index closed down on the news that the chairman of the Fed in San Francisco said that the interest rate might be raised by 50 basis points next time.

As of Friday August 5, the SMM Imported Copper Concentrate Index (weekly) stood at $73.38/mt, $1.72/mt higher than the previous week.

The discounts of secondary refined lead over SMM 1# lead ingots narrowed slightly by 50 yuan/mt from 300-250 yuan/mt to 250-200 yuan/mt. The discounts narrowed mainly because the prices of SMM 1# lead ingots dropped slightly amid the slight decline in SHFE 2209 lead contract.